Banking and
Gambling: Banks as a Part of the Gambling Industry
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. Let’s 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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