To decide whether gambling should be legalized, the pros and cons should be reviewed. And the pros and cons of legalization of gambling may even prove to be equal. This is to say that whilst some will support to legalization of gambling others may oppose it. Some will argue that legalized gambling can boost the economy while others will argue that it can impact the conomy negatively.
Despite the arguments that are made for and against gambling legalization considering the pros and cons, all tend to agree that gambling is a profitable business. Supporters of legalized gambling would outline pros such as rise in employment, income and taxes. While others will highlight areas of concern such as gambling addiction, exposure of gambling to children and how online casinos can hurt small scale businesses.
Below you can read about the most common pros and cons of legalized gambling.
The Pros of Legalizing Gambling:
When gambling is legalized in a country this means that the country will need to provide gambling operators with licenses, allowing them to operate. This means that any land based or online casino that operates withing the country would need to have a license to operate.
The benefits of legalization of gambling via the provision of a license is that a country would be able to reap profits through taxes and other social benefits. The country would be able to also to have better control and to reduce gamblers playing at unlicensed international operators.
The County would Increase Profits:
One of the major benefits of legalizing gambling in a country is that it can increase the profits of a country. A country will be able to tax the casino operator an agreed percentage each year for having a license and thus see an increase in profits.
Coupled with this, countries that legalized gambling have also seen an increase in tourists who have an interest in gambling and the increase of employment. Tourists from countries where gambling is illegal for example would find it ideal to make holidays in a country where gambling is legalized. And the opening of land based casinos and of online casino opertaors in a country where gambling is legalized would bring more jobs to people.
Casinos will Operate in a Legalized Matter:
When gambling is legalized it means that a casino will need to be given a license to operate. When gambling gains a legal status in a country and as consequence is issued a license, it will better ensure that the casino will operate in a legalized manner. This applies to both land based casinos and online casinos. There will be no need for gamblers to search and play on unlicensed gambling houses or international online casino operators who are not regulated. Gamblers will be able to gamble without the fear of committing some sort of a crime.
Benefiting from Online Gambling:
There are also pros that governments can reap through the legalization of online gambling. Online gambling has been thriving the past years as more and more online casinos are opened every year. Playing from the comfort of ones home and from any device is quite ideal. Only thing you need is a good internet connection and you would have access to a variety of games that you can play at your fingertips. Legalizing gambling will allow a country to reap profits that are currently going to international operators. Since legalizing gambling will require an online casino to have a license to operate a country will be able to tax the licensed operator
The Cons of Legalized Gambling:
Despite the pros of legalized gambling there are cons which also cannot be overlooked, no matter if the pros are understandable. There is an agreement that gambling can be a profitable business when legalized but there are also socio economical side effects that come along side it.
Gambling Can Be Detrimental to Ones Health:
One of the majorj problems of gambling is that it can result in more gamblers who are carried away in their gambling behavior. Namely gamblers who develop an addiction for gambling and who find it hard to come out of it. This can create issues for gamblers in their personal lives – at their homes – but they can also become nuisance to casinos as well.
Gambling Can Create a Rise in Money Laundering:
Gambling can be seen as another channel through which individuals would strive to launder money. Due to the nature of the business, meaning that large amounts of money that someone can spend at casinos it can create incentives for people to launder money. If no proper steps and measures are taken when legalizing gambling in a country it can only feed the interest of prospective money launderers.
Legalized Gambling and Free Advertisement:
The legalization of gambling in countries means that gambling can be advertised for free in the TV, billboards and online adverts targeting certain geolocations. This means that the adverts can be seen by anyone no matter the age group, including children. The exposure of gambling adverts to children can create curiosity to underaged individuals which would be more than enough to create a potential problem gambler. At land based casinos, it would only take one casino guard who would turn a blind eye and allow a curious young one to go ahead and gamble
Legalized Gambling Can Affect Small Business:
When someone is picturing a casino It draws a picture of a large complex in which you can gamble such as hotels, restaurants and shopping centres. Basically, places that are big enough to have just about everything and where a big portion of the public would anyway be visiting. This can come to the detriment of small business owners, since a large part of the money will be spent in these large complexes and generate losses to smaller business owners.
Though the benefits of legalized gambling cannot be overlooked, there are still areas of concern that also cannot be overlooked. Legalizing gambling can bring a country profits, increase in employment and allow for more control. But it can also create concerns that will need to be addressed. If areas of concern such as creation of gambling addiction are better managed, it can create more chances for gambling to become legalized in more countries. Till that time comes, legalization of gambling will be achieved at different speeds in countries that this is a hot topic.