While many proponents scoff at the idea that online gambling and online casinos do nothing but harm communities and foster individual gambling addictions, if we look at it from an economic standpoint, you’d be surprised at the economic benefits the practice can generate. When we talk about online gambling, generally speaking, we’re including Vegas-style card games, slots and even internet sports gambling, and for the economy, it happens to be a good thing.
We Like Risk
As the saying goes, we’re all addicted to something. Throughout history, those addictions that show up most prominently include sex, drugs, drinking, shopping and of course…..gambling. And when legal prohibitions came about, this type of enforcement actually increased these types of activity. Why, because part of being human is to be attracted to what we’re not allowed to do. We innately want to know why things are forbidden, and then try them to make sure we’re not supposed to do them. A simple phenomenon of what psychologists describe as, “the mind wants what it doesn’t have.”
Take the example of teenage binge drinking. It’s rampant, both in the U.S. and in Europe. But in countries where the drinking age is lower and marijuana is legal, these countries have no substance abuse epidemic. Additionally, wherever things are prohibited, black markets arise, and danger is created. Black market activity leads to violence, power struggles and even government corruption. Conversely, recreational gambling is not, per say, harmful, especially considering that it doesn’t spread disease, it doesn’t promote corruption, it doesn’t foster war, and it doesn’t reek havoc on your body.
Online Gambling is Safe and a Talent
The great majority of people interested in sports gambling are basically good, responsible people. In fact, many people who participate in gambling view it as a lost art, and a finely honed talent. There is a vast amount of ability and intelligence needed when playing cards, betting on sports teams or wagering on something that requires knowledge and calculated risk.
Online gambling, for example, encourages the practice with analytical thought. Sports wagering does the same, and with both, most players feel that a fit mind is an asset. Serious poker players and sports gamblers strive to be educated, and avoid activities (like the other vices) that might negatively impact their mental acuity. The odds of online gambling falling prey to loan sharking, for example, are much less. With these sites, you play by depositing money in order to play. It’s a much different game than yester-years when gamblers would bet with a bookie, and if they lost, find themselves terribly in debt. No online casino practices leg-breaking in order to collect a debt! Yes, online gamblers can go into debt, but this could happen by many means other than gambling.
Tax Revenue
This country and this world live off of credit, and as a consequence, debt is chronic in our economy. In fact, it’s actually encouraged for anything deemed an acceptable vice by society, such as shopping and drinking. American gamblers are handing over millions every year to foreign companies. With both federal and state governments going through some of the worst budget crises in history, it makes no sense to prohibit this country from operating gambling sites and encouraging online gambling. With legal online gambling, book competition increases, allowing for a reduction in house advantages. Players would lose less, and the disastrous effects on problem gamblers would be lessened.
Additionally, online gambling increases interest in watching gambling and sports on TV. Even having a $5 bet on a game can make it much more likely a person will tune in. Corporate America should embrace this knowledge – higher TV ratings lead to greater advertising revenue, and theoretically to more economic activity. While online gambling is prohibited to operate in America, this country should reconsider and join the rest of the civilized world in accepting online gambling, and the solid tax revenue benefits it provides for participating societies.
