Gambling Law - topic yet to be approved Research Paper

Gambling Law - topic yet to be approved - Research Paper Example However, there are those that are proponents of setting the minimum legal age at 18 years as is the case in the United Kingdom (UK). A number of other countries especially in Europe have also set the minimum legal age at 18 years. Therefore, which is the most appropriate minimum age? This paper details the arguments for both sides outlining the various areas that have set different restrictions and their reasons for doing this. II. BACKGROUND Gambling is the wagering of something valuable or money as a stakes on an uncertain event with the intention of winning an additional amount of money or any other valuable good. Gambling activities have been legalized in most parts of the world and are major commercial activities with $335 billion being generated from the legal gambling market in 2009. (Champion Jr and Rose, 2012) In many jurisdictions both local and international, gambling is either banned or heavily controlled through licensing. This has resulted in gambling tourism as well as illegal gambling in other parts of the world. Through regulation and taxation of gambling activities, governments and gaming organizations have had to work closely especially in countries where legal gambling is a significant source of government revenue, like in Macau or Monaco. There are many types of gambling: casino games, non-casino games like lotteries, table games, bingo among many others. (William, 1996) It is possible for any game to be played for money and by so doing this can be considered as a form of gambling. Being a popular pastime activity worldwide for thousands of years, there is overwhelming evidence that indicates that gambling existed in ancient Egypt, China, Rome, Greece and India. With the increased popularity of the Internet, this was an avenue through which entrepreneurs could further expand the gaming industry. The first Internet gambling site was hosted in August 1995. To date, there are over 2,000 Internet gambling websites that offer a variety of wageri ng options. (Champion Jr and Rose, 2012) A comparative analysis of different age restrictions in both the US and the UK gives an insight as to the reasons behind the setting of these restrictions. A brief proposal will be made as to the way forward leading to the conclusion on what restrictions are appropriate and for what reasons. III. DISCUSSION Age Restrictions in the US Gambling is legally controlled in USA and its availability as well as participation has been on the rise in recent years. According to the American Gaming Association (AGA), gambling activities generated $92.27 billion in gross revenues in the year 2007, providing 354,000 jobs in commercial casinos and $5.2 billion as state and local tax revenues. Internet gambling has significantly widened extensively as a form of gambling in the US. In the year 2006, Internet gambling in the US accounted for half of the worldwide revenue generated. (Champion Jr and Rose, 2012) However, despite being a source of regressive tax t o the government and the economy, critics claim that gambling also leads to increased compulsive gambling, political corruption and higher crime rates. The government through the AGA has legalized and authorized many forms of gambling with the aim of raising money without raising taxes. This incorporates everything from church basements with bingo games to poker tournaments with multi-million dollar winnings. The AGA, founded in 1994, promotes, educates and lobbies on behalf of the gaming