Online gambling is a very hot topic these days and many U. S. States are investigating the regulation of online gambling, on the flip side, there is a Federal Bill that seeks to ban online gambling. With so much hoopla around this tricky subject, there are many myths surrounding this thus people are not sure what is myth or fact.
We seek to separate fact from fiction and try to give you the best and most correct information a regarding this issue.
Myth #1: Online Gambling Will Lead to Crime and Money Laundering
Currently there are two online gambling markets that American players participate in. The first is a small market consisting of only three states who have regulated online gambling, Nevada, New Jersey and Delaware. These are the only states that have regulated online gambling and are in full control of this. The other option Americans have is they play on what is considered illegal gambling market, where players participate in offshore gambling sites to play their favorite games.
Since three states have online gambling, they also have fully regulated these gambling sites to there is no chance of crime or money laundering. The most likely places for crime and money laundering would be on illegal gambling sites, on these illegal online gambling sites consumers have no protection because they are not registered, regulated and no controls are in place.
Preventative measure in place on regulated Online gambling sites are:
The Depositing and withdrawal of large sums of money on online casinos needs compliance with the Bank Secrecy Act as well as USA Patriot Act these are the two powerful anti-money laundering tools in place today. Offshore gambling sites do not have such compliance with these acts.
Player-to-player money transfers are not legal on regulated online casinos,therefore this is another way that money laundering on regulated gambling sites are prevented.
On regulated online casinos all players are limited by their location when playing on such casino, and the three states make use of the most sophisticated geolocation technology, therefore anyone what is not within the located boundaries are blocked. This is a further method used to regulate money laundering.
Myth #2: Online Gambling Will Not Bring in Any Revenue
Like any enterprise, online gambling casino in the three states have found that revenues were not as large as expected, they are still generating revenues and paying tax on that revenue so the states are benefiting from it as well.
Fact: between 2003 to 2010 Americans spent an enormous amount of money on offshore and overseas websites, it was found to be a staggering $30 billion. If this money was being spend onshore at regulated gambling sites many different states would benefit from the tax on this spend.
Myth #3: Online Gambling Will Lead to Underage Gambling
Once again the three states who have legalized online gambling have put into place technology that is superior to land-based casinos to regulate under-age gambling. All customers who go onto regulated online gambling sites need to submit a "Know Your Customer" check, this will then have all names run through a licensed third-party or a government database to root our under-age persons, it also roots our people who have a criminal record and thus prevents them from playing on online gambling casinos - this is another method of preventing money laundering.
Myth #4: Online Gambling Leads to Gambling Addiction
This is the one we find most incredible, playing online is no more addictive to playing on land-based casino, there is a fear that players using their mobile devices would become more addicted to gambling. When you consider that $30 billion is being spent on offshore and overseas gambling casinos by Americans over 7 years , this debunks this myth as Americans are already gambling regardless of prohibitions in place. A person who wishes to gamble will find a way no mater what, so surely it makes more sense to give them a regulated platform to gamble and have more control over the situation. The Three States that have regulated online gambling also have technology that can spot addictive behaviours and have resources to obtain help for these players. This is not happening on offshore and overseas online gambling sites.
It makes more sense to have control of online gambling sites providing a safe environment for players and total control of any chance of money laundering or crime.
