How a Regional Economist Views the Growing Popularity Of Casino Gambling Legislation In America
Casino gambling, also called virtual casinos or online casinos, are web-based versions of real casinos. Online casinos allow gamblers from around the world to play and wagering on casino games over the Internet. It is now a popular form of internet gambling. Online casinos are usually free to join and some do not even ask for user registration, all it takes is an email account.
In a traditional casino gambling, social costs are channeled to local businessmen instead of the consumers. The consumers bear the social costs because they pay taxes and they also fund public services. But in casino gambling, because of the quick winnings, higher taxes are paid and the local businessmen recoup their losses quickly. Also, in gambling, there are people who spend large amounts of money without being aware that they are doing so. Casino gambling is thus a form of addiction because of the quick winnings.
There is a proposed bill before the US House of Representatives and Senate which aims to remove many of the barriers which exist in the online gambling industry. This bill proposes to legalize online poker and casino gambling by removing all the laws which are in place currently which prevent these industries from prospering and helping Americans. The problem arises due to the fact that states want to protect their own interests and block any type of regulation which are in the way of state revenue. This means that if a state wants to raise its taxes on casino gambling, then this will affect the casinos because they will be unable to operate if they have to pay taxes to their states. This means that in the end this legislation will force the closure of many casinos across the US.
This is one of the major objections raised by American citizens against the legalization of online and casino gambling. The main argument against this measure is that it will raise taxes across the board which is not fair since the tax revenues will then go to the states where the casinos are located. Another objection is that since online slot machines have increased in the last five years, this will simply mean that more tax revenues will be generated and this is unfair again. The proponents of the measure claim that this increase was due to an increased number of customers, technological improvements, higher reliability of the machines and the lower cost of operation. There are several arguments which can be used to defend the claim that the increase in tax revenues will be beneficial for all concerned.
The proponents of this legislation argue that since slot machines games are now being played in more casinos around the country and online, there is no longer a need for Americans to travel to Las Vegas in order to enjoy their favorite casino gambling games. The argument goes that since a substantial portion of the people who now visit casinos do not live in the state where the casinos are located, it therefore makes no sense to charge them fees for using these machines. The proponents also point out that studies have shown that many of the people who frequent Las Vegas do not actually stay at one of the hotels there, but rather rent condos or apartments. The revenue generated by these tourists is then used to offset the property taxes of these local communities, thereby creating an even greater need to increase revenues.
Critics of the bill argue that since gambling has contributed to the economic problems of many municipalities, it is the right of the people to regulate it according to their preferences. Many economic scholars argue that there is no proven correlation between casino gambling and local economic development. Others point out that the revenue generated through taxes to support these facilities is already more than enough to cover any potential loss through lost tourism. Finally, opponents of the bill argue that since the amendment will affect all states, there is no guarantee that gambling will experience a positive effect on tourism. This is because the casinos will be located in states which already have restrictive gambling laws.