Amongst all the other forms of online gambling, sports book betting and poker accounted for the largest share of the overall gambling market in 2005. Sports book betting reached $4 billion while poker accounted for 18 percent of the total gambling revenues in that year.
In the early 2000s, online gambling had grown to the point where there were nearly 200 online gambling sites. This included online casinos, online sportsbooks and online poker rooms. In 1996, there were only 15 online gambling sites. In 1997, there were about 60. By 2001, there were about eight million gamblers using the Internet.
In 1998, the revenue generated from online gambling exceeded $2 billion. This was a dramatic increase from the earlier figures. But the growth has been even more astounding in the past few years. There are now millions of people who gamble on various platforms every day. This is a fast-growing industry and many analysts agree that the growth has been tremendous.
In October 2006, the United States signed into law a law known as the Unlawful Internet Gambling Enforcement Act (UIGEA). This law prohibits any person or entity from accepting or processing credit card transactions for online gambling sites. The government is funding lawsuits against these companies and their affiliates. This has forced the online gambling industry to seek alternative payment methods to deposit funds.
The most common method for making deposits is by credit or debit card. However, this type of transaction is not always safe. The coding system used by credit cards has been tampered with by unscrupulous merchants. The money transferred from the credit card to an intermediary account is not easily traced.
Another method is to use PayPal or other online payment providers. These providers allow customers to transfer money from their credit or debit cards to a merchant’s account. But in November 2002, PayPal stopped processing online gambling transactions.
Other options include electronic checks and wire transfers. There are online gambling sites that require players to download a software client. These sites are more complex than sportsbook or poker sites. In order to play at these sites, a user needs to register, create a username, and provide some personal information. They also need to have an internet connection and a computer. Typically, winnings are deposited into the user’s online casino account and can be withdrawn. Some online casinos offer bonuses to encourage repeat business.
In addition to the UIGEA, the United States also had to contend with the European Union’s approach to online gambling. The European Union argued that the United States treated foreign businesses like criminals. This prompted the European Union to consider filing a complaint with the World Trade Organization.
In 2004, the WTO ruled against the United States. They stated that the United States violated international trade agreements by failing to enforce its own laws regarding online gambling. In response, the United States refused to change its position.
One way to combat the problem is to educate kids about the dangers of online gambling. Some of the most popular websites for parents to sign up their children with include the Safer Internet Practices Program, the National Gambling Impact Study Commission and the GamCare website. Some of these sites offer free help and support. These organizations provide tools that are personalised and provide recommendations for next steps.
