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Monday, May 16, 2022

How Could Costa Rica Benefit from Legalising Online Gambling?

In Costa Rica, it is currently illegal for residents to engage in online gambling. However, operators in the country are able to offer their services to offshore customers. For the most part, though, the iGaming industry is underdeveloped and unregulated. Resultantly, Costa Rica’s government is missing out on a number of different benefits for its country. We are going to be discussing some of these advantages in our article today. If you’re interested in the topic and want to find out more, then continue reading!

Boosting the Economy

The economy in Costa Rica is relatively stable, but the unemployment rate is high, being 11.49% back in 2019. There are several ways that legalising online gambling in the country could help to boost the economy. For starters, a new industry would result in more employment opportunities. New businesses could start to open, creating jobs to rectify the high unemployment rates. As there are so many subsets of iGaming, from online slots to sports betting, hundreds of companies could be established. In addition to this, the government would be able to generate some extra income for the country – especially if operators from different countries wanted to offer their services to Costa Rican customers. All in all, there are some great economic benefits from legalising online gambling in the country.

Tackling the Clandestine Market

A major problem in Costa Rica at the moment is the clandestine online gambling market. Residents in the country are prevented from betting on any games with random outcomes. Unfortunately, this causes them to seek out opportunities in the clandestine market. This means that players are at a much higher risk of being financially exploited. What’s more, the environment of the clandestine market is highly dangerous, being unregulated and unsupervised. It is not uncommon for players to become hurt. By legalising online gambling in Costa Rica, the prevalence of illegal activity should decrease.

Better Protection of Players

Following on from the previous paragraph, legalising iGaming in Costa Rica would make it much easier to protect players from gambling-related harm. In addition to having laws to prevent the exploitation of customers, regulatory bodies would come on board. These agencies would help to create and enforce high standards for the iGaming sector. For example, they might develop responsible gambling provisions or provide accreditation. Furthermore, online security would be put into place with a regulated online gambling market. This prevents people from having their money stolen by cybercriminals when they place a bet on the internet. Last but not least, casino operators usually have responsible gambling tools on their websites. These can help customers to stay within their bankroll or detect when somebody is showing signs of addiction, so interventions can be made. All of these things would help to create a much safer environment for players in Costa Rica.

These are some of the main ways that Costa Rica could benefit from legalising online gambling. Not only could players be better protected, but the economy significantly boosted.

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