Watching the Gross Domestic Product (GDP) is incredibly important, it determines so many things about our economy. Factors adding to the GDP are essential and when it comes to top players of this role, South African Online Casino’s have served up well.
During the 2008/2009 financial period, local Casino’s contributed R20 billion towards the GPD – This has lead to almost 50,000 jobs and if we considered jobs not directly related, the figure would be closer to 100,000 jobs!
The Government alone has benefited from R4.1 million in revenues from the Casino Industry.
Big up to African Palance Casino, Silver Sands Casino and other Casino’s who have played a role in this movement!
Hi Chris
Actually Online Casinos in SA have not contributed a single cent to the SA GDP. The figures you mention come from the legal land-based casino industry.
Online Gambling in still illegal in SA at the moment, and they operate from outside our borders, and as such, do not pay tax or contribute anything financially to the country.
In fact, there is nothing to even compell them to pay out anyones winnings if they dispute them, and SA citizens will have no recourse to follow if they don’t. Actually you are more likely to get fined should you go to the authorities if you have a dispute with an online operator.
Thanks
Hi LP,
Ah ha, you know, when I was doing my research, I actually thought I might have gotten it wrong, apologies for that! I thought to myself – I wonder why they would contribute to the GDP when they’re based in places like Nam, Bots, and others which are outside the SA borders, so ye, you’re right on that one.
Thanks for coming in and sharing LP, I appreciate the feedback.
LP, You are correct that online casinos themselves have not contributed to the SA GDP, however people like myself who are affiliates who do advertising for the casinos based in SA do contribute as we pay taxes on our earnings, whether they are from the overseas online casinos or the ones based in SA. I can tell you the figure I paid in tax last year was in the hundreds of thousands, so in a roundabout way – the SA Government is still benefiting from the income from online casinos.
Hi Heather, thanks for sharing, I actually wondered about the whole tax thing :)
I’m just amazed at home much money is being made from the gambling “sphere”, for lack of better words!