Virtual Casinos – The New Era of Gambling
Las Vegas, it is a city built in the midst of a dessert. Geographically, this city would not have been suitable for habitation because of its harsh climate. But despite of all these, the place has been a paradise to some people, the gamblers. What should have been a dry and barren land became a haven of wealth, and abode of the world’s greatest structures. All that is good in Las Vegas owed itself to one vice, gambling. Gamblers from all the corners of the world come here to place their bets in every casino, bluff every poker game, pull lucky levers of slot machines, and enjoy the thrill roulette. This thriving industry has set this city as one of the most exciting city of the world.
However, Las Vegas has found itself a competition. But not from another gambling cities like Monte Carlo and Macao. It is in the Internet. Online gambling has also fints its way in the dotcom business. The main reason of this business success is a thriving millions of potential bettors around the world connected by World Wide Web. Unlike going to Las Vegas or any other gambling city, gambles would not pay for airplane ticket and high room accommodation rates in a five star hotel found in the city. All they need to do is to sit down in front of their PC Screen and enjoy the clicking of the mouse while being thrilled of the coming results in the online gambling. In online gambling, gamblers need not to worry to store their cash in the vault. Every monetary transaction is done through bank transactions. The industry extends its benefits to the financial sector from the bank fees in every transaction.
Online gambling has also finds its own adherents in the Internet. These enthusiasts gather in an online forum discussing about gambling and the odds of the house. There are also gambling sites, which the gamblers called the rogue sites. These are sites that would not allow the credit won to be withdrawn immediately. Some sites would only allow a certain quota of the credit earned or a certain time so that bettors will have no other choice but to place the bet until they can meet the requirements of withdrawal. This would eventually make the house always in favor of the odds. Online gambling forum warns online gamblers to these rouge sites.
While the gambling industry is promising, it has also their nemeses which lead its way into its downfall. One of this is the gambling site operators themselves. Obtaining a random number is still an arbitrary. Many skeptics believe that online gambling programs can be manipulated. Other gambling sites counter this skepticism by publishing their audit of odds and even announcing the higher probability of winning of the bettor. Not to mention also the rouge sites who are sharking on the bettors’ money leaving them always empty handed. These are few issues that greatly affects the business.
But there is no greater adversary of the business than the US government itself. Everything has been changed after 9/11 bombings. The Wire Act has been promulgated to combat money-laundering cases. Money laundering has already been outlawed in the US and some parts of the world. It is believed and an accepted fact that laundered money is the source of funds for terrorist and other criminal syndicates. The anonymous nature of the bettors can be potential way of harboring fraudulent money transactions. With this reason, has reached its darkest period when it was outlawed in the US. Major Internet site follow suits by removing any advertisement promoting online gambling. However, online gambling has also won some allies in the US Congress because of its potential cash cow for tax. Rep. Barney Franks, Robert Flex, and Jim McDermott passed different congressional bills that would legalize and regulate operations of online casinos. It is yet to be known if these bills can pass the US Congress. But online casinos have already lost millions in terms of a potential market in the US.
While the US is hostile to online casinos, the European Union and some Caribbean Countries welcome it as one of its thriving and growing industry. The outlawing of the online casinos in the US prompted Antigua and Barbados to present its case to the World Trade Organization. Thanks to the laws in trade liberalization, WTO favored them and rejected any claims by the US that is only protecting public safety in outlawing it. The case is currently in a debate in WTO court. If the US Will loss the case, they will be forced to legalize and pay indemnities to the affected countries as will be ruled by the WTO Court.
Online casinos may be the greatest rival to the traditional brick and mortar, but it is yet to be seen if the worldwide public will accept it without any skepticism. Not only that, online casino has still to win its case to some countries, especially in the US, which outlawed them. It is yet to prove that this industry is not a vessel of fraudulent transaction. Online casinos may not yet equal its success to the real casinos; however, it will eventually replace little by little the traditional ones. New technological innovation has also paved way to the new era of gambling industry.