The gambling industry has grown in the 21st century, it has become a global business, and now the need for problem prevention is essential. Gambling done wrong can have the worst impact on society.
Gambling laws are essential to ensure that while players are betting on their favourite game, rules and regulations guide this. This is to avoid chaos and lawlessness on a major or minor scale.
Many societies argue about whether gambling is moral, and some research has pointed out how this so-called “get rich quick scheme” could lead to addiction and anxiety in those who do it. This article explains global gambling laws and how different markets can regulate theirs.
Gambling Laws Worldwide and Market Regulation
Globally, there is no single gambling law that countries obey. Different states might have gambling laws, even in a country where gambling is allowed and regulated. This makes it hard to pinpoint precisely what the general regulation is worldwide.
Different gambling activities have varying legal laws guiding them. This is noticeable in big countries like the USA, China, United Kingdom, Australia, Canada, New Zealand, and Ireland, which have major markets with thriving gambling businesses.
Gambling is prohibited and considered an offence in some other countries – countries like North Korea, UAE, and Brunei. However, North Korea allows tourists with guided tours to participate in gambling.
The US federal gambling law dictates how Americans should gamble. However, if you travel from state to state, you’ll find different laws stating which gambling is legal within their state.
Gambling was illegal in Japan for a long time, but recently, sports betting has been legalised, and casinos are now being opened around the country.
In New Zealand, all gambling services are regulated by the provisions of the 2003 Gambling Act, which, as analysed by casinoalpha, allows regulations that are safer for customers. It also provides an easier block of these services to minors.
There is no sector-specific gambling regulation for online gambling in the EU. Most EU countries allow at least some types of gambling games to be played online, while some other EU countries even offer all.
Effects Of Legalized Gambling
Tourism
Tourism has become a significant source of foreign exchange in countries that allow gambling, even if it’s just for tourists. When gambling is legalised in a specific country, cities within them with casinos start to see an increase in tourist visits.
Job Opportunity
Having a casino in areas with high unemployment rates can provide jobs for the locals. Casinos can open up opportunities to work in unskilled and skilled positions.
Gambling centres like casinos offer jobs like dealers, cleaners, waiters, casino managers, security personnel, and more.
Economic Growth
An increase in tourism and employment will affect any country’s economy positively. Other economic advantages they bring are income revenue, real-estate property value, and tax revenue. They also encourage other hospitality establishments to open around them to cater to the needs of tourists.
Crime & culture
Gambling centres can become a den for criminals. If poorly regulated, the inflow of cash that goes in and out of these establishments can make them unsafe.
Gambling centres can fast become a hub for drug trafficking, prostitution, kidnapping, and other actions that can be considered crimes in certain cultures. These are some reasons some cultures avoid legislating it, feeling it could become difficult to handle.
The strategic objective of regulations
Regulations must identify and target the following main issues to ensure gambling is kept safe and crime-free:
- Protecting the vulnerable members of society and children from being harmed by gambling.
- Keeping crime out of gambling.
- Constantly improving gambling regulations.
- Fair market and well-informed consumer.
Conclusion
Gambling has positive impacts on the economy but can have terrible psychological impacts on people by increasing crime, anxiety, and addiction. These are issues regulations after gambling legislation can help deal with.
Now that you’ve learned about how gambling laws can help regulate the market, you can check out this article on how the UKGC handles its gambling market.
