Gambling Industry Ethics
Posted By admin On 31/07/22
At Betting on Sports Europe – Digital 2020 experts discuss ethical gambling, attitudes towards the betting industry’s role in problem gambling, the causation of the dilemma and some solutions. The video looks at how gambling governance will reshape the betting industry improving its public profile and all-round rationale.
Ethics is defined as ‘ the moral principles that govern a person’s behaviour or the conducting of an activity’. Gambling on the other hand is defined as ‘ the wagering of money or something of value on an event with an uncertain outcome’. The primary aim here is the winning of money or something of value. Given the range of careers in gaming, it is important to recognize that in addition to rules of ethics for lawyers, there is an ethic that informs many aspects of the gaming industry. This ethic often is not codified by law but is functionally affected by one’s role in the industry.
Gambling Industry Ethics Issues
- Richard Schuetz, former Executive Director at the Bermuda Gaming Control Board, President & CEO at the Stratosphere Hotel and Casino, and board advisor to Shuffle Master Gaming, Casino Publishing and the Institute for the Study of Gambling and Commercial Gaming at the University of Nevada, explains the beauty of ICE London, highlights what he believes will be the hot topics debated at the 2020.
- In 2015 annual gross-gaming yield for the online bingo industry from UK customers along £128.64 million, or 3% of the entire online gambling market share. The Great iGaming Equation.
Gambling Industry Ethics Act
Introduction
Open up your email over a long weekend and you’ll likely find a plethora of online casino advertisements. “Welcome Bonus up to $150 free!” Ask the traditional land based casino gambler on whether he would gamble online and his first reaction would likely be “Are you nuts?” When gambling at land based casinos, games are likely to be fair because the consequences of cheating by casino operators are disastrous. Casinos found to offer rigged games will lose their gambling licenses permanently. Land based casino gamblers are also virtually guaranteed that any winnings they accumulate will be paid out. However, Internet casinos are generally unregulated and offer neither of these…show more content…
Billions of dollars were spent on creating and maintaining gambling wonderlands such as the Bellagio and the Venetian. In contrast, creating a new online casino requires only licensing software from a casino software provider and maintaining the casino network services. Bear Stearns, a New York investment banking company that tracks the online gambling industry, estimates online gambling generated revenues of $3.5 billion globally in 2002.2 In comparison, the Nevada Gaming Control Board reported estimated revenues of $9.45 billion for all Nevada casinos combined in the same year.3 Casino-on-Net, the largest online casino in the world, had revenues of about $200 million in 2002.4 Only a handful of Internet companies have higher revenues. For comparison, Ebay, which has become one of the most successful Internet companies, received annual revenues of $413.9 million the same period.5 Online gambling has become a legitimate and a powerful force in the gambling industry.
Government Stance
The legal status of online gambling in the United States isn't clear. According to U.S. Attorney General John Ascroft, the 1961 federal Wire Act prohibits casino games on the Internet.6 The Wire Act is a federal statute that prohibits gambling over telephone wires. 'The Wire Act makes it illegal for providers to offer or take bets from gamblers over phone lines