The evolution of the word “soccer” traces its roots from England during the nineteenth century. Since then, the sport has attracted enormous support across the globe. The game in return has turned into one of the primary economic earners in various countries. The sport has led to the development of infrastructure and improved the economic welfare of the players as well as the fans in general through football betting. Soccer and economics, therefore, are closely related.
The law of demand and supply as elucidated in economics applies to soccer. For example, the majority of children, youth and adults play soccer more than any other sport in the world because it does not require one to buy expensive equipment. The addiction that comes with the sport, therefore, is what leads to the demand for both playing and watching soccer. The cheaper a sports equipment’s are regarding prices, the more the demand for the playing of the sport.
Regarding the flow of income in improving the welfare of the people, soccer is one of the well-paying sports in the world. The two most well-paid players, for instance, Cristiano Ronaldo and Lionel Messi, who earn $ 44 million and $ 43.1 million respectively, reflect the impact that this sport has on building state’s economy. Most of the money earned by these players go to charity and in such a way improve the welfare of the whole community. Football events held in various countries, like the world cup, the African Cup, the European premier league and the Olympic Games, contribute largely towards building the economy of the countries. The money collected from football fans and party states towards FIFA assists in the construction of stadiums and building of infrastructure as roads, hospitals, hotels and recreational facilities during the major events. Soccer, therefore, acts as one of the significant sources of employment.
Through soccer, betting companies have also come up with a way of building the lives of the football fans. Many have earned millions through football betting. It also improves the economic stability of the country.
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