While his arguments initially fell on deaf ears, it is clear which side won out in the end. This ended when Jules Mazarin, a Cardinal, and advisor to the French king, saw the immense value that gambling could bring to the economy via taxation. Similar sentiments were expressed in France and Spain during the same time. The establishment was taxed heavily to the benefit of the local government until a century later where it was shut down, partly due to pressure from the Catholic Church. It was called Il Ridotto and it’s often referred to as the first-ever casino, having been founded in 1638. It was Venice where the first gambling house was created to facilitate gambling during their carnival. ![]() Taxation in the Renaissanceīefore we get into the modern situation in America, the economic benefits of gambling have been known since Renaissance Europe. If this short economics 101 lesson gives you the itch, check out for odds on the NFL, the largest and most profitable league that contributes millions in taxes year over year. We go through that and more in this short post on the relationship between our economy and the sportsbooks we all know and love. Historically, sports betting and other forms of gambling have fought for legalization and a large part of the argument is the positive economic impacts that often follow. A lot of money flows through the sports betting industry, so it’s no surprise that it has an effect on the economy.
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