Today we live in the era of online gambling which can be enjoyed wherever and whenever we want, on any device. To be able to do so, all we need is a device, a reliable internet connection and a certain number of resources. But have we ever wondered how it all began? – Internet Gambling Legal
Gambling is the wagering of something valuable on an event whose outcome is uncertain, for a chance to get something else valuable, or even more valuable in return. Gambling was a very popular amusement for kings and emperors since old ages. The common population also enjoyed numerous forms of gambling. It was used as a form of amusement, bringing numerous rewards. It needs consideration, however – the wagered amount, risk of chance and prize. It was, and still is, used as a form of amusement, enjoyed by millions upon millions of fans across the globe.
Gambling first evolved into PC games when the internet was invented, and the history of online gambling began when the internet and mobile phone technology gave access to different kinds of products that we never had before. One of them is online gambling, also often referred to as betting or simply gaming. It is a popular pastime now more than ever before, because there are more and more online games and sites appearing on the market each day. The outcome is often immediate, the winnings can be collected rather quickly, but e-banking payouts can sometimes take a few days to go through.
The gambling industry and taxes- Internet Gambling Legal
Gambling is a very profitable industry and governments could make it a very good source of revenue, by simply reaping the taxes. At the same time, gambling is very risky because of gamblers’ possible behavior, so governments are supposed to find a way to protect them. Therefore, the governmental regulators need to find the balance between a very good source of reaping the taxes and protecting people who are gambling from developing unhealthy behaviors. For some of them the easiest way to do so is to outlaw gambling, so the responsibility is on gamblers alone. Plus, if they break the law, they have to pay penalties. Some of the countries that prohibited gambling are the United Arab Emirates, Cambodia, North Korea, Japan, Singapore, Cyprus, Qatar, Lebanon and Poland.
Speaking of online gambling in the US, sites are often sited in tax havens, which means that they have minimal tax liability. Further on, it means that the government gets very low income from online gambling. Placing an online wager on a website is legal only if the website is not located in the US. The gambling website and its owner must be located somewhere else, not on the US territory, so they have nothing to do with taxes and laws in the US. When it comes to internet gambling, one should be aware of the fact that it is very important to learn your legal rights and responsibilities.
Gambling and regulation
There is a close connection between governments and gambling or gaming organizations, in the countries where gambling is allowed and provides a great deal of source of tax income, such as Monaco and Macau, China. In these countries gambling is strictly controlled by licensing the vendors and it is connected to the government through taxation and regulation. Participants are required to be above a certain age, which differs according to the type of gambling or gaming, and it spans between the age of 18 and 21. Gambling devices are required to be statistically random, to prevent high payouts. Where there is gambling, there is taxation and gambling control.
Where online gambling is forbidden, there is no placing cyber bets on sports events, virtual card games, no transferring money electronically for gambling, businesses are not allowed to run gambling websites, or handle transactions for cyberspace gambling. Supporting the money flows behind virtual gambling is also forbidden. But, some free online games, fantasy leagues and Indian gaming sites aren’t that defined from online gambling. However, most of these are allowed. And, then again, online gambling is spreading very quickly, for it is legal on the federal level. What this means is that each state is allowed to regulate it both in real and cyber world. Additionally, there is a long list of states that allow online gambling in the US, and there are even more that are in the process of legalizing it. In other parts of the world, one of them is India, where gambling is considered a game of chance and skill, and there are steps already being taken to legalize it.
The future of gambling
Some of the laws are not very precisely determined, and the gambling industry is exploiting these loopholes in legislation to make online gambling possible. Making online casinos run by random number generators while the outcomes are based on, for example, horse races, which are legal to bet upon online, is one of the ways to use such loopholes. Governments made some online gambling legal and taxable, and those loopholes might be left undetermined with the purpose to be used for some other gambling games that might be legalized in future.
Anyway, online gambling is spreading all over the world, and it seems to be unstoppable. There are more and more gambling sites popping up each day, and each of them is the best in some way, depending on what gamers are looking for. Some of the sites provide the best bonuses, some have the most up-to-date lines, some provide the best odds. But all of them have one thing in common, and that is excellent customer service to keep their customers satisfied and coming back for more.