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A Cause of the Great Depression

The international internet gambling industry certainly has its own fair share of issues these days –the World Trade Organization has had its hands full in the US situation. The World Bank has just come out in blatant support of the online casino gambling industry essentially at a conference in Chile last week. The Bank does not necessarily comment on the legitimacy of the online casinos themselves, but rather the fact that international trade is so much better for the global and national economies than protectionism. Chile’s internet gambling regulations right now are definitely tending toward the protectionist and the World Bank is hoping to put a halt to the state monopolies and encourage Chile to open the market to foreign competition.
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The reasoning behind an international online casino gambling market is simple –international trade keeps the global economy healthy and actually helps prevent individual economies from suffering a great depression.

The favoring of local products over foreign products and companies makes an economy less stable in the long run. A big problem though is the fact that smaller nations like Chile see the big guns like the US keeping protectionist legislation in place without any firm fines or actions, and supposes that state monopolies and protected markets are more lucrative. The US has banned offshore online casinos but still allows in-state horserace betting. Although there have been no WTO actions actually implemented against the US, the World Bank stressed to Chile that the EU and the WTO are in the process of coming down very hard on the US government.

Basically, the World Bank has now cautioned the South American government on the profound effect that protectionist legislation can have on foreign economies. The online casino gambling industry watched the proceedings of the Chilean conference closely because of impact that a closed South American market will have of foreign gambling companies.