Tag Archives: gambling

Online Gambling and US Economy

Online gambling in the United States is considered a billion dollar industry before the enactment of the unlawful Internet Gambling Enforcement Act last 2006 which prohibit businesses from accepting credit cards, checks, or other bank instruments from gamblers who illegally bet over the Internet. These billion dollars are probably used to be to support and strengthen the US economy. Compliance with those censors and regulations would be enforced by various federal agencies as well as state governments, and violations would be subject to new civil remedies and criminal penalties. It was recorded that most of the online bets are coming from the United States approximately with about 80 per centum or beyond. In addition, things are getting worse to the US government. Recently, they have already an arrangement to pay millions of dollars as payment for the penalty of the island Antigua. This is due to poor compliance of the decision of World Trade Organization when it comes to online gambling.

Some of the US Presidential candidates have strong understanding towards the role of this action in the lives and progress of the country in a legalized form. There are some pros and cons in the legalization of online gambling, Republican Ron Paul speak out against any form of internet gambling prohibition, in contrast, a well-known poker players, Hillary Clinton and Barack Obama are in support of this issue.

Online gambling is a competitive business many gambling sites will provide good offers to get potential gamblers to use their site and stay with them. It brings many benefits to the countrymen. As time passes by, these Internet gambling companies would bring more employment to the Americans. One best example how beneficial the industry is at the online gambling destination of Costa Rica which is among the highest paying industry in the place. Many gambling operators raise millions of dollars back into the Costa Rican economy. The industry requires a skilled work force with highest knowledge in English.

Online gambling in many ways illustrates just what is wrong with the US economy today. Jobs and whole industries are emerging elsewhere in the world with less and less being fed back into the American economy. The whole world was feared especially American highest officials, economists and business leaders as well to the possible dragged down of the US economy. Political and business leaders with nearly 2,500 members gathered for a severe meeting about the present US economic situation at the Swiss skiing resort of Davos.

The International Monetary Fund (IMF) chief Dominique Strauss-Kahn recently announced for the economic forecast the following week to keep track what will happen for the economy in the mere future. In many ways, online gambling shows just what is happening with the US economy situation today. With the flowering economy of Costa Rica, this will be the substitute to support to the world economy as IMF chief stressed out.

Is Gambling Legal In The USA

Many individuals wonder where or not they can gamble legally on the Internet in the United States. The answer is that gambling is not completely illegal in the United States. While many individuals may try to get you to believe that online gambling is completely illegal, this is simply not true. Online gambling is perfectly legal but there are some aspects and areas where gaming online can be illegal.

First, individuals are not allowed to use any sports betting services on the Internet today. Any casino website that provides this service is in violation of a law regarding the transfer of information about sports betting through electronic means. This a federal crime which can be punished by large fines as well as time in federal prison! Several companies have attempted to appeal this ruling; however, they have been largely unsuccessful. Individuals also should understand online sports betting is unlikely to be made legal any time soon.

Internet gambling in games of chance has never been ruled illegal at a federal level. However, there are some states that have passed legislation banning online gaming in their state. One of these states is Louisiana. UIGEA is the first attempt by the federal government to interfere with individual gambling opportunities. The UIGEA made it illegal for banks and online gambling companies to transact with one another. This measure was supported by the NFL while the banking industry vehemently opposed individuals being able to hide behind this act.

There are a number of attempts that have been made at both the House of Representatives as well as the senate level for individuals to be able to pass regulations of the online gambling industry. While many of these attempts have ended in failure, each attempt gets closer and closer to passing successfully! June 2009 passed the first action by the United States taking individual players funds and impounding them. The U.S. DoJ seized over $34 million from 27,000 player accounts in the district of southern district of New York. A committee on taxation that reviewed potential tax revenue from online gambling stated that up to $42 billion could be collected over the next ten years from companies that were given a legal license to allow gambling on the Internet.

Internet gambling has been passed as legal in New Jersey. The only form of gambling that remains illegal on the Internet in New Jersey is sports betting. However, it may be approved at a later date should voters decide to do so or the legislation of the state approves it. Many individuals believe that online gambling remains illegal in the United States due to problem gamblers. While there may be some individuals who have a gambling problem, many of these individuals do actually visit online casinos. 80% of people who gamble online have a gambling problem. However, there are programs that can be put in place to assist them. Also, money laundering in online gambling is a non problem according to the government as well as casinos.

Even though online gambling is not illegal in all US states it is still hard for players to make a deposit. Fortunately there are still some poker sites that take eChecks which is currently the best deposit option for American players.