Craving of Online Gambling

Online Gambling

Internet has brought gambling into homes, and has made it available to everyone and everywhere in the world. The first actual online casino was formed in 1995, and now there are above 500 gambling websites on internet. In 1997, $200 million were earned by this business. Online gambling makes at least $3 billion of annual revenue.
Gamblers log on to the website and deposit funds by using credit cards, certified cheques, money orders, or through wire transfers. If they win/loose the amount is automatically credited/deducted from their accounts.

Addiction

As online gambling has gained popularity, it also gave birth to the gambling addiction. Now days, gambling addiction is the main concern that comes in the context of online gambling. It is a fact that legalized online gambling sites are the major source of online gambling. In traditional casinos gamblers use real chips or money, while online gamblers bets on a click of mouse instead of any tangible money.
Video gambling is more popular as compared to other forms of online gambling because of its faster feedback. Sociologist and psychiatrists refers it as ‘crack-cocaine of gambling addiction’.

Restrictions for Minors

The reason behind the popularity of online gambling is that it is easily and quickly accessible by everyone. The advantage of online gambling is the unlimited time, where as traditional gambling has limited hours of operation. It is suggested that gamblers who have lost an incredible amount of money are more likely to keep betting on their computers than if they were sitting at a table with others watching. With unlimited potential for minors to access these online gambling sites, opponents of this industry argue that the only way to keep children away is to prohibit these sites to everyone.

Fraud

The instinctive nature of online gambling gives birth to various frauds. Online gamblers have no idea whether the game in going on fairly or not? The most common type of fraud is the abuse of credit card information and the neglect to pay out the winning amount to the winners, who can never approach them.

Prohibition

Canadian Law, section 207(4) (c), prohibits lottery schemes operated on or through a computer, video device or slot machine if it is not conducted and managed by a provincial government. This law clearly says that online gambling and its addiction is totally illegal. At this time, Canada should enact new legislations to address online gambling addiction, while, American government is creating legislation to completely ban online gambling. The most important bill is the Internet Gambling Prohibition Act (IGPA).

Online gambling has become a massive business on the internet and this explosive business will definitely be added with new technology and advancement in the near future. There are various problems associated with this gambling like addiction, bankruptcy, availability to minors, fraud and other crimes, and loss of revenues through fraudulent activities. Currently, there are no measures to stop this business, but governments all over the world should take some action against online gambling because it is promoting new crimes and frauds and it is also affecting the children, adversely.

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How Online Gambling is Seen in the World

There are a lot of important reasons to recognize the state of online gambling in the world. Similarly, it can consume you plenty of time and money, for you will have to do an exhaustive inquiry about the topic. Knowing the advantages will differ from reason to reason, because it relies on your main objective. It is capable, for instance, of updating you on the latest about gambling, but your country not included. It is also capable, depending on the country’s pro or con provisions, in updating you where you can run into more gamblers. It is essential for you to know what’s new about the online gambling world, if you are declaring yourself to be a real online gambler.

General View of the Online Gambling World

The UIGEA (Unlawful Internet Gambling Enforcement Act), which is currently perhaps the worst and most glaring issue, will catch your attention when viewing the online gambling world in general. The issue really only pertains directly to the US. On the other hand, this act extends its fangs as well to the international community. Basically, UIGEA makes hard the task of transferring money to gambling sites through certain banking options. It has been valid, even though in a very unclear and ineffective way, as of 2007.

What’s the result? The closing down of online gambling sites since the stock market investments’ drastic reduction, the prohibition of a large number of players (particularly in the US) to play in online gambling sites, and having lesser places to gamble in for players in various countries. The effect of UIGEA, is seemingly, far beyond of certain US players being banned on online gambling. The community has also been affected by it in general and several sites has ended.

Specifying the Online Gambling World

You are most likely wondering what’s going-on in some countries, after a having an idea of what exactly is going on in the online gambling world. To make matters clear, the UIGEA has not stopped US players from gambling online. Truly, persistent activity exists since several US states do not prohibit people from it.

To make up for the strict measures employed by countries like the US are places that even encourage and use it as a shooting point for its prosperity. These places include Barbuda and Antigua, both in Caribbean. Online gambling has been booming on both places, for a long time already. In fact, there are many online casinos that have been licensed in Caribbean. This is because of their breezy transactions and low taxes.

Online gambling is not prohibited in several other countries along with Antigua and Barbuda. The following countries which allow this form of gambling are South Korea, Germany, Australia, and several other countries. Maybe they know its inherent potential to enhance the welfare of their countries.

Future of Online Gambling

A lot of debates about the stability of the industry have been created. The proof, nevertheless, of what is real and true already emphasizes it. In spite of the few obstructions it is now undergoing, online gambling will surely prosper and thrive. Should it come out of these trials, it will be an even stronger and more lucrative industry.

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