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These have developed self-regulation codes for advertisements, the way of playing, taxation etc. The only State where gaming or skill gaming has been regulated is Nagaland. Otherwise, games of skill are generally self-regulated by these industry bodies, which is not bad. Should Gambling Be Regulated Any stakes you place on a Game or Bet (including pre-purchased bingo tickets) are non-refundable as the product Should Gambling Be Regulated is virtual and is instantly consumed. If you play a Game or Bet with Real Money, funds will be drawn from your Account instantly and cannot be returned.

Purchasing loot boxes in video games is equivalent to gambling, according to a House of Lords committee, which recommends that the controversial products be regulated under the Gambling Act.

Loot boxes can be purchased in many games - including those popular with younger players such as FIFA - and offer randomised rewards, some of which would be worth far more than the cost of the purchase itself.

The way the purchases offer mystery in-game rewards to players means they should be classified as gambling, according to a new report by the House of Lords Gambling Committee.

The committee called for the government to 'act immediately to bring loot boxes within the remit of gambling legislation and regulation'.

Globally, the market for loot boxes in games is estimated to be worth £20bn, with the UK market valued at £700m.

In the case of football game FIFA, made by Electronic Arts and one of the UK's top-selling game franchises, they are trading card-style packets that can be bought with either real money or a digital currency earned by playing.

But some games have removed them after intervention from governments - Fortnite got rid of its version of loot boxes last year after Belgium and the Netherlands declared them to be illegal gambling.

Also last year, the Royal Society for Public Health (RSPH) published a report revealing that some young people felt addicted to purchasing the items.

The RSPH report found that a majority of young people see both purchasing a loot box (58%) and taking part in skin betting (60%) as forms of highly addictive gambling.

Children are spending hundreds of pounds 'chasing their losses' on money spent on loot boxes, according to the children's commissioner for England, Anne Longfield.

And back in October, MPs also called for them to be banned.

Console makers Sony, Microsoft and Nintendo recently pledged to force game publishers to disclose the likelihood of particular items being discovered in loot boxes.

However, currently, video game packaging only sports an icon warning of the potential for extra purchases, which do not always involve an element of chance.

Ms Longfield, who talked to 29 gamers aged 10 to 16, said last year: 'Children have told us they worry they are gambling when they buy loot boxes, and it's clear some children are spending hundreds of pounds chasing their losses.

'I want the government to classify loot boxes in games like FIFA as a form of gambling. A maximum daily spend limit for children would also be reassuring for parents and children themselves.

'With 93% of children in the UK playing video games, it is vital that the enjoyment they get comes with tighter rules that protect them from straying into gambling.'

The debate continues to rage over whether or not gambling should be a legal way for adults to entertain themselves. Gambling can take many forms, ranging from traditional and online casino play and poker tournaments to playing bingo and betting on the ponies. Regardless of your personal definition of gambling, read on to learn the pros and cons of legalized gambling.

Why Gambling Should Not Be Regulated

Positive Aspects of Legalized Gambling:

• Economic Stimulation : The economy can always use a boost, and legalized gambling could provide that. Offering places to gamble also increases tourism, as indicated by the number of annual visitors to Las Vegas and other gambling havens. Generating billions of dollars and tens of thousands of jobs worldwide, legal gambling is an exciting way to stimulate the troubled global economy.
• Legal Behaviors : When a population is told that they aren’t allowed to gamble, it’s the first thing that they want to do. Studies of human behavior indicate that people always want what they can’t have, and gambling is no different. It stands to reason that increasing the number of people who are allowed to gamble legally will reduce illegal gaming behaviors.
• Family Revenue : Those who are lucky enough to have a successful professional gambler in their household can attest to the realities of a society that embraces gambling as a legal choice. In a time of economic uncertainty, many families are learning to rely on non-traditional means of support; legalized gambling would make it easier for a professional online poker player to support those that he loves the most.
• Entertainment : Finally, a benefit of legalized gambling is to provide a safe, exciting way to relieve stress. The online gambler who knows that his activities are legal will be far more likely to be less stressed than those who have to ponder the murky legal status of their gaming. Furthermore, legalized gambling as a stress reducer could create an environment where players are happier and more productive in their personal and professional lives.

Negative Aspects of Legalized Gambling:

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• Financial Concerns : The act of wagering on the outcome of any given game is a risky one, and the gambler may be spending funds that could be better used elsewhere. Ideally, gamblers will only bet what they can afford to lose, but this often isn’t the case. Instead, those who like to wager often try to compensate for a big loss by betting more and losing again.
• Addiction : Winning a large amount of cash on a wager can be intoxicating; like alcohol and other drugs, the feeling of winning can become addictive. Some gambling addicts firmly believe that they wouldn’t have lost their homes, cars, and families if gambling had been illegal. It’s important to remember to balance this information with personal experience; if you know you’re a responsible gamer, you have nothing to worry about.
• Crime Rates : Cities that have legalized gambling tend to also experience an increase in crime rates. Some argue that increased crime is a result of people losing too much money, but others feel that the large amounts of cash associated with gambling lead to an increase in illegal activity. In order to successfully legalize gambling, officials should consider an increased law enforcement presence.
• Small Businesses Suffer : There is some indication that those communities with legal gambling see a loss in the amount of revenue garnered by small businesses. In addition to providing exciting recreation opportunities, casinos and other gambling establishments tend to support restaurants, bars, and other businesses. When casino visitors come to gamble, they stay for dinner; over time, this tendency can decrease the amount of customers that smaller businesses serve.

What Do You Think?

Now that you’ve read over several pros and cons of legalized gambling, what do you think? Is global economic growth more important than the needs of small businesses? Is gambling as a method of employment acceptable, given the fact that some people get addicted? The issue of legalized gambling cannot be resolved without conclusive answers to questions like these.

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