Gambling Analysis
by Jerry "Jet" Whittaker
February
28, 2006
The Internet Gambling industry is being valued at $49
billion dollars. Gambling in any form has been very
controversial since before history could document it.
Certain sections of the Bible forbid gambling in any
form. Gambling is legal in some parts of the United
States such as Las Vegas, Nevada, Atlantic City on the
East coast and on various Indian Tribal grounds spread
widely across the rest of the United States. The
establishments in these areas are very well regulated.
With the creation of the Internet, gambling has found a
way to permeate into all parts of the globe. Any
computer with internet access can gamble in spite of of
local laws. Internet gambling was one of the first
websites created when the internet became more popular
in the early 1990’s. Since then it has grown in
popularity at an extremely high rate. Most of the
Internet gambling websites are hosted and based in
foreign countries in order to avoid the laws of the
United States. Since most of the websites are not based
in the United States the laws used to govern each site
vary greatly.
History of gambling
Many bills concerning Internet gambling are currently
pending in Congress. Gambling in and of it self is as
old as we can document, as stated above, there are
sections of the Bible that relate to the subject.
However with the spread of the Internet coming to
execution, more and more people are finding themselves
using their personal computers to wager bets online
rather than in the traditional Casinos. The world's
first virtual online casino, Internet Casinos, Inc. (ICI)
commenced operation on August 18, 1995 with 18 different
casino games, online access to the National Indian
Lottery, and also plans to launch an Internet sports
book. The Interactive Gaming & Communications Corp. (SBET)
is a publicly traded company listed on the NASDAQ
Bulletin Board. The company accepts bettors' sports
wagers phoned in to Antigua on a toll free line via
satellite. Some foreign governments have also entered
into the business holding their sites out to people
worldwide. According to Rolling Good Times Online
gambling
analysis
magazine, there are 452 gambling-related sites
on the net and more are up and running every day.
Conclusion
The future of Internet gambling is anything but clear.
The many opponents of Internet gambling point to the
possible harms that already do, and will continue to,
flow from its existence. While regulation or an all-out
ban seems ideal to some, others argue that due to the
nature of the internet and the gambling industry, any
attempts at regulation will have a minor impact.
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