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Thanks a lot, Vladimir Putin. The former Russian president (now prime minister) signed an anti-vice law in 2006 that has led to the closure of most casinos in the struggling nation. This move quickly killed more than 400,000 jobs as of July 1 in a country already in the throes of an economic crisis. More than 40,000 casino workers were impacted in Moscow alone, which was home to 30 major casinos and 500 smaller operations.
Four remote Russian regions have now been established as special gambling zones, and gambling is now illegal anywhere outside of these locations.
So the losers here are these newly unemployed workers, along with Russia itself -- the Russian casino business reportedly brings in about $1 billion in tax revenue. The hotel and restaurant businesses may also suffer as would-be card, roulette, and craps players opt for gaming-friendly countries, such as Bulgaria, which has already seen an influx of ousted Russian gamblers. The online gaming business is expected to be a winner in this scenario, as people look online now that their brick-and-mortar outlets have been shuttered.
Which brings us to the question of why. Some say this was Putin's way of curbing a growing epidemic of gambling addiction, but with options online and in other countries, people who really want to gamble will find a way.
Beth works for The Options News Network (www.ONN.tv), which provides daily stock and options commentary. The above comments are not intended as trading advice.
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