Pros And Cons Of Legalizing Gambling

4/2/2022

BettingMay 22, 2020Pmitra Pfannerstill

Many may not be aware that betting on sporting events in the world has been practiced for centuries. Let’s be honest, as long as there are sports – sports betting will exist around the world despite bans in some countries. In this text, we’ll try to point out some pros and cons of legalizing sports betting.

Betting As A Mean Of Entertainment And A Way Of Making Profits

The Pros and Cons of Legalizing Sports Betting Clip 8m 15s Billions of dollars are wagered each year on illegal sports betting in the United States, and some states are now calling for reform. Legalizing online gambling pros and cons. Apr 9, 2013 3:01 AM Robert Turner. Putting a 24-hour casino in every home comes with great responsibility. Ensuring a safe, responsible gambling.

Today you can bet on almost all sports – but also many other things including phenomena from public life. All you have to do is go to the first sports betting place, study the offer and place a bet. Technological advances have made it possible for you to do the same from home, over the Internet, or by telephone – which is the last known phase of activity that has lasted for two hundred years.

California May Legalize Online Gambling: Pros and Cons Mason Jones — December 15, 2020 Stacked poker chips of various colors; image by Amanda Jones, via Unsplash.com. No, gambling should not be legalized. Gambling is already legal in many places, such as Las Vegas and on certain regional reservations/casinos, in some form or another in a total of 48 states. But gambling can destroy lives and marriages, and can be a source of addiction. John McCain Says US Legalized Sports Betting Should Be Considered. Posted on: February 4, 2015, 01:29h. Last updated on: February 4, 2015, 01:32h.

History Of Sports Betting

The beginnings of professional sports betting are related to horse racing and England at the dawn of the 19th century. The English, however, organized the races much earlier. The inhabitants of the Island loved horses, races, and the excitement they bring with them – so they bet regularly, but more recreationally. More serious betting began only around 1800 when the organization of equestrian races was established.

What did it look like then?

In those times it was a bit different. The bettor would place a bet on the horse to the bookmaker and wait for the end of the race. Each bookmaker used to calculate the payout according to its own rules. The basic principles they were guided by were the assessment of the desired percentage of return to the players.

They also look at the assessment of the chances or mood of the players towards individual horses. During the betting, the bookmaker had to monitor the payment and, based on the mathematical calculation and assessment of the remaining payment – devise such quotas that will be to his advantage. However, if he happened to make a mistake in the budget – his odds would be small and neither the players nor he would be satisfied with them.

Sports Betting Today

Today, with the development of technology, everything is different. From the number of sports available for betting, to the precise setting of odds, to the way you can bet. Today you can go to sports betting places – but you can also bet online via the Internet by using your computers, tablets, or mobile phones. Mobile betting applications are one of the most important developing sectors in the last 10 years. Some sports bettings branches pay a lot of money to their players – but they certainly earn even more.

Many sports betting chains have expanded so much – that in some countries they have more branches than the tax administration. This is especially the case with European countries where this type of gambling is very popular – primarily because of soccer, which is one of the most popular sports on the old continent.

Legalization of Sports Betting – Yes or No?

Many US states are still not clear about the topic of legalizing sports betting. According to NJGamblingFun, some states like Tennessee are willing to share the profits from this lucrative business – while some other states are still claiming that sports betting should not be legalized. Where is the middle ground? Although you can see illegal bookmakers almost everywhere – this activity is still demonized in many places.

Even some European countries where this activity is legal – have decided to introduce certain restrictions when it comes to the payment of winnings, taxes, and salaries of sports bettings as well as their number. Will this have a large impact on the economy, sports, and human nature that loves ‘forbidden fruit’? We have tried to point out some of the reasons for and against the legalization of sports betting.

Pros

1. Sports Betting Is An Extremely Advanced Industry

The gambling industry is known as one of the most powerful in the world. And we don’t just mean Las Vegas with its flashy neon signs. In addition to those that are already well known to us – the illegal betting industry is also flourishing. According to some estimates, it is worth more than a hundred billion dollars. Today, the availability of betting has taken off so much that this industry seems stronger than ever.

Although after the decision of the US Supreme Court, each federal state has the opportunity to make its own decision on legalization – it must be recognized that its adoption may be an economically justified decision. Also, anyone who practices this type of entertainment will find it far easier to do so in a legally regulated environment.

