Las Vegas wouldn’t be the city it is if it were not for gambling. This means that that the casino industry alone is big enough to forge economies. Movies have been made, and books are written about them in ways that make it easy to dream of owning and running a casino. Some harbor the idea of creating a gambling software program of all time while others scramble for a chance to design and build the next sensation in the world of casino and horse race or sports ground architecture. However, not all is sunny and rosy in the casino business. Below are some of the challenges facing the casinos and how to solve them.
Gambling isn’t a new business concept. It has existed long enough to be mentioned in some of the oldest religious texts known to man. Many of these scriptures look at it as an evil act that should be abolished. There are countries where gambling is a serious offense. While there others that are under pressure from lobby groups to have it outlawed. Policymakers can’t however just wish away millions of jobs and billions in revenue, making its eradication a tricky socio-economic and political equation.
All these create a rib of tension that makes the prospects of big money businesses such as horse racing and sports betting bleak in some parts of the world. The gambling industry’s evolution is increasingly making it difficult for pressure groups to bring the industry to its knees. Online gambling and the rise of internet connectivity have changed the game in favor of the industry. One can roll the dice in casinos that are continents away at a click. The tax man can’t as well levy a tax on an online gambling firm that’s cryptocurrency compliant.
The gambling industry may be making money, but it spends billions of dollars on lobby groups that champion their existence. These endeavors cut into their profits and weaken their capital base. Many companies in the gambling industry are subsequently facing tough times from the fact that they make a lot of money but reinvest little in their expansion programs. The firms are consequently tempted into illegal activities for them to survive.
The use of the dark web for money laundering activities touches on the gambling industry from time to time. A good percentage of this money is often from some of the top-wanted criminals in the world. They include dealers in narcotics, illegal gun traders, human traffickers, child pornography and mercenaries for hire and illegal trade in protected plant and animal species or their parts – tarnishing the industry’s image.
These activities are among the reasons why the gambling industry is currently working on tax schemes that don’t champion their survival. Though the taxes are usually hiked to punish the wrongs of rogue entrepreneurs in the industry, many genuine business people in the business are also forced to bear the brunt. New investment prospects that can inject more capital into the industry is subsequently curtailed since new entrants are discouraged to invest.
New regulations that focus on punishing only the companies that are found on the wrong side of the law have been put in place in some countries and regions. Regions that forbade gambling just a decade ago is today thriving with casinos and horse racing grounds as well sports betting companies. This is because they have confidence in new regulations that protect the industry with the same hand that it uses to condemn it when found on the wrong side of the law.