Gambling attracts polar opposite reactions. While some people like the idea of gambling, others might be dead set against it. Some rather extremists believe gambling should be outright banned, while gamblers even look for good crypto online casino options. In fact, MPs in the UK had called for a vote earlier this year, demanding a complete ban within the nation.
But no matter which side of the fence you’re on, there’s no denying the popularity of the sport. Punters will find a way to practice their hobby and the government might as well regulate the industry and boost local economies rather than fight a dying cause.
Regulations Help Protect the Gamblers’ Rights
Regulating the industry is of paramount importance as it not just keeps track of the players involved, but helps secure the basic rights of all parties involved.
By regulating the industry players remain protected and thus boost the economy, attracting more players. The revenue generated from taxes is huge, hence, gambling is a cash cow for any government.
Since casinos are a business, the house always wins, and when you consider the mega-casinos most economies experience a major boost thanks to the Gross Gaming Revenue generated from taxes. Although the GGR varies between states, it constitutes a significant portion of the net profit.
Casinos Promote Tourism
Atlantic City and the Las Vegas Strip are perhaps the best examples of gambling tourism. The larger establishments often lure the high rollers, which attracts more attention from the general population. Outside the US, Macau, Singapore, Cambodia, and the Philippines have a significantly robust industry. Not to mention some of the larger cruise ships, which are renowned for their quality casinos.
Like every other industry, there are two sides to the story and gambling addiction is a reality. Sadly, this affects a significant portion of amateur and veteran gamblers annually and needs to be addressed.
How to Fight the Side Effects of Gambling?
Legalizing the industry could prohibit gambling addiction to a certain degree since the modern industry allocates funds for people that need help. Since gambling is looked down upon in most parts of the world, addicts are often outcast from society.
Take Delaware, for instance, where the government provides free counseling for recovering addicts. The service is viable thanks to the millions of dollars in taxes generated by the state’s legalized gambling industry.
It’s clear that gambling isn’t going anywhere. Therefore, it makes sense to embrace and regulate the market to make the best of the current situation. The authorities have proposed a few novel steps like limiting monthly losses to $100 and curbing welcome bonuses after one hour of playtime.
While regulations are important, the authorities must ensure never to overstress and risk a backlash. There is a very thin line that mustn’t be crossed since it’s dangerous territory. And like it or not, gambling will continue to thrive irrespective of the government’s interference. So, it’s better to keep things under control.