Legalized Gambling Pros And Cons
- Legalized Gambling Pros And Cons
- Legalizing Gambling Pros And Cons
- Legalized Sports Betting Pros And Cons
*Updated 2018
Gambling can take many forms, ranging from traditional and online casino play and poker tournaments to playing bingo and betting on the ponies. Regardless of your personal definition of gambling, read on to learn the pros and cons of legalized gambling. Positive Aspects of Legalized Gambling. While the cons are surrounded by socio-economic concerns, the pros are built on the same. Implications are what separate them, and the way things are moving, we see big profits making sports betting that much more important part of our economy. ONE of the little analyzed recent changes on the American scene is the rapid spread of legal gambling. As of this writing, 35 states have some form of legal gambling: 31 allow pari-mutuel betting at race tracks, eight have state lotteries, three permit off-track betting on horse races, three permit only charity bingo games, and one has casinos. As the debate for legalizing sports betting continues to be in hot water today, it is undeniably practiced in some states where sports betting is legal. Hence, to understand better why sports betting needs attention in all aspects, let’s get to know both the pros and cons it provides not only to bettors but to all esteemed sports fans all. The Pros and Cons of Governments Legalizing Gambling in the Country 2019-03-21 Gambling legalization is something that has been on the minds of the many, especially after some US states legalized sports betting after it being illegal for a long time.
The Supreme Court recently reversed a 26-year-old federal ban on sports betting, enabling each state to decide whether to allow wagers to be placed on baseball, basketball, football, hockey, among other sports games. Previously, sports betting had been prohibited nationwide, except in four states – Delaware, Nevada, Montana and Oregon. A vast majority of the American people had supported the legalization of sports betting (55% felt that betting on sports should be legal, only 35% opposed), not to mention that the president himself is a former owner of casinos. Therefore, this change in the federal government’s approach to the subject is not surprising.
Here are three reasons why the legalization of sports betting is positive and three more explaining why its negative:
In Support of Legalized Sports Betting:
It is already a thriving industry.
The betting industry has blossomed regardless of its legality. Illegal sports betting is a multi-billion-dollar industry (some estimates are as high as $150 billion); anyone who wants to place a bet can do so easily online or through local office pools and offshore books. Now, after the Supreme Court decision, states will be more inclined to consider or pass legislation to legalize sports betting, thus allowing people to continue betting but in a regulated and fairer environment. It will also prevent them from dealing with questionable bookies. Moreover, addicts will have fewer stigmas, which may make it easier for them to seek help.
It`s the economy, stupid.
Sports betting is good for the economy. Legalizing sports betting will obviously create huge state tax revenues. More importantly, it has the potential to create jobs (estimated between 125,000-152,000 jobs) for the American people. Researchers estimate that legalized, regulated sports betting could actually bring in a total of $6 billion in annual revenue for states by 2023.
Moreover, it has potential to bring huge money into the United States and keep it there. Currently, most of the betting takes place online. It is more than likely that legalizing sports betting in America will trigger American telecommunications and tech companies to take over the international market.
Sports betting won’t corrupt the leagues.
Louis Brandeis, an American lawyer and Associate Justice on the US Supreme Court, once said: “Sunlight is said to be the best of disinfectants; electric light the most efficient policeman…” Meaning, legalized sports betting will actually make it harder to fix games. This is because once legalized, sports betting will be monitored, and any irregular activity will be easily detected. It is easier to fix games in an un-monitored environment, in which money flows under the radar. Therefore, the common belief that legalizing sports betting will corrupt sports is wrong.
Against Legalized Sports Betting:
The house always wins.
Many of those who argued for the legalization of sports betting claimed that it’s more about skills than luck. They said that, much like stock trading, it’s about wittingly identifying opportunities and acting on them. But this assertion is wrong.
