Online gambling is any type of gambling conducted online. This includes casinos, live poker and online sports betting among many others. In 1994, the first ever online gambling site open to the public, was Ticketworld for the then still secret Liechtenstein International Casino Games. This paved the way for online gambling in many other countries such as United Kingdom (UK), Australia, U.S.A., Canada and even in some parts of Latin America. All of this brings us to why online gambling is considered as one of the largest and fastest growing business in the world today.
The online gambling industry is said to be worth somewhere between a hundred and six billion dollars a year with revenue growing exponentially every year. That is because online gambling has cut traditional casinos short in terms of their potential revenue and services offered while also cutting costs by not having to pay property rent or operating costs like paying taxes. Online betting companies have been able to save a lot of money from this cut and still offer the same quality services that a traditional casino would. This also makes online gambling a popular choice amongst a wider range of people who otherwise wouldn’t consider gambling on a regular basis.
One of the biggest issues that are being addressed when it comes to online gambling is the U.S. v. Cryptocurrency Legal Considerations. Since Cryptocurrency is not recognized as legal tender in the US, which makes it nearly impossible for an online gambling site to function. There are two different sides to this coin however. On one side are those who feel Cryptocurrency is not legal tender and should not be controlled by the US government or any other jurisdiction. On the other side are those who feel that, because Cryptocurrency is traded on the Internet which is not a tangible object, it is not subject to the same laws as tangible objects such as money.