When compared to land-based casinos and betting places the growth in the online gambling industry has surpassed all expectations. Judging from the time when the first-ever online casino was established in 1995 there is not only constant pressure on the land-based casinos but also the need to broaden gambling regulations.
Most of the companies dealing in online gambling are located outside the United States. This is because these companies want to avoid prosecution from the US government. The United States federal courts have ruled about the federal wire act which prohibits electronic transmission of information for sports betting across state lines. However, there is no such law that prohibits any other kind of gambling.
Even though the internet has no boundaries or frontiers but in the case of online gambling, it has been given certain restrictions. A large variety of online casinos from countries around the world where online casinos are legal to operate such as in the United Kingdom, the Caribbean Nations, Malta, and most European countries. These countries have relaxed regulations against online gambling so online gambling can be seen from a wide array of online casinos.
Laws in America are a bit complicated. They state that first of all in order to own an online casino or any gambling-related business you will need to get a license to operate. If you do not have a license then you are not registered therefore you may be penalized as this would be considered an illegal act.
Laws prohibit gambling in Louisiana, South Dakota, Utah, and Massachusetts but many appeal panel decisions ruled that the United States may be violating global trade coming as the result of the American laws regulating horse-racing bets because equitably to foreign and domestic online betting companies is not applied.
Looking at the economics of online gambling will totally baffle you. The amazing thing is that you will require around 300 million dollars to build a land-based casino whereas an online casino will cost as little as 1.5 million dollars. But the US federal law insists that “risking anything of value for a profit whose return is to any degree contingent on chance”.
Looking at the employment patterns in these casinos, a traditional land-based casino may employ thousands of individuals whereas an online casino can with less than 20 people in its staff. Some people do believe that these regulations do benefit the national workforce of the United States.