It is no secret that the gambling industry is a massive global market, worth billions of dollars each year. And while there are many different ways to gamble, each with its own set of regulations, the three most popular forms of legal gambling are online casinos, land-based casinos, and sports betting.
In this blog post, we will take a look at how Canada has learned from the experiences of the United Kingdom and the United States in terms of regulating gambling.
UK and USA gambling markets are better established than Canadian currently
The United Kingdom has had a long history with gambling, with casinos and other forms of gambling being legal since the 1960s.
The United States, on the other hand, only legalized gambling in the late 1970s, while also experiencing a new wave of legalization in the last five years or so as public opinion has changed regarding the entertainment activity. As such, both countries have a wealth of experience when it comes to regulating this industry.
Of course, there is no real surprise, though, that Canada has started to look at some of its allies when it comes down to introducing a legal gambling industry within the Maple Leaf Country.
As the industry continues to grow with each passing year as newer generations of the population continue to enjoy this pastime that has been embedded within their culture, those in the North American nation have no longer been able to ignore just some of the benefits that can be brought about when the industry is legalized effectively and correctly.
Canada has already been learning certain lessons
Admittedly, Canada has been experiencing some growth regarding gambling activities, with various laws and bills having been passed in recent memory that has allowed this pastime to become more accessible to punters who reside and visit the country, with the recent amendments in Ontario perhaps the biggest indication that the industry is on the rise.
It is also evident that the Maple Leaf Country has decided to adopt a number of lessons from the UK and USA in regard to the way that laws and regulations can be implemented, and how they can be a huge benefit for everyone involved. Indeed, these rules allow punters and operators to remain safe, while also allowing the country to benefit as a whole.
Let’s explore some of the biggest lessons to have been learned so far:
The importance of legal regulations
One of the biggest lessons that Canada has learned from these two countries is the importance of having well-defined laws and regulations in place.
As highlighted, there has been some recent legalization of gambling in Canada, and it would be no surprise if the North American country had looked at the UK and USA as an example of how to do it effectively.
The UK has perhaps shown how it should be done nationally, while the US has shown how it can be done on a state basis, which could be more relatable to those in the Maple Leaf Country given the fact that provinces exist.
In the UK, for example, there is a very clear set of rules and regulations governing all aspects of gambling. This includes everything from how casinos can operate to what types of games can be offered.
The result is a much more regulated and controlled environment that helps to protect both consumers and businesses.
In the US, on the other hand, the laws and regulations surrounding gambling are much less clear, although they have started to develop further as Canada’s neighbors continue to open themselves up to the idea of accepting this activity.
For instance, following the decision by the Supreme Court back in 2018, states are now permitted to decide for themselves whether they want to allow legal gambling within their borders and need to provide regulations.
Everyone is better protected
As mentioned briefly before, the introduction of laws and regulations within the gambling industry can help to better protect everyone that is associated with the industry.
Regulators can set rules that ensure that businesses are operating in a fair and transparent manner, while also protecting consumers from being taken advantage of.
This ensures that they are adhering to strict rules and regulations surrounding things like age verification, responsible gambling, anti-money laundering, and game fairness. You only have to look at the Gambling Commission in the UK to see how effectively this can work.
By doing this, the best interests of everyone are protected, which can then have a positive impact on the socio-economic status of the country. If players were not protected, there could be higher amounts of unemployment or poverty because of continued gambling, or even less revenue being brought in because cash is being hidden.
Regulation can help the economy grow via taxation
Another lesson that Canada has learned from the UK and US is the importance of taxation. In both countries, gambling is taxed at a very high rate. This helps to ensure that businesses operating in this industry are contributing to the country’s economy and helps to finance public services such as education and healthcare.
Naturally, this will allow the countries to grow in a variety of different ways, which is perhaps why Canada should be looking to legalize the activity as much as possible.
Given the economic crisis that has been felt on a global scale, the potential to introduce a new revenue stream via another form of taxation has already proved to provide dividends for numerous countries, and Canada is one location that could benefit from those additional funds.
Final Thoughts
Overall, there is no denying that Canada has learned a lot from the experiences of both the UK and the US when it comes to regulating gambling.
By following their example, Canada has been able to create a more regulated and controlled environment that helps to protect both consumers and businesses, while also being able to benefit as a country on the whole.
While the industry continues to grow and expand at a rapid pace, it is important that the three countries mentioned ensure they continue to apply the strictest and most effective regulations possible.
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