2. The Economy Comes First

Legalizing sports betting would no doubt be a good boost for the economy. Namely, only the filling of the state treasury based on the collected tax could already show the potential of this activity to a considerable extent. Also, there are a large number of jobs that will be opened in this industry in case it is legalized.

Some estimates claim that between 125,000 and 150,000 new jobs could be opened in the US alone. Economists who have worked on the estimates – claim that this industry could bring the state revenues between 4 and 6 billion dollars in two years. Such potential should certainly not be overlooked.

Cons

3. One rule is the same everywhere: The house always wins!

Although many people took betting as a hobby, many of them have fallen into the real traps of sports betting and gambling. However, one rule applies everywhere: The house is always winning! If some people think that different rules apply in sports than in roulette or blackjack – they are wrong. The human factor cannot be ignored. To be even more specific – money spins everything. This means that a large amount of money began to flow into sports – as well as in gambling business.

This includes sports clubs, various competitions, and championships. We have heard of cases of rigged or sold matches many times. Proponents of the theory that legalization should not be approved also have this as an ace card up their sleeve. Also, there are sports betting statistics, which you shouldn’t blindly rely on – because surprises are always possible. The only statistic that is firmly established – is that the house almost always wins. Or at least certainly, much more than it pays off.

4. Commercializing In The Sports Area

The factual situation cannot be disputed here. Money is already largely determining the factors in sports, both on American and European soil. A large number of billionaires have invested their money in buying clubs and organizing tournaments. Many of them are sponsors of championships in tennis, football, and other sports. Money provides not only events – but also power. And power in sports should not be manifested financially but on the court.

With yet another Internet gambling bill suffering defeat, it's clear that legal online gambling in the U.S. is years away from a fact. But during a heated debate over the existing online gambling laws, not only in the U.S., but world-wide, we couldn't help but ask ourselves - what are the pros and cons of legalizing online gambling in the country? Well, let's take a look:

Pros of legal online gambling: Legalizing Internet gambling has its positive sides for all parties involved - gamblers, gambling websites and government. To being with the most important piece of the puzzle - the gamblers. Security is arguably the most important feature of legal online gambling - how many times have you gambled online at a casino or a sportsbook and win, only to find out that there will be no check coming your way? Yes, crooked online casinos and sportsbooks will continue to exist, even if Internet gambling is legalized, but the customer will have a wide array of licensed gambling websites to choose from, hence curbing fraud to almost zero. People want to gamble, they want to win and they want to get their winnings. A legal licensed gambling website would guarantee this. Hand in hand with security comes honesty - no one wants to play at a dishonest casino or sportsbook. A licensed one is a good start in that direction (although it will hardly be a given). And of course, legality itself. The poor online gamblers in the state of Washington are currently felons for playing a few hands of poker on the Internet. I just cannot imagine the Washington anti-online gambling law staying on the books with legal online poker websites. Then again, with the current political scene in the state, anything is possible.

Pros And Cons Of Legalizing Gambling Legal

The gambling websites also stand a good deal to gain from legal online gambling. Just ask David Carruthers from BetOnSports, the Neteller co-founders and PartyGaming. Legalizing your online gambling business, whether it is a sportsbook, casino, poker room or payment processor would lift the burden of looking over your shoulder for the Feds. Advertising your website in a legalized Internet gambling atmosphere would also be easier tenfold. You want to travel to the U.S. but own a sportsbook? No problem, as long as you pay your taxes. Which leads us to the third group of legal online gambling beneficiaries - the government. Estimates have always flown around that online gambling generates over 10 billion in revenue yearly, can you imagine the cut the U.S. government will get once the majority of the gambling websites are legalized? True, resources must be set aside to oversee the industry and the laws, but let's just say the remainder will hardly be a chump change. Bottom line, legal online gambling is beneficial to all parties involved.

On the other side, there are a small number of 'cons', when we talk about legalizing Internet gambling. Not as much as 'cons', but participants which would hate to see the online gambling industry legalized in the United States. There are plenty of online sportsbook (and online casino) operators, which have no interest in ever visiting the United States or desire to share some of the wealth with the government (in the form of taxes or fees). As the gambling sites have already proven to us - you can always find a payment processor to take the customers' money. And the U.S. cannot do anything to block those websites - let's face it, this is not China. So those individuals remain quite comfortable in the current lawless situations and would anything but lobby for legalization. Bottom line, legal online gambling will not be welcomed by those companies. Lucky for them, U.S. is light years away from legalizing Internet gambling, or so it seems.