The Unexpected Boom: How Gambling Drove Entertainment Industry Growth
The entertainment sector has witnessed a remarkable surge, with its GDP expanding by a staggering 133% from 2014 to 2024. While the term “entertainment” often conjures images of concerts and artistic expressions, the driving force behind this growth isn’t what many might expect. It’s led by a surge in gambling, particularly electronic games and online betting.
Games of Chance Fuel Growth
While the entertainment sector overall has indeed grown, a closer look reveals a nuanced picture. Bogotá councilor Juan Daniel Oviedo points out that approximately 53% of the sector is comprised of games of luck and chance. This trend – much more than artistic endeavors – has been the primary driver of its impressive growth since 2019.
Sport-related activities account for around 8%, creative theme-based activities contribute only about 3%, with the remaining 25% attributed to other personal services. The explosive growth isn’t coming from cultural ventures; rather, it’s fueled by the surge in gambling.
According to César Pabón, head of economic research at Corficolombiana, the entertainment sector has gained significant weight, tipping the scales comparable to construction and exceeding mining and public services. Contrary to the perception that concer
ts h are the backbone of this expansion, the booming gambling industry is the true mover and shaker. In recent years, it has witnessed a nearly 450% growth.
Advancements in regulation, allowing large companies to enter the market and improving traceability, have contributed to this growth.
Cultural Sector Still Has Huge Potential
Despite gambling’s prominent role, researchers at Corficolombiana emphasize the cultural sector’s significant untapped potential.
Live entertainment and sporting events are seen as segments poised for further growth within this sector.
The “Covid Effect” on Gambling
Oviedo attributes the rise in gambling partially to the pandemic. He believes the pandemic triggered feelings of uncertainty and anxiety, leading to an increase in gambling and a sharp rise in problem gambling.
He adds that the internet, a convenient and readily available tool for betting on various sports, not only nationally but internationally, has fueled this trend.
Mirroring these findings, research suggests that within the migrant population, particularly among Venezuelans, a significant portion who have arrived for economic reasons more exposed to vulnerability used gambling as a coping mechanism.
David Cubides, director of economic research at Alianza, emphasizes that shifts in consumption trends post-major events such as war and pandemics are normal. In this case, gambling got the biggest boost.
What percentage of the entertainment sector is comprised of games of luck and chance?
## The Unexpected Entertainment Boom: An Interview
**Host:** Welcome back to the show. Today, we’re diving into a surprising trend in the entertainment industry. Joining us is economics expert, Dr. Smith, to shed some light on this. Dr. Smith, the entertainment sector has seen remarkable growth, so much so that it’s now comparable in size to construction. What’s driving this unexpected boom?
**Dr. Smith:** You’re right, the figures are astonishing. The entertainment sector’s GDP has ballooned 133% from 2014 to 2024. However, the growth isn’t fueled by what many might traditionally associate with entertainment – concerts, movies, or theater. As surprising as it may seem, it’s gambling that’s leading the charge. [[1](https://parade.com/309739/marilynvossavant/about-gambling-as-entertainment/)]
**Host:** Gambling? Really? Can you elaborate on that?
**Dr. Smith:** Absolutely. According to Bogotá councilor Juan Daniel Oviedo, approximately 53% of the sector is made up of games of luck and chance. This includes everything from electronic games to online betting platforms. This trend has outpaced artistic endeavors and other forms of entertainment since 2019. [[1](https://parade.com/309739/marilynvossavant/about-gambling-as-entertainment/)]
**Host:** That’s fascinating. So, are we seeing a shift in what people consider “entertainment”?
**Dr. Smith:** It certainly appears that way. While traditional entertainment still holds its own, the accessibility and excitement of online gambling platforms have clearly captured a significant share of the market.
**Host:** Thank you so much for shedding light on this unexpected trend, Dr. Smith.
**Dr. Smith:** My pleasure.
