Online gambling refers to any form of gambling conducted online. Online gambling can include online poker, online casino and 888 sports betting on the internet. The first online gambling site was made available for public use in October 1994 when tickets were made available to the inaugural Liechtenstein International Poker Tournament. The industry of online gambling has experienced huge growth since the time it was first introduced. There are now hundreds of online gambling sites.
There are many advantages to online gambling. One of them is the ability to be able to use real money. A lot of people aren’t at ease with online gambling due to their absence of physical contact with a bet playing. It is important to remember that gambling online is still the same that you would experience in a brick and mortar casino. You are still taking risks and placing your money in a risky environment. If all else is equal, it may be worth a try!
Many states throughout the USA have taken measures to protect online gambling. They have passed laws prohibiting online gambling and making it against the law to run an online gambling website from certain areas. The Internet gambling industry is massive and generates billions of dollars each year. However, the recent economic crisis and the problems that come with betting online in the US, may prove to be the death knell for this lucrative business.
Online gambling has been closed by a few individuals and businesses. One such group was the world-renowned Pagcor which was recently purchased by Betfair. Despite the promises of new wealth for Pagcor the news of the company’s bankruptcy has sent shockwaves through the online gambling industry. Betfair as well as other businesses that participate in the gambling industry online are currently trying to figure out how to save their once-thriving businesses.
Another group that is feeling the effects of the recent economic turmoil is the casinos online. A group of investors led by Steve Ellis sold a large portion of their shares in a number of US based internet casinos to finance a variety joker of ventures. This included the acquisition of a variety of casinos online in Canada. The hopes are that this will result in more gambling opportunities on the international stage.
The online gambling industry in the UK is also suffering due to the recent economic turmoil. Many online gambling sites and individual gamblers are losing their bet capital. In one instance the principal stake-holder for a UK internet gambling site has simply stopped playing. The reason is that he is worried about losing his money. The situation is similar to the one in the US where internet gambling sites saw betting revenue decrease by up to forty percent during the recent economic downturn.
The recent scandals in the online gaming industry in the Philippines have also had a negative impact on the gambling options in the country. The scandal that has shaken the Philippines’ internet gambling industry has implicated several high-profile gamblers. They include some of the country’s most powerful men as well as prominent politicians, businessmen and even celebrities. They all participated in online gambling activities directly and indirectly through close acquaintances.
Despite recent scandals the amount of Filipinos playing online gambling activities continues to rise. The rising amount of Philippine internet users is also security risks to the industry of online gambling. There have been numerous instances of cyber crimes in the country that have targeted the gaming websites. However, the Philippine government has stated that they will not permit the spread or use of gaming websites to commit cyber crime.