5 Laws That Will Help the Gambling Industry
The gambling industry is growing at an unimaginable pace, and it ranks as one of the fastest-growing globally. The Cision market report claims that the gambling industry is expected to grow from $465 billion in 2020 to $516 billion in 2021. It is also expected to maintain this growth rate till 2030.
No doubt, the pandemic has contributed to the growth of online gambling. Nonetheless, the popularity is not expected to wane even after the pandemic. There are a lot of factors expected to uphold the growth of the industry. Thanks to fierce market competition among casinos, players can now enjoy the best online casino deals. Besides, factors such as usability, new trends like AR/VR technology, crypto payments, and more are also responsible for the popularity of the online gaming industry.
Across the world, some nations have laws that do not allow the growth of gambling. If the gambling industry can grow amidst unfavourable laws, it could do much more when the government of nations make laws that favour the industry.
Laws Needed for Gambling Growth
The gambling industry has the potential to compete with the top industries of the world. It can only be possible when it receives the necessary legal backing. Some laws need to be enacted to ensure the optimal growth of the industry. Likewise, some laws must be repealed. The following are 5 Laws that should either be enacted or repealed to aid gambling industry growth;
- Central law that legalizes gambling
Gambling is a subject of discussion among the governments of top countries. While some have a favourable view of gambling, others have a negative view of it. As such, coming to a unified position on gambling becomes difficult. This situation is not favourable to the gambling industry.
In many countries, the federal governments remain indecisive about gambling. State governments of such countries are required to make laws of their own regarding gambling. This resulted in the prohibition of gambling in some states while others legalized it. Such is the situation in some European countries and Asia.
When state governments can all come to the same term concerning gambling, it will be possible to make gambling legalized in all states. Consequently, there will be more engagement which in turn will boost the growth of the industry.
- Identifying gambling as a human right
Human rights laws argue that human beings have the right to make decisions as long as it does not negatively affect society. In this case, the prohibition of gambling by governments is totally against this law. Likewise, enforcing people to desist from gambling against their will is not legal.
There is a need to revisit policies and laws that place a ban on gambling. Many people are willing to engage in gambling but are restricted by such laws. If these laws are repealed, it will allow much participation and boost the industry’s profit margin.
- Regional licensing law
One of the laws that are limiting the growth of gambling is licensing. No doubt, it is essential for every gambling firm to acquire a government license. This will allow proper monitoring and regulations of the company. Likewise, it will ensure that the gambling meets the required standard and offers a fair game to the customers.
Meanwhile, some countries refuse to honour the license acquired from other countries. Before a gambling firm can begin operation in such a company, it has to acquire a new license in the country. This seems unfavourable to most gambling firms and, as such, discourages their wide operation. Consequently, it has affected the growth of the Gambling Industry.
- Regional office law
Just like in the case of licensing, some gambling firms cannot operate in another country unless they have a regional office in the country. This law is deliberate enforcement by the government to monitor the finances of such firms. It will allow the country to tax the company properly.
Meanwhile, this is not favourable for gambling countries. If this is the method of all countries, gambling companies will have to lose all their profit to tax. As such, they are forced to expand their business. If governments can repeal such a law, it will enable the growth of the Gambling Industry.
- Banking laws
Some national laws seek to discourage gamblers from making use of their banks. This allows gambling platforms to consider integrating third-party payment platforms. Some gamblers, however, consider it stressful or unethical to use third-party payment platforms. As such, it has drastically reduced participation in gambling.
The gambling industry is growing at a fast rate. There are forecasts the industry can grow beyond its present peak. If this is true, then the industry can compete with the top industry in the world.
However, the unfair laws and laws yet to be enacted are restricting the industry growth. Beyond the present speculations, if specific laws are adjusted, it will allow more participation in gambling. Consequently, the industry worth can then be doubled if not tripled.