The online gambling industry continues to grow and thrive worldwide. Europe is, of course, leading the charge. However, with Michigan’s recent legalization of web-based casinos, the USA might just catch up soon. There is also no denying that many African countries have seen quite a bit of success with online gambling.
If the iGaming industry can succeed in Europe, America, and Africa, why not in New Zealand? Recently, there has been a boost in interest for online casinos in New Zealand. Residents seem to be developing a taste for online pokies, blackjack, and sports betting. The question we have is this: “does the online casino industry positively contribute to the NZ economy?” Let’s find out.
New Zealand Gambling Laws
Before we delve into it, the first question we have to answer is whether gambling online is legal in New Zealand. New Zealand has only one gambling law, which applies to any and all forms of gambling. Whether you want to play at an online casino, or a land-based establishment, you will be subject to the Gambling Law of 2003.
Under this decree, gambling in the country is heavily regulated. There are age restrictions for sports betting and gambling. For example, you have to be 18-years-old in order to participate in the lottery or bet on horse races. You have to be at least 20 to enter a land-based casino. But, that does not answer the question of whether you can gamble online.
Can New Zealanders Gamble Online?
Fans of online casinos will be happy to know that, according to New Zealand law, the residents can, in fact, place bets online. Whether you want to try your luck at an online casino, support your favorite football team, or play a round of poker, you can do so by logging onto a foreign-operated gambling site.
As far as local online casinos go, it is illegal for New Zealand-based companies to offer online gambling to their customers. Which is why NZ residents have to resort to foreign operators. And it is at this point that we would like to recommend some safety tips.
- Look for a license: A license is an absolute necessity when looking for a safe website. Licenses are stamps of approval, that prove a casino has been tested and reviewed by a gambling commission.
- Look for reputation: Many of the best websites have stellar reputation. Don’t disregard the opinions of reviewers or former users.
- Look for multiple payment options: Even if you have your heart set on a specific option, it is always better to find a website that offers multiple options for both deposits and withdrawals. Examples of popular payment methods include cryptocurrency, e-wallets, and credit/debit cards.
But, the question we set out to answer is whether online casinos contribute positively to the New Zealand economy. And in this next section, we will attempt to answer that question.
The Effect of Online Gambling on the NZ Economy
There is no denying that legalizing online gambling has had a significant impact on the online gambling industry. iGaming has gained a significant amount of popularity in New Zealand. The legalization of the practice has led to several positive benefits to the country’s economy.
The most obvious way in which iGaming has helped the New Zealand economy is by boosting government revenue. Online casinos attract a lot of players, many of which play for real money. Whether they win or lose, the earnings go into taxation. Which means, the New Zealand national economy benefits no matter what.
There are still many countries who have not legalized online gambling. And yet, gamblers from all over the world want to try their luck at these websites. What this means is, that gamblers from neighboring countries now visit New Zealand more often, hoping to test out online gambling, and see if the practice is for them. While in New Zealand, these tourists contribute to the national economy even further.
There is also no denying that online casinos have had an important impact in terms of employment. According to statistics, there are thousands of people who work for online casinos, sports betting sites, and similar gambling websites. Their employment contributes significantly to individual lives, as well as the national economy on a larger scale.
Taxes from both online gambling revenue and the tourism spurred by it have contributed significantly to the country’s public service fund. In turn, the public service fund’s growth has led to an overall higher quality of life, with public services in the country significantly improved. Which is quite significant in 2023, considering the economic recession in NZ, and the world at large. There can be no denying that the country has significantly benefited from online gambling.
Another huge facet of the online gambling industry is charitable gambling. For those who don’t know, charitable gambling is exactly what it sounds like. Gambling events, where a huge chunk of the proceeds goes to some sort of charitable cause. The causes that benefit from charity gambling events include:
- Responsible gambling foundations
- Medical charities
- Public and Social charities
One of the major concerns regarding online casinos is the problem of gambling addiction. Luckily, we can gladly say that there doesn’t seem to be a link between growing numbers of problem gambling and online casinos. In fact, if we take New Zealand as an example, only 0.2% of gamblers have identified a problem.
Still, responsible gambling is important. Which is why many online casinos team up with responsible gambling foundations. You can find links to responsible gambling websites on most online casino homepages. Furthermore, online casinos often identify problem gamblers, and advise them to seek help. They even retain the right to lock down an account if they suspect a gambling problem might have developed.
The iGaming industry has certainly had a positive impact on the New Zealand economy. It has helped in boosting tourism, government revenue, and even helped some charities. The best part? It is all legal, safe, and entirely secure.