Online Gambling

Online Gambling can take many different forms, including but not limited to: poker, casino games like blackjack and roulette, sports betting, bingo, and even novelty betting (anything from gambling on the next president of the U.S to what the weather will be tomorrow). The online gambling market, worldwide, has grown from just under $25 billion in 2009 to a projected $56 billion in 2018. However, the roots of this industry through online mediums can be traced back to 1994 when the Free Trade & Processing act was passed in Antigua and Barbuda. This act allowed the country to offer licenses to private companies or individuals who wanted to start online casinos. While there are clearly benefits of online gambling in terms of economic growth and increased tax revenues, there are also ethical concerns that prevent lawmakers from passing legislation to allow it.

Benefits of Online Gambling

Regular brick & mortar casinos can lower unemployment, generate tax revenue, and even increase local retail sales.

Convenience

With thousands of different gambling websites and countless ways to wager money, gambling becomes convenient and applicable to many different demographics. Individuals may not live near physical casinos and even if they do, the online space offers more ways to gamble all from the comfort of ones home. No longer do players have to dress up, drive long distances, pay for parking, or worry about getting robbed of their winnings on their walk back to their car.

Privacy

Brick & mortar casinos are by nature public places. If one has the desire to wager large sums of money, they will undoubtably receive attention. The online space allows players to stay out of the public eye while having the ability to play in bed if they desire.

Examples of different types of casino games

Variety of games

When one goes to a physical casino, they are limited to the games that the casino offers. Online gambling sites often have hundreds of games including: multiple versions of poker, blackjack, slots, roulette, and keno. Players are also not limited to one website. This gives players access to pretty much any way they want to wager money and the ability to play multiple games at once. Players can also switch between different types of gambling almost seamlessly. Players can be playing poker and place a sports bet all on the same website.

Different deposit methods and risk amounts

At most brick & mortar casinos, cash is the only way to get chips and therefore make bets. However, many online casinos accept up to ten different ways to receive payment. different payment methods include but are no limited to: credit cards, debit cards, wire transfer, e-check, e-wallets such as Paypal and Neteller, mobile payment options like Zimpler and Boku, and even cryptocurrencies like Bitcoin and Etherium. Additionally, different online sites tailor to many different players risk preferences. Players can bet as much or as little at they want. Often times physical casinos have minimum amounts that players have to wager.

Sum of all Benefits

All of these benefits have led to a major increase in the amount of people that gamble worldwide. The market has been blown open and some sources claim that online gambling is the most profitable online business. The market continues to grow and is projected to be an 82 billion dollar industry by 2022. Online gambling is not completely legal in all parts of the United States and the market has still steadily been increasing. Europe continues to be the market leader in this sector but as more countries continue to loosen restrictions, this is subject to change and has the opportunity to expand the market even more so.

Ethical Concerns With Online Gambling

Age of Players

While gambling is legal in many countries and provinces, there is a minimum age required for one to be eligible to gamble. It is extremely difficult, if not impossible, to verify the age of the people using online gambling sites. This lends itself to underage participants gambling when they are not supposed to.

Example of what the player would see in a rigged slot machine algorithm

Rigged Games

Everyone knows that casinos and gambling are a business. The goal is for the house to get as much money as possible. In most if not all games, the house has a slight advantage. However, in some instances in the online space, unfair algorithms are used to put players and an even greater disadvantage. It has been reported that these algorithms have even been used to make players think that they are close to winning to encourage them to play more in a rigged system. In a documented rigging example, an online casino had a slot algorithm that gave the player two of the same slots that matched and the third one being just off. This gave players the perception that they were close to winning and encouraged them to keep wagering money.Other examples of rigging include making algorithms that give players less than fair odds in coin flip games, roulette, and even card games like poker and blackjack.

Addiction and Problem Gamblers

Problem gambling is defined as the continuous need to gamble despite repeated negative consequences. When someone is a problem gambler, their friends and family will take notice if they are gone for long periods of time and may suspect that they are at a casino. The convenience of online gambling makes it almost impossible for others to take notice, and limits the individuals ability to get help. Additonally, the convenience of online gambling eliminates the hurdle of actually having to travel to a casino. When someone is a problem gambler, they are told to avoid places that allow them to make wagers, however the online space surrounds us constantly whether it be a phone or a computer, making it even harder to resist the temptation.

Fraudulent Websites

With such an explosive market like online gambling many people are jumping on the opportunity to make gambling websites. However, with such an unregulated industry, many are making fraudulent sites with the purpose of scamming players out of money. Physical casinos are regulated by the local gaming commission who enforced tight laws to ensure people do not get scammed.