There’s no doubt the internet has become a reflection of our daily lives. Things you once could only do in-person can now be done via the Internet. It isn’t just limited to shopping at home. The gambling industry has benefited immensely from the Internet. This was always going to happen, considering the profitability of the industry.
Legal Framework Of Online Casinos
The border-less nature of the Internet is great if you want to sidestep your local laws. But it’s a nightmare for government regulative authorities like the SEC. While the Internet is never completely anonymous, the difference in laws between jurisdictions makes it easy for the owner of an online casino to live in the USA, despite online casinos being mostly illegal in the USA.
Of course if you have billions of dollars, it’s not particularly difficult to own a casino in Brazil yet reside in a completely different country. But the internet has made it easier.
But for an online casino to comply with it’s local regulations, it needs to at least respect international law to some degree. This is despite the varying laws between jurisdictions, it is still possible to prosecute offenders if there exists a treaty between nations. For this reason, the majority of online casinos won’t accept you as a player if you reside in the USA.
With online gambling being “big money”, it is inevitable that the USA would want a slice of the pie. Gradually, online gambling is being legalized throughout the USA. Not doing so would put the USA casinos at a huge disadvantage, not to mention the USA’s revenue would suffer. Gaming law is generally state law, rather than national. So it is up to each individual state to legalize and regulate online gambling. One particular US state is New Jersey, and here you can see a list of NJ online casinos.
Difficulties Regulating Online Casinos
Online gambling comes with a huge set of problems. Regulation is only one facet. For example, how can a government be assured it’s citizens don’t gamble in one of the many online casinos? Especially with the rise of anonymous cryptocurrencies, any gambler can easily play online regardless of where they live – or their local laws. Why should this concern government regulators? Because it means money is leaving the country. It means lost revenue. You might argue it should be none of the government’s business where you decide to spend your money. And you may be right. But when it comes to the matter of billions of dollars, the governments are bound to step in.
Benefits Of Proper Regulation
Regulation has both a good and bad side. On one hand, regulation can infringe on your rights. After all, USA citizens may not be able to bet at casinos they like.
On the other hand, do you really want to bet at a rogue online casino that is not required to follow any laws or guidelines? Rogue and unlicensed online casinos have become a problem, although they aren’t difficult to identify with a bit of research.
Properly regulated online casinos better ensure you wont be cheated, and that you’ll be playing certified fair random games. It also gives you better assurance that you’ll be paid your winnings.
A regulated casino is not a guarantee you’ll be paid winnings. If you check the fine print of online casinos, you may notice many can refuse payouts if they suspect you have in any way breached the terms of service. This type of condition has been ruthlessly used by dishonest casinos to refuse payouts. Yes, payout refusal still occurs, and even with properly licensed casinos. And the casino knows you aren’t going to start a legal case against them to chase a payout of perhaps $1000. It just isn’t economically feasible.
Fortunately, most online casinos do honor payouts. Probably because they know if they don’t, the consequential bad reputation will cost them even more.