Online Gambling Issues – Overview

Oct 21, 2021 Uncategorized

Online gambling is any type of gambling conducted via the internet. This includes online casinos, virtual poker and sports betting among others. The earliest online gambling venue open to the public, was online ticketing for the first Liechtenstein International Poker tournament in October 1994. Since then, many gambling sites have grown and developed, with many requiring an online gambling license to operate legally in various jurisdictions. These days, many online gambling sites offer other types of games and betting opportunities such as high stakes poker, blackjack and other slot games.

In the US, online gambling has come under serious scrutiny in recent years because of the proliferation of websites which are either illegal or offering illegal transactions. One example is Cryptocash. This website, which is said to be the first fully operational offshore currency trading company in the world, was shut down by the Federal Trade Commission because it was laundering money. The owners were given a fine of $400 million and three years probation for allowing the service to circulate illicit funds. The scandal marked the beginning of the age of Cryptocash, when several other online gambling sites which had been operating outside of the US were forced to close down because of similar charges.

A second major issue which came to light was the regulated deposit feature provided by some online gambling sites. Many sites would allow players to make deposits in excess of the maximum amount that may be deposited to their accounts. However, when those players want to withdraw from their account, they would have to first get a withdrawal request approved by the casino before they can do so. This often involves a request for additional identification documentation from the players. Some regulators believe that this practice is designed to prevent players who may be withdrawing large sums of money from getting their hands on the money first.

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