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Online Gambling Guide by Jerry Whittaker…
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Banking and Gambling: Banks as a Part of the Gambling Industry

by Jerry "Jet" Whittaker

November 6, 2006

 

It can be easily seen today that almost all the sectors of the financial world is influenced by the gambling industry. Whether it is the corporate sector, the economic sector or the financial and banking sector gambling has an effect on all. Letís take in consideration the affects of the gambling industry in the banking sector of our society.

 

We all know that gambling is a field where many big financial transactions take place. And thus the involvement of a financial institute like bank is but obvious. Banks now days are offering different types of gambling accounts for the convenience of the online as well as the physical gamblers all over the world.

 

Lottery-linked deposit accounts

This is a special type of banking service offered by most of the banks today which is becoming very popular among the low income group and the peoples who are out of the banking system. This special kind of bank account is gradually becoming very popular around the world. Banks today continuously search for new products to offer to their depositors and one of this recently offered product is the lottery- linked deposit accounts.

 

The popularity of the internet gambling industry has widened the scope of such banking and gambling products being launched in the market in the near future. Along with this there are many other such types of banking accounts which are introduced in the market recently to facilitate the online as well as physical gambling.

 

Banking regulations regarding online gambling

 

In many parts of US online gambling is considered illegal and hence a bank being a part of such gambling is not possible. Many legislatures are passed for the complete ban of gambling in those areas. But till now banks are playing a vital role in the gambling industry irrespective of gambling being not considered as a part of the civilized society.

 

 

 

 

 

 

 

 

 


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