Gambling is booming at the moment. Many would be willing to argue that 2020-30 is the golden age of gambling in terms of how the industry is developing and how it’s projected to grow in the next few years. By the most basic definition, gambling is an activity that allows people to wager valuables on any uncertain outcome to win more valuables. What’s interesting is the diverse number of ways that people can gamble. The modern gambling industry encompasses prominent sectors such as casinos, online gambling, sports betting, lotteries, etc. In the United States alone, over $55 Billion came from gambling in the 2022 calendar year. The 2022 global gambling market was worth $449 billion and, by mid-2023, had grown to $702 billion, with a CAGR (compound annual growth rate) of 56.4%. In short, gambling is vast and continues to burgeon at such a rate that the potential is unknown. However, some might need to realize – especially the younger generation – that things were only sometimes like this.
The Dark Age Of Gambling
Humankind has always gambled – since the beginning of time. However, just a couple of decades back, gambling was either illegal or pretty much illegal in many parts of the world. The “pretty much” part is because even in those areas where it was not explicitly illegal to gamble, it’s a hobby nobody would dare. Where gambling was expressly outlawed, punishments for flouting were harsh and quite sinister. In the middle ages, there were records of people tied to posts with dice and cards stapled onto them to warn the public. Things improved in recent centuries, though gambling was reserved for rulers’ courts and the nobility even then. Progressive European countries were among the first to allow gambling for all the public but under stringent regulation.
Gambling In The 21st Century
In the 21st Century, gambling is very much legal in most Americas and Europe. The industry is well regulated, with every casino and sportsbook obtaining a license before operating a business. The permit details the rights of gambling providers and gamblers, stipulating ways of solving any disputes when they occur. The betting regulations are pretty standard – including things like no gambling for persons under 18 – and provide a framework for how providers may offer their products to the public, considering socioeconomic and political factors. In the USA, gambling is allowed under federal law. However, different states have jurisdiction over online gambling – if to permit it and under what conditions to practice.
The USA’s situation is similar to much of Africa. Gambling is legal with well-established rules, except for a few countries without proper laws. Online gambling is not as well regulated.
Things in Oceania and Asia are much dimmer from a pro-gambling perspective. There are countries in these regions where gambling is explicitly illegal. The authorities take a harsh stance on anybody caught practicing the hobby, imposing heavy fines and going as far as prison sentences for providers and players. Some countries in Asia have legalized gambling but being primarily a Muslim region; Sharia law makes it a proper challenge to gamble in those countries. That said, foreign companies that offer gambling services are not under the jurisdiction of those governments, so they can do very little to prevent their citizens from signing up.
The Future Of Gambling Legislation
Overall, the general trend in gambling is that more and more countries continue legalizing the hobby. It is partly a result of pressure from citizens, who keep flouting anti-gambling restrictions, and also because gambling is a proven source of government tax revenue. Also, note that most countries’ betting regulations remain unchanged. There are frequent amendments depending on political and social situations (and sometimes economic), which shall continue to be the case.
