Internet Gambling POLICY: Prohibition versus Legalization

The fastest growing form of gambling in the world is Internet gambling. Internet gambling creates many new potential problem in modern society. Gambling can be a very addictive behavior, for some it becomes patholog-ical. And the liquid and ever-changing environment of the Internet provides a perfect cloak for criminal activity. One of the primary concern is that the encryption and anonymity of accounts in off-shore gambling sites provides a conduit through which criminals can launder money. Also, the Internet is readily accessible by young people. As such, teenagers also have access to the multitude of new gambling websites. There are good arguments for both prohibition and legalization of Internet gambling. In reality, it is difficult to crack down or ban Internet gambling sites, and laws or policies that reverse people’s behavior practices are ineffective. And therefore, it is also argued that it is necessary to bring into the legal regulatory areas to promote economic benefits such as securing the national tax revenue and to use it in the prevention and treatment of gambling addiction. But the argument that it will create new net revenues by legalizing Internet gambling is simply red-herring taxation that misleads the government, because the monies converted from a taxable con-sumer economy into vacuous gambling account will significantly diminish overall tax revenues. Internet gambling should not be allowed because the sybaritic monetary philosophy will eventually infect, destabilize and destroy the global economy and financial system.