Online gambling is any kind of gambling that is carried out on the internet. This includes virtual poker, betting on casinos and betting on sports. The first online gambling website was made available for public use in the year 1994. It offered lottery tickets for the World Poker Tour in Las Vegas. Since then there have been online gambling websites which have provided a variety of gambling and gaming options.
Some of the most popular online gambling websites are: Betfair, Coral Sportsbook, William Hill, Intercasino, Unibet, Fairlay and iPoker. These businesses have made a major leap in a short amount of time. Through these companies, you will discover a variety of online gambling activities. For example, there is the traditional bet where Chanz casino players place bets on a specific bookie or online casinos. Raffles and lotteries are also available, where you could win cash or tickets to events like music festivals, horse racing or even lottery drawings.
Online gambling has been a subject of interest to a number of states. They fear it will be used as a tool to encourage illegal activity and trafficking. Due to this, some state governments have become involved and have developed regulatory frameworks. For instance among them, the Department of Business and Professional Regulations and Delaware have developed licensing programs and regulations and set up databases for online gambling websites. Many online players are aware of regulations regarding online gambling and most states have made provisions to encourage state-regulated gaming sites to operate while they undergo a review.
Many countries, including the United States have taken an active role in regulating online gambling. International frameworks for policy and legal exist regarding online gambling. The Ice casino US Congress who regulates interstate commerce, has introduced bills to legalize online gaming and penalize those who gamble online. The European Commission and World Trade Organization are also involved in creating international guidelines for gambling online.
The issue with regulating online gambling at the federal level lies in the fact that federal authorities is unable to control interstate commerce. Gambling is considered a local business right. State regulation falls under the interstate commerce power of states. This power is conferred at the state level, but not delegated to the federal government.
Google will quickly identify the top gambling companies within the US as Las Vegas, Macao and Playtech. Las Vegas, Macao and Playtech are the most profitable players in the industry. The five most profitable members of the industry from Las Vegas are also the top five gambling cities. This makes Las Vegas an attractive city for offshore gambling operators.
In the last Philippine elections, US President Barak Obama came out in support of a law that would allow online gambling in the Philippines. The reason the US President has backed this legislation is the billions of dollars that the local economy of the country is dependent on its online gaming industry. While many politicians in the Philippines support the idea, the main problem is the inability of national leaders to support it. The bill that is in the forefront is the Bringing Back Gaming Control Act. It is currently being debated in the House of Representatives. The bill’s main purpose is to tax online gambling and create an official national registry of all gaming websites. This would require all online casinos to sign up with the government, which would require them to open new accounts in the Philippines.
The House of Representatives may pass the Bringing Back Gaming Control Act however it is highly unlikely that it will be law. Since it may have a negative impact on the Philippine economy, national politics hinders any legislation from becoming law in the Philippines. Previous attempts have resulted in major issues which included the rising cost of living and the reduction in benefits for Filipinos. However the House Majority leader has promised that the bill will be approved by congress.