Online gambling is the fastest growing industry in the world. Online casinos and sportsbooks are just two of the many forms of Internet gambling. It is estimated that the online gambling market is a $15 billion industry in the U.S. and more states are allowing residents to play the games of their choice.
As of the time of this writing, only Nevada and New Jersey have approved online gambling sites. However, there are some states that are considering legalizing the practice. Some of the most important states to watch in terms of regulating Internet gaming include: Louisiana, Oklahoma, New Mexico, Alabama, Pennsylvania, and Mississippi.
There is little doubt that online gambling can pose a serious threat to consumer safety, and it is a good idea to know what is out there and how to protect yourself. Fortunately, most of these gambling sites have safety measures in place, including self-exclusion and risk detection methods. Most also offer the opportunity to withdraw your winnings at your convenience. This is a great thing for consumers who have no desire to visit the casino, but who want to keep their money.
Online gambling has been around for a while, but it has only recently received the regulatory attention it deserves. In fact, the Internet Gambling Regulation, Consumer Protection Act of 2013 (IGRA) could make it easier for the American consumer to wager on sporting events. The legislation would also set a federal standard for legal online gambling.
The best way to determine the actual impact of a new Internet gambling law is to see what states are implementing it. In addition to allowing citizens to wager on sporting events, laws could be implemented to permit online horse betting and other online casino games. Additionally, the legislature could create an office of “gambling oversight” that would be housed within the Treasury Department. Although the Treasury Department isn’t responsible for approving or denying applications for Internet gaming sites, it has the opportunity to monitor the industry to identify problematic operators.
Other than a few state-specific regulations, the Federal government is not currently involved in the regulation of Internet gambling. This is the case in part because of the lack of a federal “poker” rule, which makes Nevada the only state in the country that is able to offer online gambling. A few state legislators are already drafting legislation to allow residents of their respective states to place wagers on poker games and other internet gambling games.
One of the most obvious benefits of Internet gambling is the ability to quickly gather feedback about the game. For example, an online casino might have a slot machine that gives you an instant reaction to your bet. An online casino might even have a live score app that provides you with real-time updates about the outcome of the game. Many sites even have apps for live poker tournaments. These games are usually accompanied by the other gizmos akin to the casino itself.