Online gambling is any form of betting conducted over the internet. This includes casinos, sports betting and virtual poker. The first online golden king gambling site was launched for public use in the year 1994. It provided lottery tickets to the World Poker Tour in Las Vegas. Since then, there are gambling websites online that have offered different kinds of gaming and gambling options.
Some of the most well-known gambling websites online are: Betfair and Coral Sportsbook, William Hill and Intercasino. Unibet, Fairlay, and iPoker are some others. These companies have made a significant leap in just a few years. They offer a variety of online gambling. For instance, there is the traditional form of betting, where people bet on a certain bookie or online casino. There are lotteries as well as raffles that can be played for cash, tickets to events like film festivals, music festivals, horse racing and even lottery draws.
Many states have shown an interest in online gambling, because they fear that it could be used to promote illegal activity and traffic. Due to this, some state governments have become involved and created regulatory frameworks. Regulators like the Department of Business and Professional Regulations and the State of Delaware, among others, have all created licensing programs and regulations and have even created databases for gaming websites that are online. Many internet users are familiar with the rules and regulations governing online gambling. The majority of states have provisions that permit gaming sites that are state-regulated to continue to operate while they are being examined.
Many nations including the United States, have taken an active role in regulating online gambling. International legal and policy frameworks exist regarding online gambling. The US Congress who regulates interstate commerce, has introduced legislation to legalize online gambling and punish gamblers online. The European Commission, World Trade Organization and the European Commission are also involved in the creation of international frameworks for online gaming.
The regulation of online gambling at the federal level is problematic because the 747 federal government can’t regulate interstate commerce. Gambling is a local enterprise right. State regulation falls under the interstate commerce power of states. This power is conferred at the state level, but it is not delegated to the federal government.
Google will quickly identify the top gambling companies within the US as Las Vegas, Macao and Playtech. The seven most lucrative industry members are Las Vegas, Macao, Playtech, Commission Lodge, Coral Gables, Bingo Palace and Paradise Poker. The five most profitable members of the industry in Las Vegas are also the top five gambling cities. This makes Las Vegas a very attractive city for offshore gambling operators.
In the last Philippine elections, US President Barak Obama came out in support of a law which will allow online gambling in the Philippines. The reason that the US President is backing this measure is due to the millions of dollars the country’s local economy depends on its online gambling industry. While many politicians in the Philippines support the move but the biggest issue is the inability of the national leadership to back the move. The bill that is the main one proposed is called the Bringing Back Gaming Control Act which is currently under discussion in the House of Representatives. The main purpose of the bill is to tax online gambling as well as establish an all-national registry of gaming websites. This will force all online casinos to sign up with the government and force that they open accounts in the Philippines.
Although the bringing back gaming control act could pass the House of Representatives, it is unlikely to become law. Because it may have a negative impact on the Philippine economy, the national political system has prevented the legislation from being enacted in the Philippines. Previous attempts have led to major problems, including rising costs and cutting benefits for Filipinos. The House Majority leader however has said that the bill will be voted on in congress.