Pros And Cons Of Legalizing Online Gambling
Pros and Cons of Gambling for Australians Saturday, 05 December 2020 07:55 Entertainment Online gambling in Australia has been something trendy recently. Buddy Thomas: The pros and cons of legalized sports betting. Buddy Thomas Wednesday May 16, 2018 at 6:13 PM May 16. But when states officially vote to allow legal gambling, I’m also betting. While some states are legalizing gambling and sports as well as many are still speculating about the pros and cons that it can contribute to their economy. It is expected that all states will legalize sports betting shortly in order to take advantage of economic gains but is a policy that will not happen overnight. With access to a regulated online gambling market and legitimate brick-and-mortar casinos, players are protected. It’s easy to find a licensed casino and play safe in the knowledge that your money. 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.
Sports betting have been on the rise and one of the most exciting ways to enjoy sports and other major events. Historically, it has been in existence longer than we imagined. Legal online betting websites have been generating large revenues, more than other businesses. However, just like other gambling activities, there are the pros and cons of sports betting that you have to know.
Pros And Cons Of Legalizing Online Gambling Laws
The Pros and Cons of Sports Betting
Before we address the pros and cons of betting on sports, first we need to make sure to understand what sports betting is.
Sports betting is simply the act of placing wagers on the outcome on a sport or major event.
Pros And Cons Of Legalizing Online Gambling Sites
The simplest form is betting is who will win the entire tournament or competitions. If you’re right, you win your wager. You can place wagers every 4 years on World Cup and the Olympic Games. Those are gold mine for professional sports bettors.
Sports betting is offered for almost every sport in existence with the most popular being Soccer, Basketball, Golf, Tennis, Boxing, Cricket and Hockey. Some also offer least popular sports including MotoGP, UFC, Volleyball, Snooker and NASCAR.
Some sportsbooks even offer wagering on politics, competitive singing, and any event under the sun. Additionally, there are so many complex wagers you can do. You can place wagers on how someone will win, time of the first goal or many points will each team score. It is listed on the bookmakers together with the odds of winning it.
Pros of Sports Betting
- Potential to make money. This is the best part about sports betting. Regardless of the size of your bet, you can always have the chance to win a little extra money.
- If legalized, it can generate a lot of job opportunities in the nearby vicinity, thus contributing to income generation.
- Learn new sports. Sports are entertaining to watch especially if we know what is going on. However, to know, you must make time to study and understand each rule of the sport. In return, it will help you make smart wagers on the sports.
- Today, players can even place wagers on eSports using digital currency or cryptocurrencies. Bitcoin or any other cryptocurrencies accepted by the sports betting site can be used to raise more income.
- Sports betting is convenient. You don’t have to set foot outside your house when sports betting online. It’s the best pro of doing betting on sports, and it’s easy and fun. It’s also available through mobile devices today.
Cons of Sports Betting
- Risk of losing money. Betting on sports involves placing real money on the line. Unlikely outcomes are possible and can happen regularly.
- Although gambling can be played by anyone, people who lack strategy or sports knowledge are bound to experience more losses than wins in his career.
- Sports betting is not legal in some countries. Getting caught can run you into a huge fine or worst; imprisoned.
- Betting on sports is addicting. People who doesn’t have control over their emotions and playing abilities ends up being addicted to it. Such people who are like this must not try sports betting.
- Bitcoin is a new currency and it’s not stable. It is prone to many fluctuations as seen in the past few years.
Is Sports Betting Right For You?
After knowing the pros and cons of sports betting, you may be asking yourself “is sports betting right for you?” If you answered yes, firstly you have to find a good sports betting website. A site with legal and valid gaming license that has various features such as mobile betting and safe banking options.
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This tremendous tax revenue could be just what California needs to survive its current struggles from the pandemic. Maybe, just maybe, the dollar signs will win out and gambling tax revenue can start supporting California
California residents have a few good options when it comes to gambling in their state. Unlike several other states with much stricter laws around gambling, Californians currently can enjoy cardrooms, Native American casinos, the California State Lottery, pari-mutuel wagering on horse racing, and charitable gaming. Commercial casino-style gaming, however, is presently still prohibited.
