Pros, Cons Of Legalizing Sports Betting Fast Versus Taking It Slow. If you or someone you know has a gambling problem, crisis counseling and referral services can. HOME Events & Reports Pros and Cons of Japanese Casino Legalization May 1, 2015, 12:36 pm It would not be premature to say that Japan is among the few Asian countries that do not take any advantage from the flourishing casino industry. The same cons are now in play with the Supreme Court’s decision that ignores or is ignorant to why the gambling industry prefers to call itself the “gaming” industry.
- Pros And Cons Of Legalising Gambling In India Today
- Pros And Cons Of Legalising Gambling In India Currency
- Pros And Cons Of Legalising Gambling In Indiana
Casinomia Casino is a Should Gambling Be Legalized In India relatively new online casino platform that was established in 2019. The Casino accepts Canadian players and has multiple special offers to make one’s time there more. There are a number of pros and cons of legalising drugs and there is no single easy answer. The legalisation of drugs is a very contentious issue and can raise strong opinions on both sides of the drug legislation debate. There is no denying that many drugs can have an extremely negative affect on both individual users and society as a whole.
Bitcoin is a form of cryptocurrency, introduced in 2009. This currency has been used increasingly at several web-based gambling establishments. This form of cryptocurrency can be used to fund your online casino account and play games, similarly the way traditional payment methods are used. In case if you have not been involved in Bitcoin gambling before and are thinking of trying it now, you must be aware of the goods and bad associated with it.
If you have already created a bitcoin wallet and are ready to use it as a payment mode for your next transaction, make sure you are acquainted with its pros and cons before placing a bet.
Pros of Bitcoin Gambling
- Privacy
The first and foremost advantage of using Bitcoin in gambling is privacy. Online casinos offer a wide range of payment methods, spanning through credit cards, online banking and eWallets etc. Many gamblers are not comfortable using these payment methods because they have to reveal their personal information to some extent. Whereas, while gambling through bitcoin, your transactions remain anonymous, which keeps your information untraceable. The players get a high-level of privacy while using Bitcoin in the place of traditional payment methods.
The players only have to share their personal information while buying bitcoins through credit card or any other option. But there is nothing to worry about, the information is not shared with the gambling platform.
It is one of the biggest advantages to the gamblers belonging to the countries, where online gambling is not legalized or regulated.
- Quick Transactions
Who doesn’t like faster transactions? Everyone loves to be able to fund their casino account instantly to get access to their favorite games. Many traditional payment methods cause inconvenience to the players since they have wait to get access to the games because of delay in processing of deposit amount. However, most online casinos like Pure Casino, possess the payment options that offer instant deposit, but when it comes to withdrawals, the scenario is different. The players have to wait to receive the winning to their account. The withdrawal processing time usually varies depending on the mode of payment.
But with Bitcoin gambling, the players do not have to wait to bag the winning amount. They can enjoy the winnings within 10 minutes. Bitcoin makes the withdrawal of winning as smooth and swift as a deposit.
- Security of Transaction
Another great advantage of Bitcoin Gambling is the security of the transaction. This point is closely related to the advantage of privacy. Transaction made using bitcoin is completely secure since there is no involvement of a third party. All the transactions are made through a bitcoin wallet following a unique sequence of characters, called Bitcoin address, which makes it a more secure option than others. It shields your account against hacking.
- Low Fees
One of the biggest advantages of bitcoin gambling is that it saves you money since no fee is implied by online casinos for depositing and withdrawing funds. Whereas, in traditional payment methods, a fee is applied by online casinos on deposit or withdrawal of funds. With bitcoin transactions, you get to enjoy full amounts of funds. Additionally, with the swiftness of this payment method, sending and receiving funds is a matter of a few minutes.
- Big Bonuses
This is something the players will really appreciate about bitcoin gambling. Many times, the players can find special offers and bonuses on certain gambling sites specifically for the bitcoin user. Moreover, bitcoin users get to enjoy better promotions than those who use standard payment methods. Well, this is not true for all gambling sites in India. But there are times when the players get lucky and come across a site offering amazing promotions on bitcoin gambling. Hence, it is always advised to check the promotion page before making a deposit, especially when you are intended to transact through bitcoin.
Cons of Bitcoin Gambling
Since the use of anything in excess is bad, Bitcoin gambling is not an exception.
- Value Fluctuation
Bitcoin currency belongs to a volatile market, which leads to the variation in its prices very quickly. Due to an unsteady rate, the conversion of fiat currency into bitcoin may end up receiving a quite less on spending quite more.
However, the fluctuation can lead to improved value of the fiat currency, but it is seen as a disadvantage of Bitcoin because it is a tricky part. Fluctuation is gambling is one thing, the swiftness in the fluctuation (which can be triggered by any possible thing) is another major disadvantage. The fluctuations transpire in a rapid manner, and the players do not get ample time to do anything.
- Complex Concept of Bitcoin Usage in an Online Casino
Sometimes, the whole concept of Bitcoin Gambling can be overwhelming for the players, causing frustration to those, who are new cryptocurrencies. Understanding the complex Bitcoin mechanic like how to get access to it, how to transfer it and the estimates on bitcoin values make leave in them frustration, wondering about where to start with. However, each online casino that supports cryptocurrencies as a payment option features a dedicated FAQ section, that addresses all the player’s concerns and helps you get started with Bitcoin gambling.
