There have been many arguments on whether gambling should be legalized in an unregulated market or not. Some people look at it as something fun to do, and others consider it a threat to one’s social and economic wellbeing. Whether you support gambling or are against it, note that both sides raise valid arguments. Eventually, the important thing one should ask is if the pros of gambling outweigh the cons.
The Case for Legalizing Gambling in Unregulated Markets
While some countries have no problem with gambling, it is still considered a harmful practice in other states and hence illegal. Countries that have no problem with gambling have gone ahead to form regulatory bodies to control the gambling industry. The purpose of these bodies is to ensure player safety and security. In other countries, if one is found gambling, they risk going to jail. Despite such regulations, gambling is still present in these communities. Therefore, should it be legalized in unregulated markets? Read on to find out.
Countries Stand to Benefit From Tax
The potential revenue generated from taxing this industry is quite huge. If you look at statistics on gross gambling yield by country, you will see that where gambling has been legalized, the countries are earning substantial revenue from it. In other words, this can be a cash cow for the government.
One of the most common facts in gambling is that the house always wins. As much as each country has its own rules on taxation and the gross gaming revenue varies, it all boils down to the state taxing a percentage of net profit. Seeing as the house always wins, the government will always have something to collect as long as people are gambling.
Dealing With Addiction
When it comes to gambling, most people argue that it poses a risk to a player’s finances through addiction. That is because there have been cases of gambling addictions, with people losing their assets. Therefore, it is believed that if it is legalized, then there will be more cases. However, this is not necessarily true. As much it may be influenced by access, gambling addiction does not depend on whether the activity has been legalized or not. If people want to gamble, they will, even with restrictions.
Furthermore, once the activity is legalized, there will also be resources to help people cope with the addiction. Since it is an accepted activity in the community, it becomes easier for one to get help once they feel they are overdoing it.
Regulating the Market Can Help Protect Players
Even in unregulated markets, gambling still continues to grow. When you forbid people from doing something, the more interested they are in doing it. When gambling is illegal, mobsters are more than happy to be ‘regulators.’ That means people will still gamble in underground dens but under the control of criminals. That is where the real danger is. When the market is regulated, players are protected. One can find reputable licensed casinos and enjoy gambling without fear.
Casinos Promote the Tourism Industry
It is common knowledge that people flock to cities like Las Vegas and Macau because of gambling. Such cities receive millions of guests every year from other countries to come and enjoy this activity. In return, the hotel industry and other attractions also stand to benefit, which ends up boosting the tourism industry of a country.
As much as the good outweighs the bad, it can be hard to overlook some adverse effects of gambling. However, it is also important to note that one’s experience in gambling is not necessarily because of the activity being legal or not. As said earlier, a person who wants to gamble will still do it even in an unregulated market. At least regulating the market ensures that players are protected, and the government can earn revenue from it.