It’s inevitable that federal law will one day be passed to regulate internet gambling. Nevada’s Republican Senator Dean Heller and Congressman Joe Barton are preparing to introduce bills regulating online poker. Senate Majority Leader Harry Reid is also working on legislation that would allow online casinos. But it will require a uniform set of laws across all states, and states must be willing to prioritize revenue generation. After all, no taxing authority wants to get left out.
Legitimate online casinos must have a gambling licence issued by a government-owned authority. These authorities oversee and control the gambling industry. A gambling licence will prove that the casino is regulated by the authority. In addition, gamblers who refuse to use legitimate online casinos run the risk of falling victim to scams and illegal gambling websites. For your protection, look for gambling sites with a licence from reputable authorities such as the iGaming Ontario, Kahnawake Gaming Commission, and the United Kingdom Gambling Commission.
Unlike brick-and-mortar casinos, online gambling sites are easy to use and offer the same game offerings as traditional casinos. To start playing, you’ll need to fund your account, choose a game, and then follow the instructions. If you’re not sure what game to choose, you can take advantage of online casino no deposit bonuses to get started.
While gambling is primarily a matter of state law, federal law can be a helpful tool for enforcing state law. Federal law reinforces state law, but interstate and foreign elements often frustrate state enforcement policies. This is why state officials are concerned that the internet could become a platform to introduce illegal gambling into their jurisdictions.
The online poker industry is a $15 billion industry. It is estimated that six percent of that revenue comes from outside the U.S. However, players in the U.S. pay a high price for illegal overseas-based sites. They often face a high withdrawal penalty, which can exceed 20% of their winnings.
Another benefit of online gambling is that there are no physical requirements. Online casinos are open 24 hours a day. But the downside is that online gambling doesn’t have the same feel of a traditional casino. A traditional casino has flashing lights, a crowded floor, rattling slot machines, and loud music.
Legalizing internet gambling would help regulate the industry and protect consumers. But a comprehensive federal law would also lead to a mini-gold rush for the biggest gaming companies. Companies like MGM Resorts International (MGM) and Caesars Entertainment Corp. (CZR) will be able to offer every type of online game. The gambling industry also says it’s a good idea to create a new office to oversee gambling activities.