Virtual Casinos The New Era Of Gambling

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 These are sites that would not allow the​ credit won to​ be withdrawn immediately.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.

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