You might have noticed how recent supreme court rulings have lead to a loosening of online gambling laws. Many land based casinos have been protected for decades because they’ve been the only place you can place a bet on sports (legally). Some states don’t even allow those options. This looks set to change as more and more states have decided to allow gambling online, specifically sports betting and online casinos.
You might be wondering what this actually means, and what the new landscape is going to look like. If that’s the case, then you’re in the right place. In this article, we’re going to look at places like the UK which has allowed online gambling since its inception. What will the benefits and drawbacks of more online gambling be?
One of the biggest benefits to the economy is more jobs. If you look at the online gambling industry in the UK (an area which has seen huge growth), you can see how many jobs have been created. Thousands. While some people might disagree with the gambling industry, there are all sorts of ways it can benefit the local area. Especially when a casino or betting site decides to locate its head office in the area. When gambling sites are pushed off-shore, only those island economies see the benefit. But if you liberalize rules regarding such business ventures, you can keep the jobs local.
Another key benefit to online gambling is one for the consumer. Simply put, being forced to gamble in the only casino in town is not a benefit for regular people. That’s called a monopoly. But if you allow multiple betting sites to operate and compete, the consumer has the best choice of odds, offers and more. This is especially apparent for people wanting to place bets where it isn’t actually legal. Instead of being forced to gamble somewhere without strict controls, you force people into the blackmarket. Sites like 1xbit can help you place bets on all sorts of things in a safe and legal environment.
More tax revenue
When people are forced to bet illegally, not only are they doing so in unsafe environments, they’re also doing so in places that can’t be taxed. A liberalization of gambling laws helps increase the tax take from both businesses and individuals.
A change for professional sports
Professional sports institutions are probably going to have to get used to dramatic changes. It just depends how much they want to oppose gambling being allowed in-house. For example, in the UK gambling goes hand-in-hand with many professional sports. Teams are sponsored by gambling companies, adverts are displayed in venues, bets can be placed at events and commercials are shown at half time on television.
Games like baseball might have trouble with these sort of changes. Some sports have long been opposed to letting gambling take place anywhere near the actual venues or with anything to do with professional teams. But there’s certainly a lot of money to be made from doing so.
More gambling addictions and other associated issues
It isn’t all positive. There are a number of issues that come with gambling. While sports like baseball might worry about match-fixing issues, the main drawback of increased gambling is that more issues arise with problem gamblers. While many people can enjoy the occasional flutter for a bit of fun and with no adverse consequences, some people cannot. These people can get hooked and making it easier to gamble could cause issues. That’s why some profits should be taken and poured into counselling and protection services. While there may be benefits for a liberalization of rules, there should still be some rules in place that aim to protect the most vulnerable and stop betting companies from preying on those with issues.