The United States is a country that takes pride in winning at every cost but it has some strict guidelines when it comes to gambling. No doubt, you can travel to Las Vegas and gamble as much as you want but irrespective of the changes in the rules of sports betting, that is the optimum you can do. US citizens have to follow many gambling laws. As a matter of fact, there are some states that take gambling to be absolutely illegal.
In the meantime, the world of gambling is progressing at a rapid pace across the world. According to a recent estimate, by 2023, it is going to be worth a whooping, $525 billion. It is this popularity that is pushing the United States to check as to how it can revolutionize the industry to secure the same benefits as the other countries.
The UK is one of the countries that it seeks to follow. The botched negotiations of Brexit have thrown the UK into a political turmoil, yet the gambling industry of the UK is a leading one. All types of gambling sites, such as NetEnt Casino are permitted to operate in the UK. Let’s take a look at the things that the US might learn from it to formulate its new gambling laws.
Gambling Revenues Fund Public Services
Albeit, punters don’t get taxed when they are gambling, however, the government of the UK has laws that state that the operators have to pay a great deal of tax within the industry. According to the Gambling Act of 2005 which was amended in the year 2014, 15% of the consumption tax had to be paid on gross profit. This number hasn’t changed but might increase to 21%. This can be caused to worry as people think that it might be passed on to the consumers. It means the government of the UK can secure more revenue which can invest in important public services.
As per the Gambling Commission, the gambling industry yielded about £15 billion in the year 2017. This means a large amount can be plowed in the budgets for more hospitals, schools, and transport links for powering the country.
Even though the US taxes its casino, the black market related to sports betting is worth $400 billion. This suggests that it might be able to make a lot more money if they make gambling legal and then collect taxes from the operators.
Controlling the Market Efficaciously
The UK Gambling Commission regulates its gambling industry and every operator has to abide by its rules. It has some stringent codes of conduct and it expects every gambling provider to be able to,
- Make sure that responsible gambling practice is carried out like allowing players to set a rest period for limiting their gambling.
- Verifying the customer’s age and keeping them from playing when they are below 18.
- Learn about the sources of player’s funds to get rid of any money laundering chances.
It makes the operators follow the gambling laws and any relaxed attitude on the part of the casinos leads to the cancellation of their license.
With the growing popularity of online gambling, the US government should take measures to make it legal and profit from it.
