Inside Asian Gaming

inside asian gaming December 2015 30 Gambling and the law M any of the strangest restrictions in the law arose from centuries of gambling being seen by society, or at least by opinion-leaders and lawmakers, as an activity that was simply not respectable. Gambling debts were unenforceable, and courts would no more allow casinos to advertise than they would brothels. A gaming license was similar to James Bond’s “license to kill”: It merely protected theoperator frombeingprosecuted for what was otherwise an illegal act. Lessons from the Insurance Industry By Prof. I. Nelson Rose Licensed gaming is slowly becoming just another legal business—which is a very good thing Professor I Nelson Rose is recognized as one of the world’s leading authorities on gambling law and is a consultant and expert witness for governments and industry. His latest books, Gaming Law in a Nutshell , Internet Gaming Law and Gaming Law: Cases and Materials , are available through his website, www.gamblingandthelaw.com. In the past, other industries struggled with becoming respectable in the eyes of the law. This usually took the route of trying to show they were not forms of gambling, even if they were. They also knew they had to come up with arguments on why they were actually good for society. The best examples are trading in securities and commodity futures and insurance. Insurance is, of course, gambling. Looking just at the required three elements, insurance has “prize”, “chance” and “consideration”. After all, a policy