Let’s Carbon Balance the Planet: Join Us in the Green Chip Tax [Gambling Contribution to the Future]

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July 17th, 2019
Back Let’s Carbon Balance the Planet: Join Us in the Green Chip Tax [Gambling Contribution to the Future]

“If we want things to stay as they are, things will have to change.” The timeless thought of Giuseppe Tomasi di Lampedusa can be applied in many areas of our existence. Nowadays, it may appropriately remind us of climate change mitigation. As any astute and responsible gambler will testify, we may go all-in on the whole bankroll in extremely rare situations but we cannot bet on the surroundings providing for money. Without means to replenish even the harshest of losses, both in life and gambling, everything is futile.

Same is with global warming. We can’t gamble with Earth, the only environment we have, the only habitable planet we know of.

Our scientific communities are unison in structured and knowledgeable warnings. We gather at conferences, sign agreements, decide to do more or walk away. Media are overwhelmed with news ranging from floods and hurricanes to appalling deforestation and clean coal technology. We are sometimes divided in our opinions, confused about how to interpret all data; on occasions, we even unnecessary ignore or repudiate the issue.

Yet again, the inevitable effects of climate change are evident as we experience increasing consequences every year; seldom do we meaningfully change our ways.

Tough and Doable

It’s understandable. We are way too preoccupied with our daily lives to take a moment and see where global warming might lead us. Even when we do, we don’t like what we see. For, the simple notion is…

If we proceed in doing what we do in a way we do it, our kids and grandkids may not inhabit the same planet.

Reasons behind ultimate existential conundrum humankind face may be in good old-fashion fear of change and costs of our transformation. We dread facing uncontrollable unknown unknowns or uncomfortable known knowns imposing costs, not only in money, we’re not always willing to pay.

While psychology elaborated the whole construct in detail, in this particular case there is also an economy involved. To reduce emissions of greenhouse gases to net-zero by 2050 is a huge financial endeavor which will reshape industries and the way we live.

Thus, humanity advances slowly in adopting a joint standpoint to address global warming. Several think-tanks are elaborating on the issue, not to mention numerous activists. Climate Action Summit to be held on September 23, 2019, hosted by UN Secretary-General António Guterres, is yet another effort to achieve the objectives of the Paris Agreement and the Sustainable Development Goals.

Looking to make a meaningful contribution to the cause, the LCB Network has been pondering on a proposal for some time. Short of the editorial piece in May 2019, we asked ourselves a simple question: what can the gambling industry throw-in as a feasible initiative?

The Concept and Goals

Welcome to Green Chip Tax or Let’s Carbon Balance the Planet, our proposal to create additional financial funds to help global and national efforts in addressing climate change mitigation and the key issues we face together.

What is it about? The LCB Network suggests implementing national purpose-made taxation of gambling wins in the vicinity of 1% to 3% to be exercised in well-regulated global markets with legalized gambling. Naturally, tax money is to be used solely in countries of gamblers’ origin (e.g. funds collected from the USA wins would be used in only in the USA, from the UK wins only in the UK, etc.).

To what end? Gambling taxpayers’ money would be exclusively used to support three goals: (1) to address climate change challenges, (2) to increase players’ protection and overall gambling responsibility (particularly targeting of minors and patrons’ compulsive disorders), and (3) to support economic, social and gender inequality issues on local markets.

Three proposed goals are compatible and complementary.

It appears the gambling industry can make a solid financial contribution. For such an impact to be sustainable, it has to originate from the well-governed ecosystem (casinos, affiliates, patrons, regulatory bodies) investing in players’ protection and raising awareness of gambling responsibility. To provide for well-balanced involvement of all parties involved, all inequality issues should be suppressed as much as possible (not to mention much more important global need to do so).

Financial Potentials

Green Chip Tax could be implemented at the whole gambling industry (land-based and online) or only in iGaming segment, depending on the concept’s feedback.

Implemented on the whole industry level, Green Chip Tax could harvest between $4.58 billion (@1%) and $13.74 billion (@3%) in the next year. Projected until 2050, it would benefit the world between $137.4 billion and $412.2 billion, not including CAGR. (Editor’s note: worldwide gambling gross wins are projected to reach $458.36 billion in 2019, according to H2 Gambling Capital.)

