Las Vegas, it is a city integrated the midst of a dessert. Geographically, this city wouldn’t happen to be appropriate for habitation as a result of its harsh climate. But despite of all these, the place has been a paradise to many 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 each and 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 among the most exciting city of the world.
Alternatively, Las Vegas has found itself a competition. But not from another gambling cities like Monte Carlo and Macao. It is within the Internet. Online gambling has also fints its way in the dotcom business. The primary reason of this business success is a thriving millions of potential bettors around the world connected by Internet. Unlike going to Las Vegas or some other gambling city, gambles wouldn’t pay for airplane ticket and high room accommodation rates in a five star hotel found within the city. All they should do is to sit down in front of their PC Screen and experience the clicking of the mouse while being thrilled of the coming results in the playing online casino gambling. In online gambling, gamblers need not to stress 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 each and every transaction.
While the gambling industry is promising, it has also their nemeses which lead its way into its downfall. One of this really 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 also announcing the larger 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 significantly affects the business.
But there is absolutely 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 recently been outlawed within the US and some parts of the world. It’s believed and an accepted fact that laundered money will be 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. On the flip side, online gambling has also won some allies within the US Congress because of its potential cash cow for tax. Rep. Barney Franks, Robert Flex, and Jim McDermott passed different congressional bills that might 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 within the US.
As 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 on-line casinos within 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 through the US that is only protecting public safety in outlawing it. The situation is now in a debate in WTO court. If the US Will loss the case, they are going to be forced to legalize and pay indemnities to the affected countries as will be ruled through the WTO Court.
Online casinos could possibly be the greatest rival to the traditional local, but it really is yet to be observed if the worldwide public will accept it with virtually no skepticism. Furthermore, online casino has still to win its case to some countries, especially within the US, which outlawed them. It really is yet to prove that this business will be not only a vessel of fraudulent transaction. Online casinos may not yet equal its success to the real casinos; however, it’s going to eventually replace little by little the traditional ones. New technological innovation has also paved way to the new era of gambling industry.
