Las Vegas and Atlantic City are some of the cities that have thrived through gambling for a very long time. Despite open gambling in these places and the race tracks being legal, online gambling is illegal in many countries. The only state in the US to legalize online gambling is Nevada through online poker. Several other States are pushing for the same through the American Gaming Association.
Online gambling is any form of gambling/betting through the internet. It is illegal as defined by the Cyber Crime Fraud unit in the FBI. There are many forms of online gambling all over the world. The most popular in the US include.
- Cyber bets on sporting events
- Electronic gambling
- Wagers in offshore Internet casinos
- Soliciting online bets
Online gambling poses a significant danger to both participants and others through association. When laws against online gambling catch up to the culprits, a lot is set in motion. Most Laws start by seizing assets belonging to companies associated. For gamblers and other investors with money in these enterprises, massive losses are experienced. Some of the laws governing against online gambling are
- Transmission of wagering, betting by use of a wire communication
- Broadcasting lottery information
- Fraud by wire
- Mail fraud: Attempt and Conspiracy
The American gaming association had published information purporting that, online poker would generate roughly $2billion in tax if legalized. It was far from the truth as a study in Iowa showed that the tax returns would only be an estimate of $3-13 million in a year.
Online gambling sites run a con where they benefit while the actual gambler does not. Online casinos take too much time to payout. At that point, they use the money to invest. The player is left with no money to use for continued gambling or to support his family. It can be a cause of vices such as stealing or overdrafts all to gamble.
Online gamblers walk into situations that do not have an exit plan. Online sites do not respond to queries as fast as it is in a real gambling station. In such circumstances, the gamblers are not assured of proper information before participating.
Attempts to legalize online gambling should be curtailed by all possible means. Online gaming ease of access is a danger to those with controlled gambling habits and critical to those with a gambling addiction. They can easily access the services in their houses. It increases the frequency of participation which means more funds directed at the misguided form of making money.
It has taken time for governments to regulate the cyber world effectively. Online gambling will need new legislation which is not there at the moment. It puts the participants in danger of con artists who can easily camouflage under the weak regulations.
Physical casinos can control the age of participants through the identification process. Online gambling will open up the vice to children behind their computers. Children are curious but are too susceptible to the ills of the gaming world.
It is sad that gambling institutions depend on the naivety of some of its participants to make money. Online gambling is against regulations that may impose daily restrictions on the amount of money. They depend on the dozens of gamblers who flock their sites. These sites do not prevent problematic gamblers from participating. They are strongly against identification before participation to encourage minors to participate.
Holding a gambling online site liable for monetary transactions is difficult. Any proof will be between the merchant bank and the gambler. That is a huge loophole in the law.
Online gambling sites offer attractive bonuses to attract new members to the vice such as making deposits to earn free money. Primarily bonuses may provide free cash, but the wagering requirements are the problem. A bonus in most cases will cost more than it is worth. The problem with gamblers is they never look at the investment in the long run.
Online gambling should not be made legal in any way and everyone should be against online casinos. The state needs to protect the people in more active ways since the regulations are not enough. Australia is a good example of failed online gambling laws. The Australian Commonwealth Parliament passed the Interactive Gambling Act in 2001 to try and limit real money in online gambling. The government is so far unsuccessful in enforcing the laws as the market keeps growing globally.