If implemented only to online gambling segment, Green Chip Tax could contribute with anything between $0.55 billion (@1%) and $1.65 billion (@3%) annually, or close to $16.5 billion and $49.5 billion in the next 30 years, not including CAGR. (Editor’s note: worldwide interactive gambling gross wins are projected to reach $55.83 billion in 2019, according to H2 Gambling Capital.)

How?

The majority of worldwide gross wins comes from the United States, China (including SARs, which is to say, Macao), Japan, the UK, the European Union countries, Australia, Canada, South Korea, Singapore, Philippines, Brazil, South Africa, Malaysia, Switzerland, New Zealand, Thailand, and Norway.

The Green Chip Tax could be focused on these Top 30 nations by player location, according to H2 Gambling Capital.

As we already mentioned in the editorial piece in February 2019 when we first conceived embryo of this concept, every type of gambling wins could contribute — from casual social to professional ones.

The operational framework is to be defined by implementation bodies. It could involve leading gambling industry organizations, casinos, and affiliates working closely with national gambling regulators so the latter can cascade proposal to governments of countries embracing this concept.

The national parliaments would proceed with the evaluation and ensuing legislation, not to mention being solely in charge of regulation, collection, and utilization of tax money.

Who Can Help?

We expect additional and welcome support from gambling industry’s leading independent non-profit organizations, audit and analytical institutions, certification bodies and charities focused on gambling and players’ protection such as eCOGRA, Certified Fair Gambling, H2 Gambling Capital, International Betting Integrity Association, BeGambleAware, GemCare, Affiliate Guard Dog, and similar.

At its core, the Green Chip Tax is in line with stipulations of worldwide bodies and initiatives addressing global warming such as United Nations Framework Convention on Climate Change, International Carbon Action Partnership, Cities for Climate Protection, to name a few.

Additionally, there is a separate side-potential for charity gambling events sponsored by corporate businesses to grow on fecund soil of this concept.

Celebrities with a successful gambling passion — in likes of Ben Affleck (blackjack), Sean Connery (roulette), Cameron Diaz (Texas Hold ‘em), Jennifer Lopez (roulette), Rafael Nadal (Texas Hold ‘em), Michael Jordan (craps, blackjack), Charles Barkley (blackjack), and similar — could have their bankrolls sponsored by corporations with ensuing wins donated to climate change mitigation and levied by Green Chip Tax.

Why?

Of course, these lines should be read as nothing more than an altruistic and benevolent conceptual proposal. We understand the myriad of feasibility answers to be realized before the Green Chip Tax can take off. However…

Where there is a will, there is the way; as long as we speak the same language, nothing is impossible.

So, why should you join us?

To provide national economies with an additional source of revenues and means to address climate change issues and equality challenges we nowadays face. Whatever our leaders decide to do, it will require a significant amount of money. Green Chip Tax might provide for extra funding.

To leave Earth in better climate condition to posterity. We all live our lives as we deem proper, but it should be our collective responsibility to have Earth as a better place than it was 30 or 50 years ago when our parents gave it to us. We excel embracing technology; let’s do the same embracing climatology!

The most important reason is the simplest one — it’s the right thing to do. Curiously, right things are always gravid, always able to create better ones.

Let’s Talk!

While working on this concept we were often reminded to visionary words of John F. Kennedy — “Our most basic common link is that we all inhabit this planet. We all breathe the same air. We all cherish our children’s future. And we are all mortal.”

Whatever may come out of the Green Chip Tax…

The air we breathe is the only air we have; posterity should have a chance to breathe it too. We hope we’ll be able to meaningfully contribute to the cause while we’re here. And we hope things will change so they can stay as they are.

If we fail, we’ll know we did what we could at the moment. We shall get back to a drawing board before we come out, again, with something better, and we’ll keep repeating the cycle, because…

When it comes to a strategic solution to climate change mitigation and all goals of the Green Chip Tax — we just need to do it right once, the rest is in disciplined repetition.

Let’s Carbon Balance the Planet together! Join us and share your constructive thoughts!

Whatever we came up with will be better with you on board.

“we’ll keep repeating the cycle”

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