References to ‘Gambling’ can be found in the age-old documents. It was past time for the royal families and also for the people belonging to the lower strata. Gambling usually has a negative connotation because people wager money or something equivalent in material value with an unpredictable outcome of winning additional money or material goods. The losing side loses all the assets which were put at stake in the gamble.
What is Online Gambling?
With the modern age evolution, online football gambling paved its way in the international commercial scenario where the legal gambling market has an approximate turnover as that of any multinational organisation. Besides this, online gambling witnessed unprecedented growth. Online gambling, also known as Internet Gambling or E-gambling is the means of using the internet as a medium of placing bets on casinos, games, sports etc. People gamble using their credit card accounts and money lost or won is collected accordingly.
History and Present Scenario: The first fully functional gambling software was developed by an Isle of Man-based software company known as Microgaming. It was then in the year 1994 that Antigua and Barbuda passed the ‘Free Trade & Processing Act’. This act issues licenses to be granted to the organisation which had applied to open online casinos. Further, in 1996, the Kahnawake Gaming Commission was established. This commission regulated the online gaming world and also issues licenses to several online casinos and poker rooms.
With this, the market of online football Gambling established itself with ever increasing revenue. It was predicted in 2016 that this market would hit a mark of $56.05 billion in 2018. It is noteworthy that despite many countries banning E-gambling, there are some provinces in Canada along with most of the European Union countries and the Caribbean which have legalised Internet Gambling.
- With improvements in technology, there have come up many formats of Internet Gambling games. These include Poker, Bingo, Lotteries, Sports Betting, Horse Race Betting and Online Casinos.
- Problems: Online Gambling accounts for several major problems. Some of them can be listed as-
It becomes difficult to compare risks and benefits because of the lack of information related to investments.
The anonymous method of gambling adds to the risk factor of breach of privacy and also aggravating criminal usage.
- Money laundering, fraud and computer hacking intensify which also pulls the minors or the youth towards a wrong means of earning money.
Indian Scenario: Interestingly, India has become a gold mine for the online gaming operators. The social structure of India which highlights the current financial growth of its middle-class population along with the mushroom growth of internet users is a primary reason for a potential market. One can find online teen patti, cricket betting and satta are some forms of Indian gambling scenario.
The inadequacy of stringent laws which restrict online gambling in India is a major loophole for off shore betting companies to lure Indians. According to the Economist 1999, “It is impossible to stop people from gambling on the internet, all you can do is to make it harder.” But currently, there have been no such laws defining the illegality of gambling in India.