BUSINESS

Gambling Profit Perks

TAGs: Legalized Gambling

gambling-perksAs the U.S teeters on whether or not to legalize various forms of online and land gambling, there exists many examples of a successful gameplan they can follow.

In a recent article it was reported on how the residents of Panama enjoy the benefits of legalized gambling. Read more.

In Panama, gambling in all forms is completely legal. Panama also has a national lottery that is extremely profitable proving that both land, online and national gambling corporations can coexist. But the interesting thing here about Panama is the end result. The profits from the national lottery go towards building and supplying hospitals and donations to charities. All gambling practices are governed by the Panama Gambling commission, which issues gaming licenses to gambling entities, again with much of the profit going back into the country. That said, I’m not exactly booking my ticket to Panama.

There are other countries that also have the gambling game figured out including most members of the European Union. But what remains truly noteworthy are the perks that many countries enjoy from legalizing and then regulating gambling in its various forms. When you look at places like Costa Rica and Antigua and see the thousands of jobs created by the gambling industry one has to wonder, given the current economic state in the U.S and Canada, can’t North American countries benefit from some sort of blanket regulation? Sure they can.

In Norway, gambling machines can be found everywhere, from shopping malls, coffee shops, to grocery stores in plain view of the public. In Norway the proceeds from gambling are used to support sport clubs, humanitarian efforts and other charitable causes. Regulating gambling and using the industry to improve its surroundings is not a perfect science, but it is workable. Examples of this on a smaller scale can be found in states like South Dakota, and the city of Deadwood. Legalized gambling was introduced in Deadwood almost twenty years ago and the result has been a resurgence of the town and huge profits for the state. Thousands of jobs have been created and millions of dollars in revenue from the gambling industry has been used to renovate the city and fund historic projects preservation. Undoubtedly, legalized gambling in this state has proved to be a huge success. If one state can implement a successful regime certainly others can follow. Furthermore, enough examples exist outside North America on how successful legalization and regulation can be accomplished. If the U.S is seriously considering legalization and regulation of both online gambling and gambling in all its forms, the impetus should ultimately rest on what benefits the country the most. Billions of dollars are already leaving a country already in tough economic times. Safe to say the pressure to benefit from something they apparently can’t stop, has become extremely pertinent.

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