Quite simply it means that gambling is done on the Internet. There are innumerable sites online where one can easily gamble. There are innumerable virtual casinos and all that one requires for payment is a valid credit card. It’s easily accessible to those who have a computer access to Internet connection and the will to play.
There is no harm in online gambling. In fact all of us have gambled online, given the easy access to the Internet. The fallout happens when people start getting addicted to online gambling. Or when people start using their welfare checks to gamble online. In fact it can become dangerous since a person can keep on playing for 24 hours without any check. This is especially true for unsupervised teenagers or elderly.
Though online gambling happens in the virtual world, it definitely affects those who stay in the real world. Studies have shown that there is a correlation between legalized gambling and the increase in rate of criminal activities in the area. Since online gambling is in the virtual world, the effects are spread out over many countries and regions.
In fact it’s estimated that 40% of all white-collar crimes are committed by gamblers especially credit card fraud and insurance claims frauds to pay for their gambling money. US also loses $40 million in lost wages and man-hours due to gambling each year. In fact online gambling is so easy that a person sitting in the office can easily gamble without been checked. Therefore many companies have blocked out such sites or have installed firewalls in order to restrict people from reaching such sites.
According to a National Gambling Impact Study Commission, the number of online gamblers more than doubled in 1998 from 1997 to 6.9 million and revenues rose to more than $651 million up from $300 million. In fact the companies, which were involved in making the software for online gaming sites, also saw a jump in their revenues. The online gambling software industry during the same time saw their revenues jump from $445 million to $991 million.
There are no separate studies to show the jump in the revenues for the credit card industry during the same time. The economics of building an online gambling site is also music to the ears of the investors. It takes about $300 to build a mortar and brick casino, whereas it takes about $1.5 million to make a virtual gambling site.
There are innumerable sites, which offer online gambling facilities. They provide secure transaction getaways to their customers and provide a variety of games on their sites. Almost all sites have free sections, where a person can play for free (without making any payment). There are other lucrative offers such as bonus on winning, fast payouts etc.
Thus online gambling is here to stay as gambling and gamblers will never go out of fashion.