Online Gambling is a kind of term which is a new to us, but relatively older one in other well developed countries. It is a type which of gambling which is based to play on Internet. It includes various games starting from virtual rummy, poker, casino and the new one bingo. With it’s worth about billion dollar and also affordable to setup. However, online gambling industry is illegal in various part of earth due to its transparency issues, deposit issue and moreover it is also sometimes related to money laundering case. Let us dive deeper into the functioning of this industry.
The Origin of Online Gambling Industry
In 1994, Antigua and Barbuda started the first online casino. With the help of online security software they made the first fully developed online gambling software and also a safe source of transactions for the online casino.
Around late 1996 online gambling gained immense popularity that there were only 15 gambling website, but it had increased to 200 gambling website in later part of that year.
With the increase in number of people playing online gambling casino games, it also led to development of online poker room in some state of America like Texas, Omaha and Vegas etc. Online multiplayer gambling began from the year 1999.
Government Entry in Online Gambling
The advancement of technology and the changing habit of people led to the government entry into the online gambling industry as many sites don’t pay taxes according to the rules of government. Other than this there is uncertainty over the transparency of company functioning. As of now there is a serious issue of suicide committed by younger one due to falling in debt for extensive gambling online on betting site etc. Many gambling sites or app don’t offer deposit limit and the losing money limit on their site or app. Due to this government started to take charge on their site. Many of our kids have fallen into the vicious web of online gambling industry and have made a hole in the pocket of parents by overusing their credit card. In some countries like America they made a law in which they prescribe that use of credit card in online gambling is a strict offense as a person can overuse it. But in U.K the lottery system is sanctioned and taken control by government.
Conclusion
Altogether there is still doubt over the upcoming future of online gambling whether it will be there or not. But one thing for sure if you think online gambling as a game of skill then you can have a hand in playing it, but if it is a game of chance then I would strongly recommend you to keep your hand away from it.
