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Online Gambling: An Ace for Economy & Entertainment?

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Online gambling and its legality continue to be a difficult topic in many states and countries. Those who have legalized the service have noticed an increase in online casino popularity over the course of the pandemic. With it came many benefits for the users and governments. The pastime is entertaining and has economic prowess. What led to the increased online gambling activity, and what are its positive effects?

First Things First

We will be talking about some positive factors of online gambling. However, there’s no reason to beat around the bush. We have good reason to be wary of online gambling, the way we do with any service that deals with financial and personal data and transactions. Our money is responsible for our quality of life. Potentially losing large amounts of it can leave us ruined. Gambling addiction can lead to these things happening, by affecting our brain’s reward system and making us want to stimulate it over and over.

  • That’s why we’re starting this article off with the note that gambling addiction is a serious problem that needs to be accounted for and kept in mind when we talk about online gambling.

We are in no way trying to minimize the risks of online gambling. However, reducing an entire industry to this factor is disproportionate. In the same way we do not condemn people who go out for a drink simply because the potential of developing alcoholism exists whenever alcohol is consumed, taking part in online gambling must not automatically lead to addiction and financial ruin.

It’s for this reason that strict gambling laws, regulations, and licenses exist. A good online casino actively promotes responsible gaming and does its part to prevent and fight gambling addiction. Make use of the licensing system and in-depth reviews of online casinos, like this good article about SlotsMillion, to find the most trustworthy and high-quality options when you are developing an interest in online gambling.

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The Increase in Online Gambling Behavior

Studies have shown a change in gambling patterns during the pandemic. Mainly, there has been an increase in users registering on and using gambling websites. It’s easy to understand why. Self-isolation has left many of us unable to take part in our usual hobbies. For frequent visitors of casinos, switching to an online version of their favorite pastime was the obvious choice. But even others, who haven’t previously spent (much) time gambling, have discovered the online gambling services.

Countless people have been left alone, bored, and looking for entertainment for a long time. Online casinos provided many of them exactly with what they needed. Fun, excitement, and a much-needed escape from reality. 

Gambling as an Entertainment Factor

The first signs of human gambling activities can be foundin 3000 BC Mesopotamia. It’s not hard to imagine that it was just as much of a dopamine release for prehistoric humans to go through the thrill of betting, and especially winning, as it is today. Our current definition of playing cards first appeared in the 9th century. From day one, gambling was a form of entertainment, a way to pass time, maybe even a way to bond, and let’s not forget the potential to gain something of worth.

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Over time, gambling turned into a profitable market worth billions. Countless tourists are traveling to Vegas each day, lured by the famous pomp and glam. With the rise of the internet, it is the logical next step to do what digitalization has done to so many other industries: make gambling more accessible and bring it right to peoples’ homes. Today, you can use your smartphone, tablet, or PC to gamble whenever the itch arises.

Positive Impacts of the Online Gambling Industry

Today, the global online gambling market,based on numbers collected since 2019, is expected to reach a value of 92.9 billion US dollars by 2023. Just at the end of 2021 it stood at 59 billion. This extreme increase was certainly fueled by the mentioned pandemic impact. At the same time, more and more countries across the globe are legalizing online gambling. Just recently, Switzerland (in 2019) and Germany (in 2021) passed laws legalizing online gambling, adding more legitimate businesses to the mix.

What are some of the reasons that made previously opposed governments decide to legalize online gambling?

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●     Gambling as a Source of Revenue

In countries like Germany, citizens didn’t just get access to online gambling sites when they were legalized in the summer of ’21. Thanks to online gambling being legal according to EU law, providers were operating in a gray zone for a long time. As long as they had any respectable EU license, they were good to go.

Additionally, we can’t forget about illegal services, either. For many countries, it took a long time to formulate a proper online gambling law, especially because of the special circumstances of content available on the internet. The anonymity and lack of borders made it easy for anybody to access gambling websites based anywhere.

By legalizing online gambling, governments can access the money made by the sector regardless of legal status, and add an entirely new industry to their GDP, tax income, and state budget.

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●     Gambling as a Job Provider

Making online gambling a legitimate business allowed providers to register their company locally. Now, they are offering legal contracts for any staff members, potentially creating many new jobs.

●     Gambling as a Counter to Illegal Activity

The illegal market is booming in countries where online gambling isn’t available in any other way. Gamblers would always prefer a state-sanctioned and safe option, given the choice. By outlawing the practice altogether, they have no choice but to make use of black-market providers. As a part of legalizing gambling, governments draw up a specific online gambling law and the regulations that need to be followed to operate a legal gambling business.

In order to enforce these rules, gambling authorities are created. They issue licenses to those who apply and can pass their assessments. Any online gambling website with a license has proof that their service is safe, fair, and fulfilled any quality standards required for a legal web casino.

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Conclusion

During times of self-isolation in the pandemic, many people turned to online gambling services to keep themselves entertained and escape reality. These options were safely available for those, whose countries had previously allowed for legal online gambling websites. In doing so, these governments can benefit from the large popularity and huge revenue the online gambling sector produces. In addition to the economical upsides, legalizing online gambling has given these countries a tool to effectively fight illegal gambling and provide their citizens with safe gambling options.

Heana Sharma: A rising talent, Heana boasts 2 years of versatile content writing experience across multiple niches. Her adaptable skills result in engaging and informative content that resonates with a wide spectrum of readers.

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