Effective or not, it will be depending on how the government manage it because to make gambling as a source of income for the government, it requires good management.
In general, gambling may give income from various things such as tax, license, tourisms, and some other things.
It means that if a government can manage it well, gambling can be an effective way to recover the economy of a country.
Of course, governments play a crucial role in regulating gambling establishments in their cities, ensuring they are profitable and generate revenue that can boost the economy without corruption. Gambling is a lucrative business, and anything can happen.
Gambling can generate revenue from tourism and taxes, as well as create jobs for local communities, opening businesses, and so on, which can boost the economy not only for the government but also for the local community.
all these are ignored because of fear or risk of getting addicted and putting in danger individual economic or financial state
do the citizens just really lack some sense of discipline? i think the things you have mentioned is worth accepting gambling into a country but governments seem to think otherwise