Online Gambling and Its Regulation
Online gambling is any type of gambling conducted online. This includes casinos, live casinos and virtual poker. The first online gambling venue open to the public, was ticketing to the famous Liechtenstein International Casino in September 1994. Since then there have been many new and exciting sites added to the online gambling family.
These days online gambling has become an integral part of our society. Many states have already passed their own laws regulating and restricting how online gambling can be conducted. Other jurisdictions have followed suit. Most countries now allow both land based gambling and online gambling. Of course there are some countries which only permit one type of gambling whilst others only allow online casinos.
One of the most popular types of online gambling is online betting or sports betting. This form of betting follows the same regulations as traditional betting, such as being registered with an approved betting exchange and being a legal citizen of the country where the game is being played. Most online casinos will have a range of different betting formats to choose from, such as ‘payout bingo’, ‘pay per hand’, ‘robo-bet’ and even ‘lottery’. Many online casinos will also offer bonuses when you sign up and as well as paying out regularly, will offer small amounts of ‘extra money’ to bet in their games.
In the US, a lot of effort has been taken by state and local governments to regulate online gambling. The reason for this is to reduce the amount of harm that online gambling operators can cause. For example, in Florida the state legislature recently banned live casinos, along with several other states trying to restrict the amount of hours a person can gamble for. As with all legislation regulating gambling in the US it is important for gambling operators to follow the guidelines and adhere to all applicable laws, or face stiff penalties.
As well as being a place where gamblers can get involved in betting, online gambling can also be used as a way for people to make money. This is evident from the number of ‘bookmakers’ that can be found on some online betting exchanges. However, not everyone wishing to take part in this business is necessarily looking to make a living. There are many different reasons why people use online betting exchanges. For instance, some people may find that they need quick cash and will use their online account to trade in ‘virtual money’. Others may simply be recreational gamblers who enjoy playing in the comfort of their own home rather than in the more public’real life’ casinos.
Each jurisdiction in the US has its own set of rules and regulations regarding online gambling. Many states have separate regulatory commissions with the state in which an individual gambler conducts business having more power and authority over how they run their business. The Internet provides a gateway to a variety of online gambling sites, with each site offering its own variety of products and services. Many states have taken a hard-line approach with regard to internet gambling and have enacted laws and policies that are designed to prohibit online gambling. Some states have even taken the option of outright prohibition and have made it illegal for individuals to operate any type of internet gambling at all. However, even within these states there are many grey areas and gaps in the legislation, so online gamblers must exercise due diligence when selecting a company that they wish to do business with.