Avoiding the Pitfalls of Online GamblingAvoiding the Pitfalls of Online Gambling
Getting a piece of the online gambling action can be fun and exciting, but it’s important to understand the potential risks and rewards. It’s possible to lose a lot of money and it can lead to addiction. If you aren’t careful, you could end up with a large debt and/or a financial crisis. Fortunately, the best way to avoid the pitfalls of online gambling is to take responsibility for your actions.
For example, you might want to keep your browser closed when you enter a website, unless you’re using a secure connection. Another thing to keep in mind is that you should never bet money you cannot afford to lose. Whether it’s your hard-earned cash or a family member’s credit card, don’t spend it on gambling. Instead, set a budget and stick to it.
On a more positive note, online casinos can often offer a more sophisticated game experience. They’re also more likely to be honest about their odds and the games they offer. They may even offer free spins, promo codes, and other resources to make their games more appealing.
However, the best part of online gambling is the possibility of winning real money. Although it’s unlikely that you’ll win thousands of euros on a single spin, you can still expect to walk away with a few hundred. Depending on your luck, you can expect to lose between two and five dollars on every $100 you wager.
The first online gaming venue to accept the general public was the Liechtenstein International Lottery. In the ensuing years, online gambling has expanded, and there are now hundreds of sites that allow users to place bets on sports, poker, and other casino games. The advent of mobile gaming has allowed players to gamble from anywhere, at any time. Many countries haven’t yet accepted online gambling as a legitimate form of entertainment, and some banks might not process transactions with these companies in certain countries.
As a result, some states have enacted legislation to legalize online gambling. In Nevada, for instance, online poker is now available to residents of the state. Other jurisdictions have begun to consider online gambling legislation. New York Republican Congressman Peter King introduced the Internet Gambling Regulation, Consumer Protection Act of 2013. The bill proposes that a new office of “gambling oversight” be created, which would be attached to the Treasury Department. It’s a bold move, but it’s one that many lawmakers in the gambling industry support. It’s a common misconception that online gambling is more difficult to police than live gambling, but in reality, it’s easier to catch deceivers.
In addition to the CRS Report RS21984’s citations of relevant federal laws, there are a number of other useful documents that can help you decide whether to play the online gambling game of chance. In particular, the United States v. K23 Group Financial Services case is a criminal case that charges Internet poker operators with 18 U.S.C. 1955 violations. In this case, the government is accusing the defendants of money laundering.