Online gambling is a growing industry. Revenues of the industry reached $21 billion in 2008. In 2015, worldwide gross wins of the gaming industry exceeded $400 billion. The industry’s revenue has increased at a rate of more than 30% per year. It is primarily state law that governs online gambling, but the federal government does have a role to play.
Internet gambling is illegal in the United States under both the Wire Act and the Illegal Gambling Business Act. There are seven federal criminal statutes that are cited in illegal internet gambling cases. However, the law is often challenged on constitutional grounds. Some of these challenges include the UIGEA, the Travel Act, and Racketeer Influenced and Corrupt Organizations (RICO) provisions.
The UIGEA was passed in September 2006. It is a law that regulates the commercial activities of the Internet gambling industry. According to the Office of the Attorney General, it prohibits financial institutions from accepting financial instruments from Internet bettors that are not legal in their home jurisdictions. Several Congressional findings have been published regarding the impact of UIGEA on interstate commerce.
Although the UIGEA is considered to be the king of the hill, several other federal laws also have a hand in illegal Internet gambling. These include the Travel Act, the Wire Act, and Racketeer Influenced And Corrupt Organizations (RICO) laws. One such act is the Wire Act, which is a federal law that prohibits illegal gambling on sporting events.
Among the most interesting aspects of online gambling is the amount of money involved. Online poker sites handle chips instantaneously. Similarly, sports betting does not require downloads. A buy-in fee is automatically deducted from the player’s account.
Although the Internet offers a variety of forms of online gambling, the simplest form is the most obvious. Most sites provide players with an array of “instant” games that are played on a computer. This type of gaming is typically accompanied by a graphical representation of a real casino game. When it comes to the real thing, the gaming aficionado will be able to choose from a number of different games and wager types.
Other forms of online gambling include casinos, virtual poker, and sports betting. Each of these forms of online gambling is slightly more complicated than the other. Typically, an online casino game will include instructions on how to play. Players can access these games through a web browser or through software that can be downloaded to a personal computer. Various deposit methods are available for use. Credit cards and debit cards are the most popular options.
While there is no doubt that online gambling can be a fun pastime, there are also numerous problems with it. For example, the federal government has charged some operators of Internet poker with money laundering and tax evasion. Additionally, several state officials have expressed concern that the Internet can be used to bring illegal gambling into their states. As a result, many states have imposed laws to regulate the industry.