The Future of Online Gambling
Despite the popularity of internet gambling in the 1990’s, it appears that this form of gambling remains relatively limited. In fact, there are only about half a dozen jurisdictions where online gambling is legal. In some cases, a minimum age of 18 is required to participate in a form of online betting. Some countries even require gamblers to be over 19 years of age.
The online gambling industry grew to a whopping 9.5 billion dollars in 2021. The market is expected to grow even more in the coming years, primarily due to the increasing number of jurisdictions that recognize the benefits of regulation. In the United States, online gambling primarily consists of sports betting and poker. However, some states have taken a more liberal approach and have approved online casino games.
A few state legislatures have even weighed in on the topic of online gambling. In Nevada, for example, there are only a handful of operational online gambling sites. There is also a lack of uniform regulation in the industry. There is currently no federal law in place governing internet gambling in the United States. However, each state has the option of passing their own legislation. This means that the next generation of gamblers will likely use internet modes sooner than they have previously.
It is estimated that about 10 percent of US adults place wagers on casino games at least once a week. Online gambling is the next logical step for gambling establishments, which want to minimize the risk of losing business to other venues. Moreover, a regulated online casino uses the same security measures as a brick and mortar gambling establishment. Moreover, independent auditors ensure that the casino is accurately paying its players.
For instance, the Internet Gambling Regulation, Consumer Protection Act of 2013, introduced by New York Republican Congressman Peter King, would create a federal standard for the industry. The bill would establish a new office of “gambling oversight” that would be attached to the Treasury Department. It would also create a “cybersecurity council,” comprised of government experts and private industry professionals. These officials would be responsible for ensuring that online gambling sites adhere to the latest security standards.
In fact, the Department of Justice has been studying online gambling regulations and determining the best ways to police the industry. In the most recent case, the Department of Justice filed a lawsuit against the owners of three largest online poker companies. The lawsuit alleges violations of the Unlawful Internet Gambling Enforcement Act (UIGEA) and money laundering. However, critics of the case cite the fact that the case has no legal basis. It also argues that the Department of Justice is overreaching its authority.
In addition, the Department of Justice’s efforts to regulate online gambling have been met with skepticism by some, who argue that it’s an end run around government control. They also argue that advertising for online gambling would likely be considered aiding and abetting.
While it is clear that Internet gambling holds unique risks for gambling problems, there are also other concerns. For instance, gambling websites may be prone to hacking and data breaches, and insecure sites may endanger users’ financial information. This is one reason why a regulated online gambling site should be your first choice.