The laws dictating the activities in the gaming industry have a considerable influence on the growth, success, and failure of the industry. When it comes to making laws that control gaming industry, power & politics of the day play a major role. The government through the legislators would make policies and regulations that may promote or undermine the existence of the casino gaming industry. The gambling legislation has two major influences on the socio-economic environment of a nation. A good legislation would create a balance between protecting the interest of the gamblers and non-gamblers. It should protect the proprietors in the gaming industry in equal measure to protect the society.
The content of the gaming law has considerable influence on socio-economic growth. Gaming promotes economic growth when conducted in an environment where there is a balance in laws protecting and promoting the interest of all stakeholders. Protecting the society from gambling addiction is a jurisdiction of the government. It does this through using its powers and politics to create laws that define the nature of activities in the gaming industry. Gaming has negative effects which the gaming legislation must protect the society from.
The passing of the gambling bill largely depends on politics & power. The government uses its power to influence the nature of laws that it wishes to prevail in the gaming industry. Even the promotion of the gaming industry would largely hinge on the interest of the government and politics because of the power of the latter to create laws. The allocation and utilization of revenue generated from the gaming industry also depend on power & politics. The gaming companies also need protection against unfavorable environmental laws that might gag the business. Therefore a gaming legislation that balances the interest of all the stakeholders is important in ensuring that the gaming industry spearheads socio-economic growth.