Gambling Licenses

by Jerry "Jet" Whittaker

December 12, 2006

Gambling:

Gambling is nothing but the act of playing at chance with the hope of winning in cash or may be in kind. At times, when the person who is gambling is fortunate enough, gambling can make people seriously rich but at times it can make them bankrupt as well.

While gambling, a person bets on money and even valuables like jewels with a chance of winning. These games involve a high degree of skill and some times while gambling, people can seriously change their fortunes. In countries like the Unites States of America and England, gambling conducted in private was not considered a crime. The many forms of gambling include casinos operated slot machines, card games, and other games of luck. Gambling was generally met with negative public opinions that were opined to be burdening the society with evils. But gambling has an important moral and economic significance which can be attributed to its authorization and licensing.

Gambling laws:

All over the world, laws administrate gambling. Betting on dog races and other games is permitted by several states. Lotteries of several kinds are authorized all over and are played widely. As far as the United States is concerned, the first betting system opened in the city of New York in the year 1971.  As per the Federal Indian Gaming Regulatory Act of 1988, states are required to establish reservations on gambling of various types. Licensing and legalization actually helps in exploring the benefits of gambling. 

The licenses and restrictions:

As far as the regulations on gambling are concerned, there are some countries that simply prohibit it and others that just want to regulate it by means of licensing. Gambling licenses are required due to the fact that law doesn’t acknowledge the losses in gambling as debts of honor. Therefore, this organized crime takes to violence while payment of gambling debts. As only a low percentage of people interested in gambling and lottery does the trip to centers like Las Vegas this is already enough that the casino owner there have got pots of money. The possibilities behind gambling are basically that it allows one to conduct each and every gambling activity like casino games, lotteries, bets on all conceivable events and others.

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