The main reason why gambling is banned in so many countries is because of the risks of addiction and financial loss on an individual level. However, since there are many benefits of legalized gambling; the best way to play both sides would be to establish an industry that is properly regulated and controlled. This article will talk about why it is better to regulate gambling instead of banning it.
Banning gambling doesn’t stop it at all
Most countries of the world have gambling banned. And under that law, casinos are also illegal. The owners of it and those who play are all punishable by law. However, that doesn’t mean these countries don’t have a single operating casino. Just because drugs are illegal doesn’t mean they are not sold in different places secretly. The same goes for gambling as well. The reality is that, though a government bans gambling to prevent it, it still happens anyway on a huge scale.
This is especially evident these days because of the rise of online casinos. Online casinos are easy to make and operate by anyone who has a basic knowledge of technology. Therefore, most countries already have a huge catalog of national casinos operating at all times, legal or not. No country can ever claim that they have successfully prevented many casinos from operating, thereby banning gambling.
But of course, that goes for everything that is illegal in a country, from down to murder and sexual assault. However, the difference between those crimes and gambling is that legalizing gambling can actually hold many benefits. In contrast to legalizing something like murder, which will never happen in life anyway. Gambling and other kinds of crimes cannot be put into the same category. This is because there are many ways to minimize the harms it brings. The main way is to regulate it.
Benefits of regulated gambling
So if instead of banning gambling, the government takes the responsibility of regulating it properly. What kinds of benefits might be seen? Here are some examples:
It’s possible for the government to tax the casinos:
A legalized and regulated gambling industry will allow the government to impose taxes on the casinos. Currently, casino owners are earning so much money in countries where it’s banned, but they do not have to pay even a single penny of tax on these. However, thanks to the house edge being in the casino’s favor; the amount of money the gambling industry makes on a daily basis is huge. Therefore, taxing them could mean a fortune for the government. This money can make a huge contribution to the Gross Gaming Rate or GGR of a country. For example, in France, where it’s legal, the GGR is as high as 83.5 percent. A regulated gambling industry will help impose these taxes. It collects the same in an organized way and with minimum tax evasion.
Protection of the gamblers:
In a regulated casino industry, gamblers can find protection under the law. Casinos still run in countries across the world. Usually, in such countries, the ones running casinos are mobsters and different kinds of criminals. They basically run the underground black market. Needless to say, they are all dangerous people. Their greed for money will undoubtedly lead to them tricking a lot of innocent people in many ways. These kinds of criminals are always looking to take advantage of vulnerable people who desperately need money. But in these cases, the victims won’t be able to take help from the law.
Creation of new jobs:
According to a report, legalizing gambling can create as many as 125,000 to 152,000 jobs for people. All these jobs combined can contribute between $6 to $7.5 billion to the total annual wages. Though it might not ensure a 100% employment rate, it will certainly increase the percentage to a great level. However, this economic and social success level can only be achieved if the gambling industry is regulated. An unregulated industry will lead many people to be neglectful in their jobs and focus on gambling at all times; maybe even get addicted, which will bring more harm to the country than otherwise.
Prevention of gambling addiction:
The main reason why it is so important to regulate the gambling industry is to minimize gambling addiction as much as possible. This is because so many countries have illegalized it because more people will engage in it. If it is legal, and more people will face addiction. That opinion is not at all wrong. However, it is only avoiding the problem instead of finding a solution. The solution is to legalize it and regulate it properly. Suppose the government takes the necessary steps to do so by imposing certain restrictions on the frequency of gambling allowed. In that case, it’s certainly possible to prevent addiction to a great extent.
Support groups and professional health campaigns for gambling addicts:
However, no matter how regulated gambling is, there will still be a lot of addiction cases regardless. In countries where gambling is banned, but people gamble. They cannot seek professional help if they become an addict. It puts them at risk of being accountable to the law. There are also no support groups for gambling addicts here. But in a legalized and regulated industry, health campaigns will be conducted on a regular basis. There will also be awareness-raising programs everywhere to help people understand the risks of gambling and do it responsibly. On the one hand, it will prevent gambling addiction from increasing. It is safe to say it will help gambling addicts directly.
How should the gambling industry be regulated?
After it is legalized on to the individual governments, the gambling industry is regulated. It depends on the population, the financial and economic position. Likewise, it applies to the behavior of the common people, and such factors of a country. There can be the experimentation of different ideas in a central country, and other countries can follow them effectively.
The Gambling Commission has suggested some ways of conducting this regulation. One way is to put a cap on monthly losses of £100 or a similar amount. Another way is to curb a player’s bonuses after one hour of playtime. Both of these will prevent gamblers from spending too much time gambling. Thus it can prevent addiction and also be beneficial at the same time.
Obviously, banning gambling doesn’t bring any benefit, but legalizing it and simultaneously regulating it properly can be extremely advantageous. So what are you worrying about? Tune in to Epic Win E wallet casino free credit Malaysia at your fingertips to give you a stress free experience today!