Putting money or other valuables at risk and hoping to make money by betting or staking them on an uncertain event such as a game, a contest, or an uncertain outcome whose outcome may be determined by chance or accident, or which may have an unexpected outcome as a result of the bettor’s miscalculation, is referred to as gambling.
After a gradual, if irregular, shift in official attitudes toward gambling in the twenty-first century, from viewing it as a sin to viewing it as a vice and a human weakness, and finally viewing it as a largely harmless and even entertaining activity, the twenty-first century has seen a shift in official attitudes toward gambling. Furthermore, the internet has made previously inaccessible kinds of gambling available on a previously unheard-of scale. By the beginning of the twenty-first century, roughly four out of every five individuals in Western countries had participated in some kind of gambling at least once. A reasonable estimate of the amount of money legally wagered each year in the globe is about $10 trillion, according to various sources (illegal gambling may exceed even this figure).
The sports betting business in the United Kingdom has the most developed regulations in the international gaming community; the United Kingdom has a long-established culture of sports betting. The United Kingdom has the most developed laws in the worldwide gaming community. Many of the online sportsbooks are publicly listed businesses on the London Stock Exchange, which means they have a lot of money to invest. The sports gambling community in the United Kingdom has created the world’s first sports betting exchange, where players do not place bets against fixed odds, but rather wager in a pool of money set by the exchange.
Betting shops dominate the scene of England, with more than 9,000 in total throughout the United Kingdom’s whole territory. In the United Kingdom, all of the most popular payment methods are accepted. Visa, MasterCard, PayPal, and other payment methods are accepted. Because of the intense rivalry amongst bookmakers in the United Kingdom, sports bettors have the greatest chances. With over 700 million pounds in tax revenue generated yearly and tens of thousands of employees, bookmakers make a significant contribution to the economy of the United Kingdom. (..)
In Ethiopia, according to Article 4(26) of the Council of Ministers Investment Regulation No. 474/2020, investment in lottery and sports betting is restricted to Ethiopian citizens and residents. In accordance with Ethiopian investment proclamation No. 1180/2020, a definition of “domestic investor” is given as follows: State-owned business owned entirely by Ethiopians; government and public enterprise owned entirely by Ethiopians
During the first quarter of 2019, sports lottery betting activities were extensively conducted, and licensing was seeing a resurgence. The betting industry, however, has come under more public scrutiny after a year and the licensing of 22 sports betting firms through the end of March 2020. Following the increasing public concern and recent media criticism, both betting companies and the government have agreed to hold a news conference by the end of March 2020. Kids have been seen wearing school uniforms at betting shops, which raises worries about students breaking age limits. There is also worry that betting is becoming a dangerous habit and addicting, which may result in psychological damage. However, after one year of licensing 22 betting firms, the National lottery earned six million birr through betting, with 20 percent of the proceeds going to social contributions and 15 percent of the proceeds going to lottery winners’ tax deductions. Despite widespread criticism, the national lottery has issued an invitation to research institutes and universities to undertake studies in the areas of concern.
The Ethiopian Management Institute conducted a study and submitted a report including scientific findings as well as recommendations to the government and the Minister of Finance and Revenue. A directive, referred to as “Sport Betting Lottery Directive No. 172/2021,” was issued by the revenue minister on the basis of the results and suggestions, and it will take effect on September 1, 2021. At the time of writing, 42 sports betting lottery firms are licensed and in business. In the 2013 Ethiopian budget year, the National Lottery Administration received ETB 107 million birr (about 2.3 million dollars) (from 7 July 2020 to 06 August 2021).
The most significant new developments (rules) contained in the new directive are mostly as follows:
When applying for a new betting license or renewing an existing license, an unconditional bank guarantee in the amount of ETB 1,550,000 must be given.
The amount of the new sport betting lottery license fee has been established at ETB 500,000. The cost for renewing a betting license is set at ETB 100,000.
The administration must be informed of any ticket sales as soon as they are made public.
At the conclusion of each month, the licensee must subtract 15 percent of commission from total ticket sales and 15 percent of the winning prize amount, and then pay the remaining 15 percent to the National Lottery Administration.
Every month, the licensee is required to furnish the administration with a bank statement.
Social contributions will get a share of 0.5 percent of the total income generated.
A single contest sport betting award may not exceed ETB 1,000,000 in value in any one year.
The winning reward must be claimed within one month after the day of the lottery’s winning sporting event, and the prize must be paid to the winner within 15 days following the winner’s presence at the sporting event.
The licensee is unable to claim a system malfunction in order to reject or decline winning prize money. When the administration determines that it is essential to address a particular problem, the licensee is required to give a system access code.