Cricket Boosts The Economy, But How?
Cricket is one of the most popular sports in the world, with an estimated 2.5 billion fans globally. Apart from being a sport that brings people together, it has significant economic benefits to countries that host it. In this blog post, we will explore some of the economic benefits of cricket with some statistics to back it up.
- Job creation
Cricket creates thousands of jobs for people directly and indirectly. The direct jobs include players, coaches, umpires, and ground staff. Indirect jobs include caterers, security personnel, and broadcasters. According to a report by KPMG, the Indian Premier League (IPL) has created over 140,000 jobs in India. The report also states that the league contributed INR 11.5 billion (USD 156 million) to India's GDP in 2015.
- Boost to tourism
Cricket matches, especially international ones, attract a significant number of tourists. Fans travel from all over the world to watch their favorite teams play, bringing in revenue for the host country. The 2019 Cricket World Cup held in England and Wales, for instance, attracted over 800,000 spectators from 179 countries. The tournament generated an estimated £350 million (USD 443 million) for the British economy.
- Increased revenue for businesses
Cricket matches held in stadiums generate revenue for local businesses such as restaurants, hotels, and shops. The 2018 Ashes series between Australia and England, for instance, was estimated to have generated AUD 320 million (USD 226 million) for the Australian economy. The 2019 Indian Premier League was estimated to have generated over USD 1 billion in revenue for various businesses, including advertisers, sponsors, and franchise owners.
- Infrastructure development
Hosting cricket matches requires the construction of stadiums and other infrastructure. The development of such infrastructure leads to job creation and stimulates economic growth. For example, the construction of the Narendra Modi Stadium in India, which has a seating capacity of over 100,000, created thousands of jobs and contributed to the growth of the local economy.
- Brand building
Cricket provides countries with an opportunity to build their brand and promote themselves globally. A successful cricket team can attract international attention and improve a country's image, leading to increased tourism and investment. The success of the Indian cricket team, for instance, has helped to promote India as a destination for tourism and business.
In conclusion, cricket has significant economic benefits for countries that host it. From job creation to infrastructure development and brand building, cricket contributes to the growth and development of economies. As cricket continues to grow in popularity globally, it is likely to generate even more economic benefits in the future.