Online gambling refers to any kind of gambling that takes place online. Online gambling can include online poker, an online casinos and sports betting on the internet. The first online gambling site opened to the betfair casino public, was ticket selling for the inaugural Liechtenstein International Poker Tournament in October 1994. The online gambling industry has seen tremendous growth since then. There are now hundreds of online gambling websites.
There are many advantages to online gambling; one of them is the possibility to play with real money. A lot of people aren’t comfortable with gambling online due to the lack of physical contact with a bet a game. It is important to keep in mind that gambling online is the same thing as when you play at a brick and mortar casino. You’re still taking chances and placing your money in an untested environment. It might be worth a try with all things considered equal.
Many states across the USA have taken steps to safeguard internet gambling. These include passing legislation that prohibits online gambling, and making it illegal to operate an online gambling website from specific locations. The Internet gambling industry is massive, estimated to be worth billions of dollars annually. However, the recent economic downturn and the problems that come with gambling on the internet in the US, may prove to be the end of this lucrative business.
Certain individuals and businesses have been forced to close their online gambling activities. Betfair recently purchased the world-famous Pagcor. Despite Pagcor’s promises of new wealth the news of Pagcor’s bankruptcy stunned the entire online gambling industry. Betfair as well as other businesses associated in the online gambling industry are currently trying to figure out what they can do with their once lucrative businesses.
Casinos online are another category that is suffering from the current economic downturn. Steve Ellis, a group of investors who were determined to invest in the online casinos in the US, sold huge amounts of their shares in order to finance new ventures. This included the acquisition of several beep beep online casinos in Canada. This will hopefully lead to more gambling opportunities on an international stage.
The online gambling industry in the UK is also in decline as a result of the recent economic downturn. Numerous gambling sites online and individual gamblers are losing money on betting. One notable example is the deportation of the principal stake player from the UK online casino. This is because he fears losing his money. Like the US where gambling websites saw their revenue decrease by as much as forty percent during the recent economic downturn, the situation here is similar.
The recent scandals in the online gaming business in the Philippines have also had a negative effect on the gambling opportunities in the country. The scandal that rocked the Philippines online gambling industry has implicated several high-profile gamblers. Some of them are among the wealthiest men in the country, as well as prominent businessmen, politicians, and celebrities. They all participated in online gambling in a direct and indirect way through close friends.
Despite the recent scandals, the amount of Filipinos engaged in gambling online continues to rise. The increasing number of Philippine internet users is also an enigma 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 won’t allow the spread or use of gaming websites to commit cyber crime.