Pros & Cons Of Legalizing Online Gambling

Legalizing Online Gambling

Online gambling, sports betting, casinos, and lotteries are currently some of the biggest pastimes and obsessions of many people. Players worldwide enjoy their time with such games while earning significant money. However, online gambling and casinos were always a hushed topic until it was completely legalized for players. While there are several arguments for making online gambling legal such as the generation of revenue and creation of employment, the turndowns could be addiction and social ills. Let us now examine the possible pros and cons of legalized gambling

Pros of Legalizing Online Gambling

Gambling has always been looked down upon as a social ill. It was traditionally considered a fallacy game that the losers play. However, with the evolution of time, online gambling took up the space of the brick and mortar casinos and is now accessible to almost everyone with just one single click on their phones. It is crucial to understand the advantages and pros of legalizing online gambling

Government Revenue Generation

This is by far the most important reason for legalizing online casinos. Online gambling and casinos pay their significant share of taxes to the government, which is used by the government for various developmental projects. The government also earns a great deal of money as licensing fees for online casinos. In case, a player wins a huge amount, they also pay an amount as their income tax. So, overall the government benefits a lot from the online gambling institutions.

Consumer Rights Protection

Online gambling and casinos are after all a consumer trade process. It is only when the government significantly intervenes in the process, can the consumers have their rights protected. Legalizing online gambling means that all gambling organizations are regulated by the government. This is a great step for the protection of consumer rights who would have otherwise been exploited. The institutions will thus be regulated and monitored for their fair play. It is also good for online casinos as they can terminate certain problem players based on government rules and regulations.

Job Creation

Legalizing online gambling creates jobs for many. All the workers of the online gambling business can become registered. Legalizing gambling institutions creates jobs in the operation and maintenance of online casinos. This leads to higher economic and social growth along with an income turnover for the government. So, overall it is a profitable economic activity. Online gambling is a huge sector with high employment generation opportunities.

Cons of Legalizing Online Gambling

Is it all good to legalize online gambling? Well, the answer is No. Along with several benefits, there are multiple disadvantages of legalizing online casinos. Let us observe them closely:

Addiction

Since time immemorial, this one has been considered as one of the major drawbacks of participating in any gambling activity. Even today, the games in online gambling are highly addictive and they can often lead to financial loss.The players get ruined financially if they cannot put up a great game. At the same time, it becomes mentally quite addictive once a player starts to participate in any game. They are hell bent on winning and in the quest keep on investing more money. The addiction of online gambling is nothing less than that of substance abuse.

Social Issues

Legalized gambling often leads to enhanced crime rates and can have other negative social consequences such as bankruptcy and family issues. Money laundering and other illegal activities are quite associated with online gambling and these would get recorded legally with the appropriate legalization of online gambling. The gambling institutions are often a seat of organized or institutional financial frauds. Other than these, identity thefts and embezzlements are also a social cost associated with legalization of online gambling. And lastly, the moral and value standards of the players become highly questionable when they participate in online gambling. As a result of increased participation in online gambling, there can be significant displacement of other small businesses.

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Conclusion

Legalizing online gambling is indeed a controversial issue and there is hardly any solid reason for it. There are strong arguments on both sides. While on the one hand legalizing online gambling can be helpful for government revenue generation, on the other hand, it can be addictive for certain people and often cause a social threat. So, potential social and economic implications should be considered before the legalization of online gambling. Even if it is legalized, government bodies should always have effective measures to keep a check and control over online gambling.

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