The Legality of Online Gambling

online gambling

The Legality of Online Gambling

Although there are many countries that restrict online gambling, it is legal in some parts of the United States, Canada, and in most of the European Union. Several nations in the Caribbean are also legal markets for online gambling. In order to operate legally, online gambling service providers must hold a license from one of these regulatory authorities. For example, in the United Kingdom, an online gambling site must be licensed by the UK Gambling Commission. In the United States, online gambling service providers must be licensed by the Pennsylvania Gaming Control Board and the United Kingdom’s gaming regulator.

There are various laws regarding online gambling. The U.S. Department of Justice and the National Gambling Impact Study Commission have attempted to determine the size of the industry. Bear Stearns & Co and Christiansen Capital Advisors have estimated the size of the online gambling industry at more than $1 billion. Analysts have cited various statistics to show that the growth of the industry has been phenomenal. In 1997, there were approximately fifty to sixty internet casinos operating in the Caribbean. These casinos generated approximately $300 million annually. By 2000, more than 700 sites operated globally.

Online gambling gained popularity in the late 1990s. By the end of the decade, there were over 200 gambling websites. A Frost & Sullivan study reported that online gambling revenues reached $830 million. The first online poker rooms came on the scene. In 1999, the US Senate introduced the Internet Gambling Prohibition Act, which would have prohibited American citizens from gambling online. However, the Kahnawake Gaming Commission eventually issued a gaming license to several organisations that offer casino games on the Internet.