What’s Next For Online Gambling?
While gambling online is legal in the United States, the government treats online gambling as a vice and targets the business people providing the services, rather than the customers. In contrast, countries in the Middle East have more restrictive laws regarding blackjack and chess, yet many other countries allow unlimited access to the games. Some of the more restrictive jurisdictions, such as Belgium and Finland, do not issue licenses to foreign casino operators, and players in these countries can access any gambling website they want.
The online gambling industry is growing quickly. According to a recent report from Research & Markets, this industry will reach $92.9 billion by 2023, with a compound annual growth rate of 11.6%. Emerging technologies are helping drive the growth of online gambling, such as virtual reality and IoT. Here are some of the most promising areas for growth in the industry. So what’s next for online gambling? And what are the advantages and disadvantages?
Unlawful Internet Gambling Enforcement Act (UIGEA) – The U.S. government has adopted laws prohibiting the operation of online gambling businesses that operate in illegal states. The Federal Act Wire of 1961 prohibits wagering on interstate sporting events, but doesn’t address other forms of gambling. The Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) prohibits payment processors based in the United States from taking part in online gambling transactions. These strict regulations have driven most online gambling businesses to move their operations offshore.
Minors – Online gambling is easy to access for youth. The lack of ID verification checks makes it easy for minors to access sites that require an ID. Therefore, it is important to seek help from a licensed professional if you think you may have a problem. A good starting point is to look for online gambling addiction help in your state. By searching online for “Internet Gambling addiction help” or the city and state name, you will be directed to a list of programs in your area.
Legality – While many people may be opposed to online gambling, the industry is growing rapidly. In fact, there are now more laws governing the industry than ever before. This is due in large part to the increased competition in the industry. Regulations have become tougher and smarter. And while online gambling is growing in popularity, its legal status is still in the nascent stages. So, be wary of unscrupulous operators.
Deposits and withdrawals – Checks are also widely accepted. They have higher minimum withdrawal limits than online bank transfers and are only available to registered players. Since checks are largely paper-based, they are not eligible for withdrawal through other payment methods. You must provide a registered address for check mailing. Moreover, they are limited to US residents. Consequently, make sure to check out the terms and conditions of online gambling sites before deciding to make a deposit.