Reasons Why Online Gambling Should Be Legal
You probably did not know that only in the USA, people wager approximately $400 billion illegally, which means that the money goes offshore, and it does not enter the point of tax regulations.
That is the main reason why backroom casinos, offshore websites, and online bookies make more money in a few weeks than entire Las Vegas in a year.
However, this problem is not unique only for the US, because other countries also feature a dynamic legal system that bans gambling altogether, and allows it only in specified areas.
Therefore, the USA, Canada and other countries such as South Korea have illegal online gambling industry that takes more money than legal casinos, which is an essential reason why it should be legal.
For instance, countries in the European Union, as well as the United Kingdom, have regulated online gambling successfully.
Therefore, they have created a balance between consumer protection, industry regulation and revenue generation, which includes taxation, which is vital for industry.
In England, bookmaking laws are similar to in the USA, but they made it into a public commodity back in ’60s after legalization of betting shops by McMillan. By clicking here, you will be able to read the latest regulations when it comes to betting in the UK.
Today, this particular industry is carefully regulated and similar to other consumer businesses that use money for specific services.
Even though pre-war Britain had stigmatized the idea of betting and gambling, today, they have modernized this particular industry for both regulators and consumers.
Regulate the Industry by Taxation
You should have in mind that legalizing this particular industry will bring it out of the shadows, and it will allow people to play safe and without suspicious activities and frauds.
The main idea is to implement taxation, and in exchange, all sides will be safe if they follow laws and regulations.
You probably know that online gambling entered the market back in the ’90s, and one of the first countries that embraced the industry was Canada, which created relevant regulations to boost this particular industry.
This particular model was an inspiration for further changes in the international perspective of gambling, which was later used as the precedent.
Apart from improving the experience by regulating the industry, Canada was the first country in which the evolution of online gambling was set for both operators and players. From the very start, Canadians played at offshore casinos, which did not leave money to government.
Regulators have noticed that large sums of money went into Latin America and Caribbean, and other countries with liberal regulations for online casinos 메이저사이트.
To reduce this particular problem, Canadian authorities created regulations that ensured the integrity of operators and protection to players. Therefore, numerous provinces across Canada feature online lottery systems, while residents can also enjoy in state-run online casinos.
Operators had to have proper licenses and rights to open online casinos similarly as if they have the real thing, while the authorities would check the gambling products and oversee the operations likewise as any other industry within the country.
That is the main reason why in Canada, online gambling is one billion dollar industry due to commissions that are overseeing the integrity of games, while players can get assurance that the process is sincere and without fraudulent activities.
The casinos can advertise themselves and improve the products along the way, and the country’s recognition reduces the possibility of corruption and other issues that may happen within it.
Reduce Criminal Activities
Keep in mind that underground betting comes with numerous criminal activities included. You have probably seen multiple examples of mobsters inside the films and TV shows that use the inability to gamble legally in their advantage to earn more money in the short run.
The truth is that the underground world of gambling is highly dangerous because of its stigmatization and isolation. It goes hand-in-hand with other serious crimes, which is why it affects both ordinary people and players.
For instance, money launderers have found that illegal gambling is one of the best methods for funding something and washing out the illegally made money into something relevant. Criminals are showing to use these casinos so that they can funnel the money into legitimate channels.
Since financial oversight is impossible due to its illegal perspective, these activities require money launderers. At the same time, most bookmakers use their businesses to launder money and funnel funds.
According to the FBI, numerous operators and players stated that bookmakers and backroom casinos are laundering drugs, human smuggling, and prostitution money through these channels.
Since casino runners require a constant sum of cash due to drug sale, while they wash it and present it as the luck that allowed them to win it. You probably understand that a primary source of revenue for criminals is illegal gambling.
If you force this particular lucrative industry to remain and hide in the shadows, you are reducing chances for regulating it and boosting the possibilities of combining it with serious crimes.
Understand the difference between gambling and speculation by checking out this site: https://www.investopedia.com/ask/answers/042715/what-difference-between-speculation-and-gambling.asp.
One instance stated that in Chinatown, organized criminals created underground betting operations to fund distribution, purchase, and sale of illegal prescription meds throughout the USA.
Therefore, we can say that initial cash flow started because the popularity of betting was high, and illegal, while they used the income to invest in painkillers so that they can sell it illegally and cause an epidemic.
That is just one example of how gambling prohibition affects the industry and how it creates a severe problem for both society and people that surround us.
Legalization is the only way for the government to stand on the top of the hill and to oversee every single transaction, which will ultimately reduce the chances of crime inside the industry.
Of course, the ethics and morality of gambling is not something we want to discuss here because it would take entire book to analyze a problem.
Throughout history, we can conclude by analyzing it, that it is impossible to utterly kill and forbid gambling because people will always do it. Closing eyes to a problem means fighting against the industry, while the only logical way is to regulate it while keeping the crime out of it.
For instance, underground gambling features bookies or people that can give fast loans to people with these issues. In most cases, this is a life and death situation in which if a person does not pay the debt, the horrible acts may happen as a result.
However, if nations start regulating it, the number of these problems will reduce rapidly.