The human element has a huge impact on sports; often, the unexpected happens, which can affect everyone from team owners down to the last player. Even where skill may improve odds of winning, people who bet on sports may not always possess the deep understanding of statistics required to win. People usually bet on sports based on a hunch, not knowledge. Sports betting is not about skills and it’s not like stock trading; it’s gambling, and as in gambling, the house always wins.
Legalizing sports betting won’t make illegal betting disappear
Legalized Gambling Pros And Cons
The main reason people bet with bookies is not the lack of alternative but availability and, most importantly, the generous line of credit that bookies offer. Bettors don’t need to deposit money to bet with bookies, which makes it easier for them to bet with money they don’t have. This is also the main reason wagers get into troubling debt situations. Moreover, bookies will offer better margins and betting rates for their customers since they won’t pay taxes. Thus, legalizing sports betting won’t eliminate illegal betting and the problems that accompany it. For instance, increased opportunities to gamble on sports may increase the amount of gamblers, yet services to help gambling addicts will most likely not rise in parallel.
Legalizing Gambling Pros And Cons
It will change American sports’ nature
Legalizing gambling on sports will gradually change American sports. As with everything that involves money, the sports industry will become even more commercialized than it is now. In a slow but consistent process, the focus of American sports will become betting rather than the game itself. Anyone who has ever gambled on a sporting event knows that once you place a bet, the focus of the game suddenly becomes money, not the game itself. And that’s not what sports is about.
Bottom line: The Supreme Court’s decision to overturn the federal ban on sports betting is reasonable, especially since it is already happening to a large extent, and states deserve to monetarily benefit from it. On the other hand, legalizing betting won’t eliminate illegal betting and will negatively change the nature of sporting events. Do you support the legalization of sports betting? Would you place a bet on your favorite team?
When you think of all of the years that people have been fighting for the right to enjoy themselves and bet their own money on the games that they enjoy it may seem obvious that all forms of gambling should be legalized. The argument against this of course that honest work should be done in order to gain more money and not games of chance. But as it has been proven time and time again a person’s right to make their own decisions is much more important than anything else in this world and you can find this as very evident when you are looking at the pros and cons of gambling and in the case of the state of New Jersey and other states that have followed suit, it is a good idea to use the proceeds and taxes of gambling to benefit the state.Why Fight Human Nature and History that has Proven Itself for Centuries
Gambling is in human nature, as far back as the Bronze Age primitive forms of dice have been excavated and uncovered. The popular game of Keno has its roots in Ancient China where warriors made bone dice and numbers while defending villages. All through history and even today in modern times there are many references to gambling and the influence it has on society. When you look at the history then you must realize if you think of it as a potential enemy then it is better to keep your enemy close and know what is going on than to distance it where it can cause trouble and other problems, The same theory applies to gambling, if you keep it under your wing with controls then more people are likely to benefit from it and more gains will be attained. Looking at the turnaround in the state of New Jersey you can see this for yourself where the income from lottery, taxes on gambling profits and licensing fees all contribute to the state income. In New Jersey this only makes up a small percentage of the state income but in states such as Nevada income from gambling makes up more than 10 % of the state income. This income can be used for education, combating addictions including gambling and helping the under privileged amongst other ways that the income can be used. Help the Income of the State you Live In with Your Pastime
In addition to legalized gambling offering a way to help the income of the state it is also a way to create jobs whether you are talking about an online casino or a land based casino. Operators, programmers and many more staff are needed to make a successful casino which creates jobs and opportunities for people living in the state or country where the casino is opening. Some may argue that without the jobs in casinos they can manage and they don’t want to work in a place which influences people to part with their money, in some cases where they don’t have it to spend. But if you are playing and working at a legal casino there will also be many different governing and outside bodies that make sure players can afford to place the bets. They can also work on referring players who seem to be overdoing it to responsible gaming sites or gamblers anonymous where they can receive professional help. At illegal gambling sites and casinos you will not receive this special help which has been proven time and time again to save many people’s incomes and ways of life.