But what about online gambling in California? This emerging market has opened up in many places, bringing in much-needed tax revenue and bolstering struggling states during the COVID-19 epidemic. Stuck at home, many Californians have been looking for a way to enjoy their favorite pastime from a safe social distance, too.
Could we soon see the Golden State legalize online gambling? And what would that mean for California?
New Gambling Laws in California?
In 2018, the Supreme Court struck down a 1992 federal law that had previously banned commercial sports betting in most states. This change opened the door to legalizing the estimated $150 billion in illegal wagers on professional and amateur sports that Americans make every year.
Since this ruling, 22 states have legalized sports gambling, with California contemplating the change but struggling to overcome a number of legislative roadblocks. Two California legislators, however, Senator Bill Dodd (D-Napa) and Assemblymember Adam Gray (D-Merced) have taken it upon themselves to draft an amendment to the state’s constitution that would appear on the ballot in November if it is able to pass both houses.
Social and Legislative Roadblocks
The various players here all have different priorities which tend to be at odds of one another. While state legislators’ agendas favor action, tribal casino and poker room operators see the legalization of online gambling as a threat to their businesses in the state. These groups have continued to lobby strongly against the establishment of any new competitors in what they see as their territory.
Any bill that is proposed requires a two-thirds approval from the state legislature, followed by voter approval in a subsequent referendum. Without a consensus among the warring factions, the approval process will be stopped in its tracks. If history is any indicator, gambling legislation has not had a lot of success in California, making it a long-shot at best, despite the interest from several lawmakers.
Recent Legislative Action in California
That said, the forecast for online sports betting does have a brighter outlook than the potential for any online casino legislation in the near future. The 2018 Supreme Court decision that allowed states to legalize sports betting at their discretion definitely opened the door to making sports betting more mainstream in the US and less of a taboo to legislators.
The recent proposal from Dodd and Gray would allow California tribal casinos and racetracks to offer online sportsbooks and online wagering. “We have a duty to bring illegal sports wagering out of the shadows and support our communities with the revenue,” said state Sen. Bill Dodd. “We can’t afford inaction.”
The first step in the legislative process passed when the Democrats on the state’s Senate Governmental Committee advanced their measure in a 9-3 vote in favor.
Pros for California
California lawmakers are watching neighboring states make the most of recent changes to the law, earning significant tax revenue from sports wagering, and in some cases, from Californians.
The tangible benefits of online gambling legislation in California number in the billions. It is estimated that Californians place around $10 billion or more annually in illegal wagers. This money could be harnessed to help combat the $54 billion state budget deficit caused by the catastrophic economic hit the state has taken due to the COVID-19 pandemic.
John Holmes from NoDepositHero comments: “Legalizing online gambling in California would be a tactical move, following the lead of 22 other states, to aid the state’s budget deficit and effectively decriminalize a popular form of entertainment.”
As written, the proposal would funnel revenue generated from sports gambling (10% and 15% for online and mobile bets) into a general fund and be available to “assist the state in recovering from the health and economic damage caused by the Covid-19 pandemic and to fund priorities related to education, public health and public safety.”
Cons for California
The possible budget boost from legalizing online gambling is still disputed, however. Opponents claim that the income would not come close to supporting the ensuing regulatory costs of such a decision.
Additionally, the state’s influential tribal casinos have banded together to squash debate on the topic for years, maintaining their opposition to a constitutional amendment. They testified to the long list of regulatory challenges that mobile wagering would face, such as how to identify and prevent minors from gambling, how to identify and assist problem gamblers, and how to effectively police against unauthorized and suspicious transactions.
Whether or not these challenges can be addressed by the recent amendment is yet to be seen.
Changes on the Horizon?
Significant legislative change related to online gambling in California still faces a lot of opposition and hurdles to overcome in the near future. Supporters of legalization, however, say that legalized sports gambling could generate $200 million in new revenue in the first year with the potential for $500 million or more in additional years as more sportsbooks go live.
This tremendous tax revenue could be just what California needs to survive its current struggles from the pandemic. Maybe, just maybe, the dollar signs will win out and gambling tax revenue can start supporting California.