Australia will host the ICC Men’s T20 World Cup this time, which is scheduled from 16 October to 13 November 2022.We know that the International cricket council earns a humongous amount of money from each T20 world cup tournament. But what about the Host country and their government? What do they get in return for hosting such a huge event?
The answer isn’t simple; there are many direct and indirect benefits associated with hosting tournaments like the T20 Cricket World cup, but they are difficult to calculate in monetary value.
In this article we will discuss the primary benefits a hosting country gets from hosting events like T20 tournaments.
Increase in Tourism
The most obvious and impactful benefit is an increase in tourism. The T20 tournament is a world cup, and many countries participate in this event. As a result, foreign crowds come in large numbers to cheer their favorite team, which boosts tourism and brings money.
Because of the visit of such a huge foreign crowd, nearby areas of the stadium and places like hotels, restaurants and historical sites see an increase in huge footfalls that result in massive growth in income.
Hotels get sold out, restaurants become full of people, the government’s Tax revenue increases, and the country’s overall GDP experiences a boost.
If a country successfully hosts huge events like the T20 World Cup. The image of that country improves in front of the rest of the world, and it shows how stable a government is. It also shows the state of rules and regulations in that country, attracting investors.
The country’s stability and state of rules and regulations work as attractions for the investors as they provide desirable surety to them, which leads to an increase in foreign investment.
There are not only benefits, but it is also a big responsibility. The Host country needs to do a lot of preparations in terms of infrastructure, i.e. roads shall be well-maintained, cleanliness needs to be taken care of, and proper rules and regulations must be maintained.
The hosting country must invest a huge sum in doing all these things. In addition, tax exemption to ICC is sometimes required, and that exemption isn’t for games only.
It has often been seen that demand for workers in many businesses like hotels and restaurants increases during the tournament.
To fulfill the demand, more people get hired during the tournament. However, it is short-term employment, but it is beneficial for the country and their people.
If there is an increase in sales, employment and tourism, then its boost in tax collection is obvious.
The amount local people earn; will be paying income tax, indirect tax, or both from it. Foreigners have to take multiple permissions to visit other countries, and the process of taking all the permissions is costly and works as an opportunity for the government to earn.
Hosting of Big event tournament is a double-edged sword
We have mentioned multiple benefits of hosting the T20 world cup. These benefits come with a cost. The hosting country must spend a huge sum on infrastructure and maintenance of rules and regulations.
If the hosting country fails to do so, its worldwide image will be badly spoiled, as people from across the globe will visit to support their team.
Also, security is a big concern; while hosting big events like the T20 World cup, countries become vulnerable to many terrorist attacks.
So, the country needs to tighten their security, and it is difficult to protect it from these attacks.
This article covered both the benefits and threats of hosting events like the T20 world cup. Please share your thoughts on this and let us know your opinion on this matter.