The Dangers of Online Gambling

Using the Internet to engage in illegal gambling is a crime. It isn’t just betting on horses or blackjack, it includes gambling in other forms, such as selling chances.

There are several federal statutes that are implicated by gambling on the internet. The Unlawful Internet Gambling Enforcement Act (UIGEA) is perhaps the most significant. It prohibits people from transferring money to online gambling sites. It also prohibits accepting financial instruments from illegal Internet bets.

The best way to do this is to shop around. Many casinos offer special bonuses and promo codes that will boost your bankroll. Some will also offer free spins and gifts. They might even mention seals of approval.

A number of state officials have expressed concern that the Internet could be used to bring illegal gambling into their jurisdictions. Some banks are hesitant to process internet gambling transactions in certain countries. However, many of these sites will pay lower taxes than land-based casino establishments.

In terms of the size of the industry, the estimates vary. One report by the National Gambling Impact Study Commission estimates that the online gambling market was roughly $2 billion in 2000. Bear Stearns & Co, Christiansen Capital Advisors, and the Department of Justice have all attempted to provide estimates. The biggest online gambling revenue generator was sports book betting. In 2005, sports book betting generated approximately one-third of all Internet gambling revenues.

Another tidbit to be noted is that the most popular locations for online gambling are the British Isles, the Caribbean, and Central and South America.