Gambling regulation: the case for managed risk
Toneguzzo, SJ & Copher, K 1996, 'Gambling regulation: the case for managed risk', paper presented to Gaming Industry & Public Welfare Conference proceedings, Peking University, Beijing, China.
The economic case for establishing a legal gambling industry is compelling and proven: investment, job creation, service industry growth and taxation. The counter arguments are generally centered on financial control (money laundering and payment of tax) and public welfare (crime and problem gambling). In order to realize the benefits, it is essential that government establish and maintain public confidence by acknowledging the risks, determining policy and establishing adequate controls to manage and mitigate risks. This paper will outline the path to establishing a legal gambling environment and in doing so, we will explore key policy areas, the risks to realizing the policy and critical factors in maintaining trust and public confidence. As most forms of gambling, financial and hospitality systems today are aided or controlled by technology, this paper will concentrate on technological controls and explore how rapidly evolving gambling technology can tend to drive public policy and push the limits of a government’s ability to regulate.