Argument: Other forms of online gambling

What is the difference between gambling and playing the stock market? In each case people are putting money at risk in the hope of a particular outcome. Gambling on horse-racing or games involves knowledge and expertise that can improve your chances of success. In the same way, trading in bonds, shares, currency or derivatives is a bet that your understanding of the economy is better than that of other investors. Why should one kind of online risk-taking be legal and the other not?

Candidate 1: "Gambling is quite different from buying stocks and shares. With the stock market investors are buying a stake in an actual company. This share may rise or fall in value, but so can a house or artwork. In each case there is a real asset that is likely to hold its value in the long term, which isn’t the case with gambling. Company shares and bonds can even produce a regular income through dividend and interest payments. It is true that some forms of financial speculation are more like gambling – for example the derivatives market or short-selling, where the investor does not actually own the asset being traded. But these are not types of investment that ordinary people have much to do with. They are also the kinds of financial activity most to blame for the financial crisis, which suggests we need more government control, not less."
Candidate 2: "There is no evidence that gambling prevents people from caring for their family. The vast majority who gamble do so responsibly. It isn’t right to ban something that millions of people enjoy just because a few cause problems. And banning gambling, whether online or in the real world will not stop these problems. Sadly, even if it is illegal, people with problems will still find a way to hurt those around them – just look at drugs."
Candidate 3: "It is only in the interests of big gambling sites that aim to create a long term business to go along with tough regulation. Online gambling sites can get around government regulations that limit the dangers of betting. Because they can be legally sited anywhere in the world, they can pick countries with no rules to protect customers. In the real world governments can ban bets being taken from children and drunks. They can make sure that the odds are not changed to suit the House. And they can check that people running betting operations don’t have criminal records. In online gambling on the other hand 50% of players believe that internet casino’s cheat [14]."
Candidate 4: "Criminals will always try to exploit any system, but if governments allow legal online gambling they can regulate it. It is in the interest of gambling companies to build trustworthy brands and cooperate with the authorities on stopping any crime. Cheats in several sports have been caught because legal websites reported strange betting patterns. Betfair for example provides the authorities with an early warning system ‘BetMon’ to watch betting patterns."
Candidate 5: "Governments have the power to ban online gambling in their own country. Even if citizens could use foreign websites, most will not choose to break the law. When the United States introduced its Unlawful Internet Gambling Enforcement Act in 2006 gambling among those of college-age fell from 5.8% to 1.5% [12]. Blocking the leading websites will also be effective, as it makes it very hard for them to build a trusted brand. And governments can stop their banks handling payments to foreign gambling companies, cutting off their business."
Candidate 6: "Unlike drugs, gambling is not physically or metabolically addictive. Most gamblers are not addicts, simply ordinary people who enjoy the excitement of a bet on a sporting event or card game. The large majority of people who gamble online keep to clear limits and stop when they reach them. The few people with a problem with being addicted will still find ways to gamble if gambling is illegal either through a casino, or else still online but in a black market that offers no help and that may use criminal violence to enforce payment."
Candidate 7: "Because people will gamble anyway, the best that governments can do is make sure that their people gamble in safe circumstances. This means real world that casinos and other betting places that can easily be monitored.

The examples of government using gambling for their own purposes are really the government turning gambling into a benefit for the country. Physical casinos benefit the economy and encourage investment, and lotteries can be used to raise money for good causes. Online gambling undermines all this, as it can be sited anywhere in the world but can still compete with, and undercut organised national betting operations."
Candidate 8: "People are not free to do whatever they want whenever they want. When their activities harm society it is the government’s role to step in to prevent that harm. Online gambling simply provides the freedom for more people to get into debt, not a freedom that should be encouraged."
Candidate 9: "Every leisure industry attracts a few troubled individuals who take the activity to harmful extremes. For every thousand drinkers there are a few alcoholics. Similarly some sports fans are hooligans. Those who gamble enough to harm themselves would be those who would gamble in casinos if the internet option was not available."

Gambling is quite different from buying stocks and shares. With the stock market investors are buying a stake in an actual company. This share may rise or fall in value, but so can a house or artwork. In each case there is a real asset that is likely to hold its value in the long term, which isn’t the case with gambling. Company shares and bonds can even produce a regular income through dividend and interest payments. It is true that some forms of financial speculation are more like gambling – for example the derivatives market or short-selling, where the investor does not actually own the asset being traded. But these are not types of investment that ordinary people have much to do with. They are also the kinds of financial activity most to blame for the financial crisis, which suggests we need more government control, not less.
