The importance of a stadium within one town cannot be measured by any amount of money. Stadiums are places where fans gather, sometimes for years, to support their local team or even to watch some of their favorite star athletes play.
However, one can’t ignore the fact that stadiums are money-generating places, that are built and maintained by the taxpayers’ money. Therefore, we have to ask ourselves – are the stadiums worth it?
Recently, there have been many different studies discussing the economic impact of sports stadiums on the town that they are located, and in this article, we’ll take a closer look into this topic.
Sports Stadiums Promote the Local Teams
No matter if we’re talking about football or baseball teams, the stadiums where they compete play an important role within the local community. They represent the place where we go to give support to our local team in which many people take pride. Therefore, the bigger the event the more people it brings together and it can have several economic impacts. Firstly, the number of tickets that are being sold directly helps the local sports team as well as the local economy. Moreover, a huge number of people decide to purchase official merchandise, such as T-shirts, scarfs, hats, or even flags, in order to properly support the team from their seats. Lastly, local vendors of food and beverages that sell their products around or inside the venue, also make huge profits whenever there is a big game in a local sports stadium.
They Promote Sports Betting
As of late online sports betting has been creating serious revenue for several states where this activity has been legalized. And it’s evident that sports betting is especially popular among sports fans. So, whenever they want to support their local team, especially if they go to watch them play live, the fans will most likely place a bet. What is more, some stadiums and teams are sponsored by some of the greatest operators and this creates additional revenue for the stadium and the local budget. For example, whenever there is a game of the local team at MGM Grand Garden Arena or at Sam Boyd Stadium, this directly impacts the online gambling in Nevada as well as many online sports betting activities in this state. It is more likely that people who are in the stadium will place a bet than those who aren’t. Moreover, with the promotion of online gambling activities the state in question will get to see more benefits in the economic sector as well. Sports betting had significantly influenced the economy of all the states, once it was legalized. New job opportunities (online and in person), regulation and monitoring of sports betting became possible, which means that people are no protected by law. More and more people engage in this fun activity and generate annually tens of million dollars. This is exactly what happened once it became legal in New Jersey to place wagers. Legitimate NJ online casino sites and sportsbooks reduced the amount of fake websites and boosted the economy of the state.
More Tourists Are Likely To Come
Sports stadiums also have an impact on local tourism, since more people are likely to come from other towns or states whenever there is a big game. This has a direct impact on creating more revenue for local businesses like hotels, restaurants, shops, etc. Additionally, if the stadium is a famous local landmark, many people would like to come and visit, even if it’s only to take a picture.
However, sports stadiums also have some negative impacts on the local economy. Firstly, there is a certain amount of taxpayers’ money that is being spent whenever a new stadium is being built. Moreover, every sports venue needs regular maintenance in order for everything to function properly for a longer period of time. In many cases, this maintenance is being funded by using taxpayers’ money, even those who aren’t sports fans at all.
In the end, every local administration should consider how much money is being spent due to the local sports stadiums and how much profit they make. If the local administrations come to the conclusion that these sports stadiums are beneficial for the local economy, then it makes sense to continue investing taxpayers’ money into them.
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