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Impact of hosting mega Sports Tournaments on a country’s economy

Major sporting events, such as the FIFA World Cup and the Olympics, are held in high regard by the winning nation and the host nation. According to research, the last five World Cups have cost a whopping USD 47 billion. Stadium construction, infrastructure costs, and tourism-related investment are all included in the budget.

Benefits for the host nation

Hosting huge athletic events necessitates massive projects and events, which have a direct economic impact. This results in increased activity and employment in the engineering, procurement, and construction sector and increased jobs and splurging in the tourism sector. This is primarily due to the influx of tourists into the country (though this may displace non-event tourism due to congestion costs) and increased consumer spending during the event.

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Sports tourism is described as travel that includes watching or participating in a sporting event while remaining outside the visitors’ usual surroundings. It’s also one of the travel industry’s fastest-growing categories right now. Sports tourism, on the other hand, is a relatively new concept. Many academics point to the ancient Olympic Games as an example of sports tourism, in which people traveled to watch or partake in sporting events.

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 Sports Tourism’s Economic Impact

The destinations that host sporting events gain enormously from sports tourism. Direct and indirect economic benefits are the most important of these benefits. The local economy is boosted by direct expenditure by sports visitors at host facilities, hotels, restaurants, and entertainment venues. Tax income is generated, and jobs are created. Notable sporting events may boost the impression of the locations in which they are held and the opportunities accessible in those areas. As a result, future visitors and their money are attracted to these neighborhoods, which is a desirable residue for many communities.

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The Lord’s Cricket Ground in London is an excellent example. During contests, this famous venue for international cricket draws fans from all around the world. When the fields are dormant, Lord’s takes advantage of a regular stream of tourists. Tourists can explore the stadium grounds, visit the neighboring cricket museum (the world’s oldest), and buy Lord’s memorabilia.

Sports Tourism in India

India’s sports tourism is developing a niche for itself in the Indian tourism business, drawing many adventurers to fly to India. For all thrill-seekers and adventurers, sports tourism in India is a must. India’s historical and geographical diversity provides exciting opportunities in this sector.

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Sports tourism is a booming industry that benefits host cities financially and in terms of visibility. Many high-profile events demonstrate how this type of tourism pumps millions, if not billions, of dollars into local economies. In the aftermath of sporting events, host locations might generate recurrent profits.

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While India’s sports tourism is primarily outbound, some advances are being made on the inbound and domestic fronts. Overall, industry experts predict that the segment would increase at a rate of 10-20% every year in the future years.

Author: Abhishek