There are few subjects as polarizing as gambling. The debates as the whether the activity should receive wide-spread legalization have been going on for years. Sociologists, economists, and common folk alike all have their arguments for and against it.

Nevertheless, the reality is that people will bet, no matter if it is legal or not. Gambling has been going on since the beginning of time, and with the rise of online casinos, even more, find it an enjoyable pastime.

If we weigh all the benefits and negatives, we see that the scale massively tips in favor of its advantages, despite opposition from skeptics and naysayers.

It Aids the Economy

Estimates say that the global gambling market will hit revenues of over $525 billion by 2023. An increase of close to $80 billion within five years. These kinds of numbers aren’t just excellent for entrepreneurs and corporations. They also mean enormous tax revenues. With these newly acquired funds, the state can fund current and new projects, and boost local communities.

The growth of the sector also means the opening of new job opportunities, directly and indirectly. Casinos and sports betting venues employ locals and drive tourism. The number of casino employees in Nevada alone is around 170,000, and more tourists mean more work in the hospitality industry.

Less Corruption

According to the American Gaming Association, Americans gamble $150 billion illegally on sports in a year. Further proof that people will partake in the activity regardless of the legal status.

By removing gambling from the black market, or at least significantly reducing it, overseeing bodies will have an opportunity to better monitor gambling activity and spot irregularities that suggest corruption. With improved tracking technology and information-sharing, regulators can become more effective in detecting illegal activity.

On top of this, there are no guarantees for bettors when they wager at shady sites or unregulated venues. There are few financial or legal assurances that they will get their winnings, and there’s little recourse. Thus, it is beneficial for them, as well for the industry, for it to be regulated. So, they can play fair, get what they win, and the community can benefit from the tax revenues.

Responsible Gambling

The truth is that only a small percentage of the public has a gambling addiction. Going by stats from The National Council on Problem Gambling, less than 1% of American adults are pathological gamblers. Nevertheless, this is an issue some people face that can hurt their financial, social, and psychological state.

Gambling laws often implement sections that aim to help protect individuals with measures that promote responsible gambling, prevent harm, and provide treatment.

These often include mandatory transparency regarding game odds, the ability to set deposit and bet limits, the possibility to set time-limits if they are playing online, a self-exclude option, and more. All this should contribute to maintaining gambling as a form of entertainment, and not as a cause of personal strain.

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