Online gambling is a popular pastime for people across the world, and the popularity of online casinos is only growing. While it used to be a novelty a decade ago, lawmakers are finally catching up and are enacting regulations. Even so, rogue operators still find ways to operate. For example, third-party review services take a cut of every conversion, making it difficult to keep an eye on them. Fortunately, a number of reputable online casinos are regulating their practices.
Although online gambling is legal in many places, the United States is the strictest when it comes to laws regulating this industry. The Federal Act Wire of 1961, for example, prohibits interstate wagering on sports, but does not regulate other types of gambling. Moreover, the Unlawful Internet Gambling Enforcement Act of 2006 disallows payment processors in the United States from participating in transactions related to online gaming. In spite of these restrictions, most online gaming companies have moved their operations offshore.
While online gambling has remained illegal in some countries, it has grown quickly in other regions, particularly in the US. According to the latest Research & Markets report, the industry is expected to reach $92.9 billion by 2023. That’s a compound annual growth rate of 11.6%. The proliferation of online gambling has fueled a boom in online betting. Several emerging technologies, including IoT, VR, and Metaverse, have allowed the industry to grow rapidly.
The online gambling industry is fast growing. According to a report from Research & Markets, online gambling will generate $92.9 billion in revenue by 2023, with a compound annual growth rate of 11.6%. Other emerging technologies, such as blockchain technology, will make online gambling even more appealing. In fact, the industry will be worth up to $1 trillion in 2023! Its appeal is compelling enough to make it a hot topic. But it’s important to keep in mind that consumers are vulnerable when it comes to online gambling.
In the US, online gambling has long been illegal. As of 1997, there were fifteen gambling websites and 200 in the U.S. alone. A Frost & Sullivan report published in 1999 revealed that online gambling had exceeded $830 million dollars that year. The first poker rooms were launched in 1998, and in 1999, the US Senate introduced the Internet Gaming Prohibition Act, which would have prevented online gambling for US citizens. Nevertheless, the legislation was ultimately not enforced. In addition to the repressive nature of online gambling, the Internet Gaming Prohibition Act, which is currently in place, isn’t a good idea.
The popularity of online gambling has grown tremendously in recent years. As of 1999, there were more than two hundred gambling sites and a total of eighty million dollars in revenues. As of 2012, there are more than nine hundred and twenty million websites worldwide. Earlier, the industry was mainly limited to American citizens, but it has since been embraced by many other countries. There are currently over one million online poker sites. In the United States, the industry is growing fast.