Top 6 Reasons More and More Countries Are Legalizing Online Casinos
The online gambling market is projected to reach $97 billion in 2024, which makes it a serious economic factor in the modern world. Taxing some of this amount is one of the main reasons why so many countries are starting to legalize online casinos in their jurisdictions. Still, this is just one of the reasons, and there are so many compelling arguments why this is the general trend of global regulations. Here are six such reasons.
1. Higher Level of Consumer Protection
When they pretend like these casinos don’t exist, they can’t really do anything about this. When they regulate, they set the rules that these casinos have to follow, which means that they have a say over these casinos and the way they do business.
This is so important because when countries like the UK and the US refuse to regulate, most of these casinos that local players are using are hosted in countries with much lighter regulatory standards (or no standards at all). Acknowledging this fact and making an effort to make things better is why you have had such an influx of American casino sites over the last few years.
Most importantly, this is a chance to enforce regulations that protect consumers. Aside from that, it’s also an effort to minimize the impact of overseas online casinos on the local gambling market.
Aside from just regulating, they also get a much greater insight into the numbers of players and amounts that are won and lost in these wagers.
2. Increased Tax Revenue
One of the main reasons why governments from all over the globe are regulating gambling is so that they can collect revenue from gambling taxes. It’s simple and flawless logic, seeing as how people are already gambling, and they’re not going to stop.
In other words, if the aim was to discourage gambling, the plan failed or was flawed from the very start. People will always find a way to play, and all that the local government can do is either ignore the issue and miss out on a chance to protect users and collect taxes or try to get the best deal from these circumstances.
These funds can be used for public services and actually do a lot of good. If it’s morality and mental wellbeing that’s a proper concern, a part of these funds could be funneled toward the treatment of problem gamblers.
When funds leave your country, you might have to make some more to take its place. In other words, regulating gambling in your own country could even help combat inflation.
3. Growing Public Demand
There’s a massive rising interest in online gambling, and there are so many people who prefer this form of entertainment over actually going to a casino in order to play.
This is a shift from land-based to online casinos, which is far more convenient for the player for many different reasons. First of all, you don’t have to commute to the casino. Second, you don’t have to dress up. Now, in Vegas, drinks are on the house for as long as you play, but this is not a custom around the globe. This means that you have one more expense to keep in mind.
This trend of moving to a digital casino is also catering to tech-savvy players. It gives them a chance to engage in games in a far more familiar medium, since they’re gaming this way, anyhow.
With improvements in hardware and the 5G revolution, this gambling trend is also evolving in order to meet modern entertainment needs.
4. Control Over Illegal Gambling
Another thing you have to understand is the importance of combatting unregulated markets. People have to gamble, and they will never stop. When you take away all their options to do so illegally, rather than just abandoning this habit altogether, they’ll just find a way to do so illegally. Just remember the prohibition. Did people really stop drinking?
By legalizing online gambling, you’re actively reducing organized crime. How? By taking away their livelihood. We’re, once again, returning to the prohibition era in the US. When you ban something, you’re moving it to the black market and making it more expensive. This means that the bodies controlling it now have a supply of something in great demand, something that no one else dares provide. They have a monopoly.
When you legalize it, you’re presiding over the redirection of funds to legal channels. Just think how much good can be done with these funds. At the end of the day, people would always prefer to do it legally when they have a chance.
When you legalize it and introduce government oversight, you’ll put yourself in a position where you can actually ensure fair play standards.
5. Enhanced Tourism and Global Appeal
By legalizing these casinos locally, you’re actually attracting international players from regions that still don’t regulate them. You see, when online gambling is not legally available, a lot of players look for international casinos. Some will use a VPN, while others will just look for the best available anonymous casinos to play at.
Another thing that this trend is doing is actually promoting casino tourism. People who love to play online casino games may be relieved to learn that there, they’ll be able to enjoy casino games without having to use a VPN and worrying whether they’re in some sort of a legal gray zone.
To a degree, regulating this is also improving the country’s global image. Sure, each country has its own norms and customs, but by regulating this, you’re generally painting your country as a more progressive part of the world.
Lastly, by passing this regulation, you’re significantly diversifying the entertainment industry in the country.
6. Technological Advancements and Innovation
Lastly, we need to highlight the importance of the chain effect that will come from this innovation and adoption. First, there’s the higher level of adoption of blockchain technology for the sake of security. The technology is already massive in the industry, but it’s also quite early in its adoption stage, and there’s so much more room for it to expand.
Next, there’s a much higher need for secure payment methods than ever before in history. Well, with the amount of money circulating around these online casinos, at least a part of these funds could be funneled toward the future development of these payment methods. This is a major bottleneck of the industry, and solving it could bring in more people.
Due to the competitive nature of the field, providing an improved gaming experience is the main objective of every single online casino.
Naturally, once they become regulated, they’re incentivized to encourage responsible gaming. Otherwise, they might risk losing their license, which is in no one’s interest.
People are avoiding bans on online gambling anyway
The bottom line is that people are already avoiding all online gambling bans. They’re either finding offshore casinos that are available in their country or using VPNs to access these sites. The thing is that people are gambling online either way. By keeping this unregulated or illegal, you’re just losing tax revenue and a chance actually to provide protection for these users. It’s, therefore, no wonder that more and more countries around the globe are moving toward regulating this field.
