Online gambling is any type of gambling that is carried out on the internet. This includes virtual poker, betting on casinos and betting on sports. In 1994, the first gambling site online that was ever open to the public, was lottery ticketing for the World Poker Tour in Las Vegas. Since then there are gambling websites online which have provided a variety of gaming and gambling options.
Some of the most popular online gambling sites include: Betfair Venus and Coral Sportsbook, William Hill and Intercasino. Unibet, Fairlay, and iPoker are just a few. These companies have made a huge leap in just a few years. These companies offer many types of online gambling. For instance, there’s the traditional betting where people place bets on a specific bookie or an online casino. Lotteries and raffles are also available and you could win tickets or cash prizes to events like horse racing, music festivals and even lottery draws.
Many states have shown an interest in online gambling because they fear that it can be used to encourage illegal activity and traffic. Due to this, some state governments have become involved and created regulatory frameworks. For instance, the Department of Business and Professional Regulations and Delaware have created licensing programs and rules and have set up databases for gambling websites that are online. Many internet players are aware of rules regarding online gambling and a majority of states have made provisions to encourage state-regulated gaming sites to operate as they undergo review.
Many countries including the United States have taken an active role in regulating online gambling. There are even international legal and policy frameworks regarding online gambling and the US Congress who regulates interstate commerce, has introduced bills to legalize online gambling and impose criminal penalties on gamblers who gamble online. The European Commission, World Trade Organization and the European Commission are also involved in the creation of international frameworks for online gaming.
Regulating online gambling at a federal level is difficult since the federal government doesn’t have the power to control interstate commerce. Gambling is considered Fontan an individual business right. State regulation falls under the interstate commerce authority of the states. The power is granted at state level, but it is not delegated to federal government.
Google will quickly reveal the top gambling industries in the US as Las Vegas, Macao and Playtech. Of these seven , the most profitable industry members are Las Vegas, Macao, Playtech, Commission Lodge, Coral Gables, Bingo Palace and Paradise Poker. The top five casinos located in Las Vegas are also the most lucrative industry members in the world. This makes Las Vegas a very attractive city for offshore gambling operators.
With the recent Philippine elections the US President Barak Obama came out in support of a law which would legalize online gambling in the Philippines. The reason that the US President supports this initiative is the billions of dollars the local economy of the Philippines depends on its online gambling industry. While many politicians from the Philippines support the move, the main problem is the inability of the national leadership to back the move. The bill that is in the forefront is called the Bringing Back Gaming Control Act. It is currently being discussed in the House of Representatives. The principal idea behind the legislation is to tax gambling online and create an official registry of every gaming website. This will force all online casinos to sign up with the government, and require them to open new accounts in the Philippines.
Although the bringing back gaming control act could be approved by the House of Representatives, it is unlikely to become a law. Because it could have a negative effect on the Philippine economy, the national political system is preventing any legislation from becoming law in the Philippines. The main issues that have come up with the previous efforts include increasing costs and reducing benefits for Filipinos. The House Majority leader however has stated that the measure will be voted on in congress.