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• W862617926 abstract "Commercial lawyers often use checklists on particular transactions to make sure that they are covering all the points necessary to achieve the best and most comprehensive contract for their client. These checklists are not model contracts, nor do they reflect the result of the negotiations between the parties, but simply identify the points that each interested party to the contract should consider. For example, in a royalty contract, a relevant question on a checklist is whether there are royalties based on any measure tied to a product's sales. If the answer is affirmative, there may be many options for calculation (e.g., a percentage of gross sales vs. net profits), each with their own practical challenges.The following checklist has a similar function. It sets out the major items that should be considered in crafting a regulatory system. It does not offer a model gaming regulatory system. It is not even the first step of the process of adopting regulations. To explain this point, let's go back to a commercial contract example. Suppose you just came up with a new device to make soft-boiled eggs. You have obtained a patent and have done all the market research to determine that you have a marketable product. At this point, you may consider all your options on how to bring your product to market. For example, you could manufacture it or you could simply license it to a manufacturer. If you decide to license it, you should have some idea of what you want from the relationship with the manufacturer. A smart business person would not approach a potential manufacturer without some idea of the basic structure and terms of the contract that they are seeking. If both the inventor and the manufacturer have mutual interest in the product, they might then agree on the major terms in a letter of intent or a term sheet and then proceed to a full contract. It is at the contract stage, the second part of the process, that the checklists are most valuable.Surprisingly, the adoption of gaming laws and regulations is a similar process. The creation of a casino industry most often starts from a common starting point. Gambling is illegal, but the government decides to craft exemptions to permit legal casinos because it wants to achieve specific public goals. These can include social goals like protecting the public against dishonest games, or assuring that players get paid if they win. More often, however, the goals are financially driven. The government is often looking for casinos to create taxes, redevelop urban areas, or boast tourism. In this regard, the government may be an equal partner with the casino owners. For example, Pennsylvania has a 55% gross gaming revenue tax on slot machines. In this case, the state is much more than an equal partner in the gaming activity because, unlike the casino, it does not bear the operating expenses.When the state government looks to maximize tax revenues, like any good business partner, it wants to have certain controls over the business to assure that all revenue is accounted for and its partnership interests are paid. Of course, this is not the same dynamic in every jurisdiction; some states may have less of an interest in the gaming revenues and more of an interest in achieving other policy goals, such as minimizing the social impacts of problem gambling. But, it is clearly the trend. The process is a negotiation because the prospective casino licensees also are bargaining for certain things. Most importantly, they are looking for the rights, often exclusive, to conduct legal gambling. They also may look to minimize the controls that the government wants to impose that may inhibit their ability to maximize profits.Often well before the creation of the regulatory system, the basic perimeters of the relationship between the government and the industry is established through legislative process leading to casino authorization. By this point, the government hopefully has established clear and consistent policy goals regarding what it hopes to accomplish by authorizing a few private concerns to be given valuable exceptions to the general prohibition against gambling. …" @default.
• W862617926 created "2016-06-24" @default.
• W862617926 creator A5088194434 @default.
• W862617926 date "2015-04-01" @default.
• W862617926 modified "2023-09-28" @default.
• W862617926 title "A Checklist: Questions That New Gaming Jurisdictions Need to Consider in Adopting Gaming Laws and Regulations" @default.
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