By Rajaishwary Jain
In the past decades, sports have had a tremendous impact in many countries due to the benefits attributed to them especially from an economic point of view. Sports contribute immensely to the economic development of countries in different sectors. Some sporting events are seasonal and they attract large numbers of people. Research has shown that sports and sport events have a significant impact on the economy.
Sports with global and national interest results to the development of industries that support the sport activities. For instance, sporting apparel industry has seen tremendous growth recently with many teams and spectators looking for branded apparels and shoes. In addition, local sport events have attracted people from different areas who in the end require products and services related with sports. The end product is the creation of opportunities and employment that bolster economic development. Recent research by University of Derby showed that tourists attracted by sports spent more than normal tourist with the former spending about $300 more. It is clear that sports contribute significantly to the economic development.
In some countries, athletes have invested the income they earn in business and agriculture, transforming lives and contributing to the society and country. Businesses and agricultural investments are managed by different people offering employment and are sources of government revenue through taxation. In addition, teams and clubs are sources of employment to the players, staff and other support members. Taxation on different individuals and the clubs in particular is a rich source of revenue to different countries.