Increasing the understanding of the impact of Online Gambling on society and the individual is an important objective of research and regulation. This article describes some of the major issues involved in the field of Online Gambling and provides some guidelines for responsible gaming. Listed below are the main points to consider:
Legality and Regulation – While many countries restrict the use of online gambling, some have legalized the practice. The US, Canada, and several Caribbean nations have all legalized online gambling. To operate legally, online gambling service providers must be licensed by government agencies. The United Kingdom Gambling Commission, the Pennsylvania Gaming Control Board, and the Gambling Commission all have licensing requirements. These laws have helped ensure that the industry has a stable and well-regulated environment.
Market Growth – There is a significant growth potential in online gambling. It is estimated that six percent of the British population uses the Internet to gamble. Online gambling is a growing industry and a recent Frost and Sullivan report says that revenues in the sector were over $830 million in 1998. Moreover, the introduction of online poker rooms was another milestone in 1998. Despite the rise of online gambling, some countries are changing their laws to prevent it.
Legalization – New Jersey is the largest market for regulated online gambling in the US. It has over a dozen legal sportsbooks and is a thriving market with a $125 million yearly profit. New York is another state that has legalized online sports betting, regulating online gambling for casino players. In early November, PokerStars launched its first legal online poker site. The state also offers retail sports betting. The legalization of online gambling in New Jersey is a major step toward opening up the gambling industry to residents.