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What impact does the casino industry have on the economy?

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In the Spanish entertainment sector, games of chance and the casino in Spain are very important and have had a strong impact on the country’s economy in recent years. Above all, due to the boom that the industry has experienced, caused by online gaming and some games such as sports betting and poker. To know more about betting apk in Senegal

Tradition in Spain means that one of the most played games is the lottery. While it is true, online casinos and other online modalities are gaining more and more followers. This occurs because the internet allows you to play from anywhere and at any time.

But, how has the evolution of this sector and its importance in the Spanish economy been? We will explain it to you below.

Origins of the gaming industry in the country

The origins of this industry could be located in the National Lottery, whose first edition was held in 1763. Its birth occurred as a way to obtain funds for the State, something that is still in force today.

As we have said, another important pillar in the gaming industry is the casinos in Spain. These types of games have been part of society for centuries.

Although it was in the Middle Ages when the first gambling halls are dated. This type of place, in Spain, has undergone an evolution, although they also experienced delicate moments during the dictatorships of Primo de Rivera and Francisco Franco. It was already democracy when the openings of casinos were popularized throughout the country.

One of the things for which online gaming has stood out the most is because of the high impact of the industry on the country’s economy. In other words, it has a positive impact on the state coffers.

According to numerous studies, the gambling sector moved about 40 billion euros per year and its representation in the national GDP is approximately 0.9%.

Online gambling alone generated some 749 million euros per year in 2019, according to data provided by the General Directorate for the Regulation of Gambling (DGOJ). The growth of the sector in the last year was 17.7%, reaching 208.0 million euros, in just the second quarter of 2020.

Employment generated by the gaming industry

In addition, another of the plots in which the gaming industry has an impact in Spain is in employment. In 2018, more than 84,700 Spaniards obtained direct employment in this sector (as workers in sports betting sites or in casinos), although approximately 167,000 jobs were also generated indirectly.

importance of the internet

As we have indicated before, the game has penetrated the Internet considerably. This has led to the use of new advertising and marketing strategies, with the intention of better promoting themselves among users.

What is clear is that, with its more than 2,000 years of history, the gaming sector has gone through many times of decline. But the truth is that he has managed to overcome the difficulties and it seems that he is in a moment of splendor today. Digitization has had an impact on the success of the industry, generating more employment and, therefore, a greater impact on the country’s economy.

Importance of data analysis in decision making

Data analytics decision-making is a process focused on collecting, analyzing, and verifying data to develop strategies and tactics that help companies achieve their business goals. “This verification increases the probability that decisions are based on reliable sources,” says José Antonio Robles, professor of the Master’s Degree in Information Technology Management at ESAN.

But why is data analysis important in decision-making? Experiences with this process show that companies, on average, generate higher revenues and access new business opportunities. What’s more, according to IDG, 64% of IT decision-makers say that data collection and analysis have changed the way they do business over the past three years.

Among the main benefits provided by this practice, we can mention the following:

Improves analysis of alternatives

Data analysis, with clear business objectives,  done correctly and using “good” data, allows better analysis of alternatives, opens up a new range of possibilities, and improves the knowledge of each of them. The latter increases the probability that the choice of the best alternative will lead to a successful outcome. However, there is no guarantee of this, since data analysis only increases the chances of success. “Models are better at making predictions when they have the right variables, and when there is ‘good’ data and in large quantities,” explains Robles.

Reduce costs

Implementing data analysis in decision-making helps identify possible tactics that reduce costs in different areas of the business. According to Bi-Survey, companies that use Big Data analytics lower their costs by 10%. But what makes this possible? This practice makes it possible to detect strategies that are being ineffective, but that are still being assigned a large part of the budget; In addition, it provides information and knowledge about why items are returned. It is also possible to make predictions of the probability that a customer will return the purchased item and therefore something can be done to reduce that probability through interventions. This leads to costs being reduced.

Reduce risks

Random decision-making can trigger serious economic losses for the organization. On the contrary, making decisions based on hard data facilitates cost-benefit analysis and scenario management, which reduces the chances of making mistakes when considering the possible consequences, which is useful when making large investments or bets on development projects. high risk.

Generate income

The more effectively data is used in decision making, the more agile and astute the company will become to generate greater profits, redefining the current pricing strategy and uncovering opportunities to cross-sell.  So much so that, according to Bi-Survey, organizations that use data analysis in decision-making report an 8% increase in revenue. In addition, forward-thinking companies will use these profits to finance innovative projects and enter new markets, further increasing their profits and fueling their growth in the industry.

Agile and fast adaptability

Data analysis makes it possible to predict future market trends and respond quickly to them, offering the possibility of a better competitive advantage to the company in its target market. For this, it is necessary that the company has the organizational capacity of “agility”. Data analysis provides the knowledge, but if the organization cannot respond to it, its adaptation will not happen.

If you want to know more about this topic, participate in ESAN’s Master’s Degree in Information Technology Management.

Sophia Jennifer
I'm Sophia Jennifer from the United States working in social media marketing It is very graceful work and I'm very interested in this work.

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