Pros Of Gambling
Pros and Cons of Legalizing Gambling
Today, millions of both young and elderly men and women are participating in various forms of gambling. There are many people who are already addicted to gambling as a way earning a living as there are equally many who participate in gambling on a less frequent basis. The game of gambling features various types of wagering including casino dice games, style cards, betting in sports events and electronic games such as poker. However, some of these gambling games are received contrarily different in other countries in accordance with their laws and regulations. In relation to these controversies, there are unending debates as to whether gambling should be legalized or not. In case gambling is legalized, the question remains on what will be the benefits and shortcomings in the society or the economy of a country. Therefore, the paper outlines the possible pros and cons associated with legalization of gambling.
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Pros of Legalizing Gambling
First, fully legalized gambling will bring economic stimulation. Permission from the authorities would steer the establishing of standard gambling spots such as casinos that will attract many gamblers including tourist who many earn foreign exchange to a country. For example, in Las Vegas, the gambling business has thrived and this has boosted the state of Nevada in terms of revenue collection through licenses and taxes. In addition, gambling sites will create job opportunities as many of this joints are linked with hotels and night clubs. Therefore, legal gambling is a lucrative business that generates billions of dollars that are channeled into an economy as genuine revenues.
Second, lawful gambling leads to legal behaviors from the participants. Since the casinos are marked as areas susceptible to countless types crimes such as fraud and robberies, making gambling illegal will activate more of these vices. According to studies on human behaviors, people are known to get involved more on prohibited activities than when they are allowed to participate since humans strive to access to what they do not have. Therefore, if gambling is legalized, it will promote lawful conduct and interactions among gambler in the casinos, hotels and clubs.
Third, legitimate gambling will provide various forms of entertainment to citizens. People will feels safe and excited to visit the casinos and other gambling sites when they operate legally. Additionally, the owners of the gambling sites will operate without the fear of breaking the law, and rather ponder on ways to improve the legal operations of their businesses. Thus, lawful gambling offers entertainments to participants as it acts as stress reducer because players in casinos will be playing with confidence and happiness.
Cons of Legalizing Gambling
As much as legalization of gambling appears to offer some benefits, still there are limitations which questions its legalization. One of the disadvantage is that financial concerns in the side of players. For example, players place huge sums of money when staking, and this is very risky in case of unfavorable outcomes. Many gamblers end up losing huge amount of cash that could be of good use elsewhere. Typically, gamblers goes to an extent of selling off some of their valuable assets in a bid to raise betting funds, which render many gamblers broke whenever they lose.
Another limitation associated with legalizing gambling is the possible increase of crime rates. Since some punters are addicted to gambling, they tend to engage in crime such as fraud and theft to raise money for gambling. Studies indicate that cities with many gambling hubs are characterized by high crime rates. Therefore, legalization of gambling will increase betting hubs, hence creating many players who would seek wagering money from any dishonest deal.
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
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.
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.
Pros And Cons Of Gambling
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
Dangers Of Gambling Pros Cons
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.
Cons Of Gambling
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.