Online Gambling

I used to play cards a lot. I was definitely a cardshark. At recess in middle school I would set up a blackjack game with my friends. Later on I would play poker seriously on Hoyle Card Computer Games. In 7th grade I read a  book called Bringing Down the House. This book was on the MIT students that learned to count cards in Vegas.

Leader in Gambling Software

A lot has changed since I played cards last. Here is a brief history on online gambling….
According to OnlineGaming.com the first online websites stated in the early 1990s. The first software that was used by these online casinos was Microgaming. This software was eventually bought by CryptoLogic. This allowed legitimate transitions to take place starting in 1994.

Here is a list of Firsts…..

The First Online Casino was The Gaming Club
The First Online Sportsbook was Intertops.com
The First Online Poker Club was Planet Poker

Will Online Gambling be going Global?
Actually online gambling is already going global. In fact there are 70 countries that allow gambling websites to set up servers in their countries. However it is illegal for countries to make bets that are illegal in the USA according to the The U.S. Wire Wager Act. There is little chance that anyone will be prosecuted for breaking this technicality.

So am I breaking the law when I gamble online?

Former gambler behind bars

For the most part Online gambling is considered legal in the USA. One does not have to worry about going behind bars. There was a time when online gambling firms oversees , in 2006, closed their doors to USA residents. The reason they did this was because of the Unlawful Internet Gambling Enforcement Act implied that it was illegal for oversee firms to offer gambling to USA residents. Yet, gradually these oversee firms re-examined the legislation. They realized that it actually is legal for them to offer gambling to USA residents.

So for the most part is online gambling a level playing field?
Not quit online gambling makes it extremely easy to cheat. For instance when you go to an actual Casino there are people watching you. Yet when you are playing online, there is no one watching anyone. Therefore someone could be cheating and no one would see. Also card counting is effective in the casinos of Las Vegas. Thus it would be extremely easy to card count when you can use card counting software.

Are there other things that I need to worry about?

There was a study at the University of Connecticut on online gambling. This study shows that people that gamble on the internet tend to have more of a gambling addiction than those who gamble in other ways.

What are the benefits?
Many states are starting to ask the question “how can we benefit from online gambling?”. There are some states that are taking steps to officially legalize online gambling. By legalizing online gambling, these states will increase their revenues. They would increase government through taxes. Yet this potential boost for the state governments is not very significant. The state of Iowa did a study on their potential gains. This study showed that their government would only benefit by a few million dollars.

What about us business guys?

There are others that can benefit from online gambling. I was surfing the Internet for information on online gambling, when I found this great blog. The blog Business Insider claims to have a connection with Facebook. There source at Facebook said that legalizing online gambling would cause Facebook’s worth to sky rocket. Next time you are playing Farmville on Facebook, think what it would be like with real money.