Online Gambling – A Global Industry
Online gambling is any type of gambling conducted online. This includes casinos, online poker and online sports betting. The first online gambling site opened to the public, was online ticketing for the legendary Liechtenstein International Poker tournament in October 1994. Since then online gambling has become very popular in a variety of countries, including the UK, the US, Ireland, New Zealand, Australia and Canada. However, online gambling does differ from the traditional ways of gambling because unlike in land based casinos there is no need to travel to a casino to play a game or even pay the entrance fees.
Some of the common features that online casinos offer include slots and video poker machines, online poker tournaments, online gambling systems, bingo and other card games, live streaming television and audio channels, personal computer systems and personal computer software. The most popular online gambling sites are namely online casinos, internet casinos, gambling portals and web based gambling websites. While the land-based casinos have in fact shut down many times due to government action for instance in the UK where the Gambling Commission (UK) banned a number of online casinos for providing services to people within the country without proper licenses.
Online gambling in the US is governed by the laws governing the states and territories as well as the federal law. The states regulate online poker, online casinos and other related activities as they are responsible for licensing the operators and collect taxes from betters who take part in online gambling. On the other hand, the federal law regulates the activities of online poker websites on a nationwide basis. The federal law restricts both the amount and the frequency with which a player can place bets on sports, college, high stakes gambling and online slots. However, both the state and federal laws do not prohibit the transfer of money between players on either a virtual or real casino platform.