The major rules and regulations that govern gambling in USA come in a set of three. Like any other set of laws in USA, the gambling laws are of the local area, the state and the federal entity. Some states have laws even before the states joined to form a single country. Some of the features of the gambling laws in USA are:
44 states have lotteries which are made available by the state themselves
Majority of the states that have casinos are run by tribes and continue to flourish all across America
Small scale betting ventures can be found all across the country
The government allows a few forms of betting (for charity, or for the elderly) with little regulation.

Insurance and Gambling
For a long time, gambling has been an activity that has been on the radar of authorities, and they have used all means possible to regulate and in some quarters, completely ban it. However, did you know that the gambling industry shares some common aspects with the insurance industry? Well, these two industries are viewed in different perspectives, but the objectives they try to achieve are almost similar.
Insurance can generally be viewed as the opposite of gambling. How? In the insurance world, the main aim is to minimize risk by ensuring the property owner returns to their initial financial position in-case of a loss without providing an opportunity for the insured to make profits. On the other hand, gambling is an activity that incorporates risk with an aim of making profits. At the end of the day, the only common factor shared by gambling and insurance is the risk factor. So, what are the main differences between gambling and insurance? Below is a well-detailed overview.

Gains and losses

In the world of insurance, the parties involved try to distribute loss by relying on mischances. On the other hand, gamblers view gains as a matter of chance or the occurrence of an unpredictable event. For that reason, it is very difficult to benefit from the insurance industry since the parties involved try to avoid misfortune. And in gambling, the gambler attracts a fortune since they stand a better chance to gain considering that various events may occur in favor or against the gambler.

Changes in Fortune

Considering the fact that an insurance cover is bent at ensuring that the insured is compensated in case of a loss, this means that the insurance cover equalizes the insured’s fortune thus their fortune will always remain stagnant. With gambling, the fortunes of the gambler are expected to change dramatically since there are two outcomes that may determine their fortune. When a gambler wins, they may win big thus increasing their fortune, and when they lose, the loss may drastically drop their fortunes.

Source of Gains

The laws governing the different insurance policies require that every individual under the insurance plan contributes a certain amount of premiums that will ensure their claims are compensated. Therefore, whenever a payment claim is made by the insured, the gains are not at the expense of other people under the insurance cover. With gambling, it is all about chances. Gamblers are expected to place their stakes, and the turn of events will determine the outcome of the game. The gains made after wagering are at the cost of another party who also placed a stake.

Creation of chances

An insurance cover is solely aimed at mitigating losses. For that reason, whenever the insured decides to purchase an insurance cover, they do not create new or non-existing risk of loss. Instead, purchasing an insurance cover signifies that the insured already faces the risk of economic loss. But with gambling, the risk of a loss or gain does not pre-exist, but instead, the “speculative risk’ that provides the chance for making profits or losses is created as soon as the parties involved make their wagers. This explains why gambling is defined as a game of chance.
It is very unusual for a gambler to enjoy gambling insurance since it may encourage the gambler to place their bets recklessly. In addition, the premiums that would be charged to insure a gambler could prove to be very expensive since some wagers may involve very huge amounts or valuables worth a lot of money. In the gambling world, the only benefit that gamblers enjoy are the bonuses offered.
Distinguishing the better option between gambling and insurance can be a difficult task since they both rely on risk and chances. And as much as gambling can be viewed as an easy way of increasing your fortune in an incredible way, it can also be the source of your downfall. On the other hand, the risk you are insured against may fail to occur thus the insured fails to personally benefit from the premiums they have contributed. In addition, the insured can also fail to qualify for compensation even after the occurrence risk insured against. That said, now that you know the factors that distinguish insurance and gambling, all you need to do now is weigh your options and determine what suits you best!
How to get a gambling license

In the US, anyone over the age of 21 can apply for a gambling license. However, if you have a criminal or bad credit record you will be turned down. The fairness of your gambling setup (especially online) will be gauged by the licensing authority before the license is granted to you. However, not all states allow online gambling licenses so you need to be sure before you apply for one.
Different states have different procedures for acquiring a gambling license but the common part of all these states is that you will have to determine the jurisdiction you fall into. As a first step you will need to submit certain documents for the local government to approve you in the said jurisdiction. For instance, let’s take Las Vegas as an example which is known as the gambling hub of the country.
As a start you can hire an attorney or licensed business consultant in order to guide you through the process. As a thumb rule, it takes about 6-8 months for you to complete the process and get your license. After you submit your documents the Nevada State Gaming Control Board will conduct a background investigation before a public hearing is scheduled. Your Consultant and/or Attorney will appear at all public hearings before the Gaming Control Board to represent your application and if the board finds no problem, they will grant you the license.

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