In the wake of technological advancements, one of the greatest benefactors has been the online casino business. This industry has fast grown into becoming a leading market player raking in billions in revenues and attracting more people in the course of their operations. The number of online casinos available now is numerous and this has not necessarily had a positive effect only on the society. One of the places in which these businesses have grown exponentially has been in Singapore and Indonesia. This was a key topic of discussion in a recently held conference that brought together students from these two nations. Their views on the fast-rising industries have been mixed, with some citing both the positive and negative effects of the rise of online casinos in their countries. The discussion was very productive and brought to light the numerous facts about online casinos that were previously unseen by many people in different countries.
Online casinos pay taxes
Just like in major parts of the world, the online casino business in Singapore and Indonesia is one of the highly taxed sectors of the economy. According to the students, this has been done to discourage new entries into the market since gambling is a very addictive activity. This has had a positive desired effect, but from the huge profit margins that are experienced in the online casino Singapore business, this measure has however not been an effective hindrance to new entries. The number of companies offering online casino games has gone over the roof, with more coming up every day. This has also been seen in the number of new gamblers who want to enjoy these games. This has thus been a moneymaker for the governments in Singapore and Indonesia. From the high tax rates imposed in the sector, money has been made available to use in the development of the country. This has been one of the best effects of the help of the online casino business in the country.
Online casinos are addictive to citizens
In the entertainment industry, many of the sports available are for relaxation purposes. However, online casinos offer both a source of making money and entertainment. This has thus seen the number of people taking part in online casinos in both Singapore and Indonesia to spike. The people involved are mainly the youth who have access to internet connections and smartphones to play the games. This, as witnessed by the students in both countries, ash resulted in massive levels of addiction to the activity. The numbers of people taking part in online casinos are those who haven’t been able to secure job opportunities owing to the high unemployment levels in both countries. Online casinos, even though they are constantly advertised as a source of making a decent income from winnings, aren’t exactly the solution that the people require in this crisis. They have pushed the living conditions among the youth further down and made them even more desperate. Every single amount these youth make from other activities goes towards playing online casino games, and this has resulted in a negative effect on the country. This problem has been countered by setting restrictions, but it doesn’t seem to be as effective as would be desired. This has been one of the greatest negative effects of online casinos in these two countries.
Good initiatives by online casino platforms
One of the biggest contributions of online casino companies has been to the local communities in Singapore and Indonesia. This is due to their numerous CSR activities done by these companies. They have been able to effectively fill the gap left by the government in the delivery of services to the very marginalized members of the community. They have provided food and other sanitary support to the community in the event of disasters. Another great impact on the community has been the numerous medical camps offered by online casino companies. These services are offered free to members of the community and this has enabled people who initially didn’t have access to well established medical systems due to high costs and unavailability to have a second chance at life. This has thus seen many people leading better lives than they initially did, and this transformation of lives has been inspiring.
Exporting of local capital
The majority of the online casino companies in Indonesia and Singapore is made up of foreign companies who have moved in to secure the untapped market there. This has been attributed to their huge financial muscle, owing to them having access to well-established investors and past operations that have made them experts in online casino businesses. Local companies are coming up, but they are encountering numerous competition from these well-established foreign counterparts. These companies are privately owned and make billions in revenue every year. This has thus seen the shipping of these winnings to investors in their various countries of origin. This has thus seen Indonesia and Singaporean people becoming strapped of money owing to the reduced amount of circulation available. According to the students in these two countries, this has been a major concern that requires immediate attention owing to its effects on the locals.
Online casinos in Singapore and Indonesia have had both negative and positive effects. The negative effects have however resulted in a fierce battle as to whether it is in the different countries’ best interest to continue offering online casinos. This however remains a matter to observe and see how it goes.