Taming the Market: The Benefits of Gambling Regulation
If you live in the US, you have to deal with every single state having their own set of regulations when it comes to online gambling. The same is true on a global scale, with some countries legalizing it altogether, just in parts, or not at all. There are heated debates over whether online gambling should be legalized and if the risks outweigh the benefits, or vice versa. While Online Cricket Betting ID and its often-negative connotations make it easy to understand why some people oppose it, what are the reasons that motivate people to fight for legal online gambling regulation?
The Prerequisites of Legal Gambling
To get a better felling for what might happen when online gambling gets legalized, we should take a look at the process this decision would set in motion. Countries that have legalized gambling give us examples.
Once a government has decided to legalize online gambling, they have created a specified online gambling authority and charged it with regulating the online gambling market. Typically, to gain the structure needed for monitoring the available gambling services, these authorities have created a gambling license that works in tandem with the gambling laws of the country. When they are applying for the license, online casino providers must prove that they are fulfilling all the national or state prerequisites for legal gambling businesses.
This licensing system differs from country to country. In some European countries, for example, an online casino with a respected European license can offer their services. In others, like Germany, only providers with a German license are legal. Switzerland is even stricter; any online casino website whose provider is not physical based in Switzerland and has a Swiss license is banned from Swiss internet access. This way, they are making sure that the locals only have access to services that are in compliance with the Swiss gambling law specifically.
Casinos can apply for multiple licenses to offer their services in multiple locations. A good review website will list the licenses a casino website has gathered. For example, in this review about Betsson, a Swedish based online casino, we learn that they have licenses from the Malta Gaming Authority, the Swedish Gambling Authority, The Republic of Ireland’s Regulatory Bodies and the UK Gambling Commission, proving that they operate according to many appropriate gambling regulations.
Voices of Opposition
There are many reasons why people oppose the legalization of online Cricket ID gambling. The following three are the most prevalent:
The owners of land-based casinos are well-connected and wealthy, which makes it easy for them to campaign against online casino legalization. Those who do not plan to offer their own online gambling service have good reason to want to stay the only legal gambling opportunity. Online casinos are much more comfortable to use and would steal many of their loyal customers, costing them countless dollars.
It’s not reduced to literal Puritans, but the word is a good way to paraphrase a – usually religious – group of people with very strict beliefs and moral codes. Today, we often use the word colloquially to describe conservative values condemning – especially physical – pleasures, like sex and alcohol. A frivolous act like gambling is sinful to their eyes.
Even if their beliefs are not quite as extreme or religious even, this kind of mindset is still very prevalent in conservative circles. They judge gamblers for their “bad” habit and don’t want this influence to be readily available to larger groups of people.
Protection and Prevention
Another group of people wants to protect society from the negative influences of gambling, not because the act itself could be considered sinful, but because it can have serious psychological and financial consequences for players. They fear that with legalizing online gambling, more people will have access to the service and therefore more people will develop a gambling addiction and end up in bankruptcy. Another big factor for them is the apparent lack of control over minors gaining access to the gambling services.
Voices in Favor
In contrast, large groups of people still favor the legalization of online gambling. What are their reasons?
Economic Benefits- Gambling Regulation
Gambling revenue can be a huge asset for governments, who get paid tax money by registered gambling-companies. Not only does opening this sector up for legitimate business lead to an economic boost, we can also benefit from these new businesses expanding and offering new jobs to many people. Land-based gambling and lotteries have contributed their revenue to the national economy for years. Including online gambling would bring huge profits.
Entertainment Value- Gambling Regulation
The hopes of winning money are just one factor that motivates people to gamble. Online gambling is a form of entertainment that can be experienced responsibly, with the right regulations in place. It is largely an unfounded reputation that gives actions like gambling such a bad aftertaste in comparison to investing on the stock market, which is typically much less monitored or regulated than online gambling with licenses and their strict limits and protective measures against gambling addiction.
Black Market Regulation
The biggest factor in answer to the very valid worries about player protection is that, legalized or not, online gambling websites do exist. There is a black market for online gambling that is abusing the benefit of a borderless and largely anonymous internet. People that want to gamble, will find a way to do so. If you do not offer them a safe option, they will use the unsafe ones.
Legalizing gambling gives a government the opportunity to reinforce regulations. They can decide, on their terms, what goes. People prefer to use save and legal options. By offering them, we can effectively fight the black market, its scams and money laundering schemes.
There are valid reasons to oppose online gambling. We must make sure that the availability of gambling services does not lead to gambling addiction spreading and minors getting access to the casinos. At the same time, many of the reasons to fight against gambling legalization are founded in unjust prejudice and a bad reputation.
Online gambling can be a form of entertainment and bring revenue to a country’s economy. However, to enable responsible gambling, there need to be regulations in place. These can only be enforced effectively, when a good legal framework is in place, promoting respectable services and offering save options to players.