If you have been to a casino before you would realize how much funds can be made in a single day. We will not be talking about the large amount of money used to play but the implication it can have on a country or economy.
A casino is a place where people of mixed races meet and play games there is bound to be a breech in money and business law. Some of these gamers could use counterfeit and other dubious schemes to play game this action can cripple any economy too so the need for control is eminent.
The body responsible for controlling casinos in countries can differ, but generally the Gaming Control Board (GCB) controls both physical gaming and virtual gaming.
In Britain it is called the Gambling Commission which helps to monitor all forms of gambling that makes use of British-based equipment. The gambling commission is backed by the Department for Digital Culture Media and Sport, in other countries like United States is backed up by Indian Gaming Regulatory Act. While in Africa as the second largest continent in size and population has a good number of casinos. Nigeria the most populated black nation in the world has three casinos in Abuja and Lagos respectively and they are controlled by the gambling commission, in other African countries are influenced by colonial presences which are mostly European laws.
Reasons why casino should be state controlled
They are many reasons casinos both physical and online should be state controlled here are some of them
- To create more jobs.
- Economic growth
- Growth potential
- Foreign investment
- Illegal Practices
Government owned casinos would create more job opportunities for a large number of people compared to a privately owned casino, although a privately owned casino could pay you higher than a government owned due to spaces but that of the government can benefit the people.
Secondly in places like Africa where government workers are entitled to certain privileges like free health insurance and pension after retirement. A government owned casino can benefit those people in countless ways like tax revenue and economic growth.
One major way the government generates revenue from the people is by tax, some of these privately owned casino are guilty of tax evasion. Government can build up the casino and lease the property to the public especially capable and competent people to run the casino for them while the tax would be duly collected with ease because they are government owned.
The government would be pleased to license and legalize all form of gambling as all activities in the casino would be closely monitored.
The labor force of any country leads to rapid economic growth because the labor force of any country can generate revenue via tax. Government owned casinos can create a wider range of tourist attraction.
When a casino has the authorization of the government it can also give foreign investors and tourists a sense of security when they are in the casino this in turn can lead to economic growth.
With the recent changes in the market, casino gaming is expected to grow tremendously in coming years.
The growth of a nation is dependent and it is indicated by a country’s gross domestic product (GDP) the main economic indicator. A government owned casino has more potential to develop faster than a privately owned casino in no particular order they are mainly four indicators used to determine growth potential of an economy
- Economic Indicators
- Leading Indicators
- Coincident Indicators
- Lagging Indicators
The Gross Domestic Product (GDP) of a country is very important because it determines how well a country is doing it’s a comprehensive representation of a country’s economic activities. It is what tells you if your country is in debts or not.
A good example is when foreign investors can collaborate with the government of a nation for business purpose as the transparency of the business is certified. As major deals are crossed matched and evaluated.
Countries like Cambodia, India, Uganda, and a host of others have different laws pertaining foreign direct investment (FDI) these laws are to keep foreigners in check.
As foreigners are kept in check they also want a guaranty that foreign laws are obeyed making state controlled casino relevant.
The illegal practice in operating a casino at times could be very tempting, allowing banned equipment like substandard slot machine and other form of gaming that is not in line with the state sometimes without the knowledge of foreign investors.
In the United States they are different laws backing gambling in casino or virtual but it’s a federal crime to do illegal gambling.
Another illegal practice is fake and expired license for example in Great Britain they have high extensive gambling control it is regulated by ‘’Licenses by the various conditions and codes of practice’’ (LCCP).
Tax evasion is another illegal practice here the countries financial bodies try to investigate casinos that has a breech in tax payment this can not only draw an economy backwards but send foreign investors packing, government owned casino can curb out many illegal practice because of close monitoring, reliable figures and databases especially in the virtual gaming using an highly functional authorized system of gambling.
These laws are meant to guild you on how to bet in local and foreign lands as it can bring about sense of security knowing some of these restrictions in a given jurisdiction.
Underage gambling is very illegal as this practice is prevalent in some top European and Africa countries where some private casino owners encourage it, all in the quest to increase profit while other casino owners don’t have functional databases to distinguish between aged and under aged. With the help of government agencies underage gambling can be cut out using authentic verification numbers (AVN) generated by the government software.
Finally when government is allowed to control the affairs in gambling it gives the people a better level of understanding backed up with legal action.