Images: Michał Parzuchowski / Unsplash
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1. Higher Level of Consumer Protection
When they pretend like these casinos don’t exist, they can’t really do anything about this. When they regulate, they set the rules that these casinos have to follow, which means that they have a say over these casinos and the way they do business.
This is so important because when countries like the UK and the US refuse to regulate, most of these casinos that local players are using are hosted in countries with much lighter regulatory standards (or no standards at all). Acknowledging this fact and making an effort to make things better is why you have had such an influx of American casino sites over the last few years.
Most importantly, this is a chance to enforce regulations that protect consumers. Aside from that, it’s also an effort to minimize the impact of overseas online casinos on the local gambling market.
Aside from just regulating, they also get a much greater insight into the numbers of players and amounts that are won and lost in these wagers.
2. Increased Tax Revenue
One of the main reasons why governments from all over the globe are regulating gambling is so that they can collect revenue from gambling taxes. It’s simple and flawless logic, seeing as how people are already gambling, and they’re not going to stop.
In other words, if the aim was to discourage gambling, the plan failed or was flawed from the very start. People will always find a way to play, and all that the local government can do is either ignore the issue and miss out on a chance to protect users and collect taxes or try to get the best deal from these circumstances.
These funds can be used for public services and actually do a lot of good. If it’s morality and mental wellbeing that’s a proper concern, a part of these funds could be funneled toward the treatment of problem gamblers.
When funds leave your country, you might have to make some more to take its place. In other words, regulating gambling in your own country could even help combat inflation.
3. Growing Public Demand
There’s a massive rising interest in online gambling, and there are so many people who prefer this form of entertainment over actually going to a casino in order to play.
This is a shift from land-based to online casinos, which is far more convenient for the player for many different reasons. First of all, you don’t have to commute to the casino. Second, you don’t have to dress up. Now, in Vegas, drinks are on the house for as long as you play, but this is not a custom around the globe. This means that you have one more expense to keep in mind.
This trend of moving to a digital casino is also catering to tech-savvy players. It gives them a chance to engage in games in a far more familiar medium, since they’re gaming this way, anyhow.
With improvements in hardware and the 5G revolution, this gambling trend is also evolving in order to meet modern entertainment needs.
4. Control Over Illegal Gambling
Another thing you have to understand is the importance of combatting unregulated markets. People have to gamble, and they will never stop. When you take away all their options to do so illegally, rather than just abandoning this habit altogether, they’ll just find a way to do so illegally. Just remember the prohibition. Did people really stop drinking?
By legalizing online gambling, you’re actively reducing organized crime. How? By taking away their livelihood. We’re, once again, returning to the prohibition era in the US. When you ban something, you’re moving it to the black market and making it more expensive. This means that the bodies controlling it now have a supply of something in great demand, something that no one else dares provide. They have a monopoly.
When you legalize it, you’re presiding over the redirection of funds to legal channels. Just think how much good can be done with these funds. At the end of the day, people would always prefer to do it legally when they have a chance.
When you legalize it and introduce government oversight, you’ll put yourself in a position where you can actually ensure fair play standards.
5. Enhanced Tourism and Global Appeal
By legalizing these casinos locally, you’re actually attracting international players from regions that still don’t regulate them. You see, when online gambling is not legally available, a lot of players look for international casinos. Some will use a VPN, while others will just look for the best available anonymous casinos to play at.
Another thing that this trend is doing is actually promoting casino tourism. People who love to play online casino games may be relieved to learn that there, they’ll be able to enjoy casino games without having to use a VPN and worrying whether they’re in some sort of a legal gray zone.
To a degree, regulating this is also improving the country’s global image. Sure, each country has its own norms and customs, but by regulating this, you’re generally painting your country as a more progressive part of the world.
Lastly, by passing this regulation, you’re significantly diversifying the entertainment industry in the country.
6. Technological Advancements and Innovation
Lastly, we need to highlight the importance of the chain effect that will come from this innovation and adoption. First, there’s the higher level of adoption of blockchain technology for the sake of security. The technology is already massive in the industry, but it’s also quite early in its adoption stage, and there’s so much more room for it to expand.
Next, there’s a much higher need for secure payment methods than ever before in history. Well, with the amount of money circulating around these online casinos, at least a part of these funds could be funneled toward the future development of these payment methods. This is a major bottleneck of the industry, and solving it could bring in more people.
Due to the competitive nature of the field, providing an improved gaming experience is the main objective of every single online casino.
Naturally, once they become regulated, they’re incentivized to encourage responsible gaming. Otherwise, they might risk losing their license, which is in no one’s interest.
People are avoiding bans on online gambling anyway
The bottom line is that people are already avoiding all online gambling bans. They’re either finding offshore casinos that are available in their country or using VPNs to access these sites. The thing is that people are gambling online either way. By keeping this unregulated or illegal, you’re just losing tax revenue and a chance actually to provide protection for these users. It’s, therefore, no wonder that more and more countries around the globe are moving toward regulating this field.
Images: Michał Parzuchowski / Unsplash