- Currency Conversion Fee
While Bitcoin gambling helps you save money, you cannot neglect the currency conversion fee that comes along with it. Converting Bitcoin to traditional currency and vice versa involves a fee. For instance, if you are using a debit card for buying cryptocurrency, the transaction will be subject to some transaction fee, which usually varies based on the service provider.
In case, if you opt to sign up on a bitcoin-only casino, all your wagers and winnings will be calculated in smaller units of BTC, which may not be a treat to your wallet.
Conclusion
If you are new to the cryptocurrency world and are willing to use it for the next casino transaction, you need to proceed with precautions. Choose a reputable Indian online casino for Bitcoin Gambling, and make sure to learn its basics before you start wagering.
Gambling and other forms of betting are the common thorough out the world. In India, people bet on animal fights on the street, cock fights, playing card games. Over a period of time, the people have started betting on the cricket and other national sports. With several crores of money being transacted illegally and the government’s failure to end the menace, there is a wide spread comment about the need to create a robust regulatory framework for legalizing gambling. Will legalizing gambling end the menace ?
Advantages
Curb black money and terror financing
The reasons to look at legalising and regulating gambling are several. First, gambling is already operating in a spread out and operating in a huge way. Despite devoting several legal measure andc covert actions, legal enforcement authorities are not able to curb it. Gambling and betting is mostly done very secretly and which is handled in a delicate manner. It is mostly headed underworld and strong syndicates who use the unaccounted money earned from gambling activities for nefarious activities. These activities could include terror financing. So legalising the activity will not only help curtail an important source of black money and stop funds flowing to terror agencies.
Huge Revenues
Estimates about the size of the gambling market in India vary according to various private and government agencies. According to KPMG report, the size could be around $ 50- $60 billion, while other, more recent, studies from financial institution peg the value even to higher numbers. Even a normal estimate suggests with just 15 per cent GST, the government could earn tens of thousands of crores by legalising sports betting. If online gambling and casinos are also permitted in a strong restrictive way, the estimated tax revenue very huge to both state and central government. These can be used to fund health and other constructive projects of the government.
Employment opportunities
Apart from revenue generation, legalizing the gambling will surely create huge employment. Globally, wherever gambling is regulated, it has created a massive opportunity for employment generation. In India it could create direct and indirect jobs for around 25-40 lakh. How ? U.S. employs over 2.5 lakh people in the gambling industry, while over 1 lakh individuals are employed in the U.K.
Pros And Cons Of Legalising Gambling In India Today
Disadvantages
Spoils the integrity:
Integrity is a core component in any activity, but in sports and games is crucial to its success. It serves the basis for the enjoyment of participants and spectators. But if the gambling and betting are legalized, integrity and honesty will be under great threat. Match fixing and spot fixing would drastically increase. Athletes and players will be tempted. Psychologically, players attracted to gambling naturally because of their competitive nature, media success, money and self-assured sense of entitlement.
Pros And Cons Of Legalising Gambling In India Currency
Affects common man
If betting were to be legalised, this lower class of the country will affect. Betting attracts the common man to try their luck and tempts them to play with money. It is very tough to imagine the consequences of a poor person losing his hard-earned money or his life saving on betting. Law commission report on legalizing gambling
India’s Law Commission has submitted a recommendation to government that sports betting and gambling be legalized and regulated. In a report titled Legal Framework: Gambling and Sports Betting including Cricket in India, which was submitted to law minister, the Law Commission said that shutting down illegal gambling and enforcing a ban on sports betting had failed to produce the desired results, leading instead to an increase in illegal gambling and black money circulation. “Since it is not possible to prevent these activities completely, effectively regulating them remains the only viable option,” the report said.
Among the recommendations is for a law to be enacted for the regulation of gambling that can then be adopted by India’s various states. The report also recommends that gambling services should be offered only by licensed Indian operators who would be granted licenses by the regulatory authority and that gamblers should have the number or size of bets capped within a given time period. “The nature of stakes should be restricted to money with a linkage to PAN card and Aadhar card and the betting amount should be prescribed by law, having an upper limit on the amount one can legally stake in a gamble, which may be on the basis of the deposit, winnings or losses,” the report said. It was also suggested that gambling be classified into two distinct categories – “proper gambling” and “small gambling” – with “proper gambling” referring to high stakes play. In a submission to the Law Commission’s report, local gaming industry body the All India Gaming Federation (AIGF) said it had recommended a regulatory regime that would allow authorities to supervise the sports betting market.
Conclusion
There is an overwhelming support backed by the law commission report for the idea to legalize gambling. Some of the important points put forward are the failure to control illegal betting (large scale), government losing a huge revenue-earning opportunity, employment generation. So the only recourse left is to legalise, regulate and tax which can lead to huge income. Those these opinions have strong points, but it is no guarantee that legalising betting will generate revenue as projected, How ? Did the strong economic steps like demonetisation and giving more power to tax authorities have made a huge impact on the revenue inflow or curbed black money ? Legalizing gambling would also lead to demands for legal frame work other nefarious activities like prostitution, drugs etc. So the government has to weigh the pros and cons before indulging the act of legalizing gambling, which can lead to a complex impact on the society.
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