Online gambling is any form of gambling conducted over the internet. This includes casinos, poker and other forms of sports betting. The first online gambling site opened to the public, was online ticketing for the world’s first virtual casino, the Liechtenstein International Poker tournament in October 1994. Since then there have been more than a dozen online gambling sites.
With the growth of the internet there has also been an increase in the number of websites that offer games such as blackjack, baccarat, craps and roulette. Some of these are owned by traditional casinos while others are operated by offshore gambling companies. Some of these offshore gambling companies are based in countries such as Panama and Bahamas. In addition, you can find an increasing number of online gambling sites that are operated in other countries such as the UK, US and Sweden.
When you participate in online casinos you will be required to provide personal and financial information. This information will include your name, address and contact details. When you make deposits to your account it usually requires proof of citizenship or residence in order to prevent fraud and identity theft.
Once you have made deposits and you wish to place your bets you will need to provide your contact information and your bank account information to enable you to place your bets. The process of withdrawal requests can be done through the use of your debit or credit card. Many online casinos allow you to make deposits and withdrawal through a single interface. Withdrawal options are usually easy access through a bank account.
As a matter of international business agreements online gambling websites are required to follow the terms and conditions laid down by the law. The Wire Act is one of the most important pieces of legislation that govern the transfer of money over the internet and it has to be implemented accordingly. All Online gambling websites that operate in the US are bound by the Wire Act and must follow its regulation. Some of the major elements included in the Wire Act include:
In the UK there are two types of regulation for online gambling. Parlay sites and Direct players. Both of these are subject to theFABIE Act 1997 which regulates the transfer of funds from a player’s bank account to a software publisher’s account. The main difference between the two is that a parlay site is a form of internet gambling in which the person who plays the game does not need to use his own money to wager; instead he pays into a gaming fund provided by the software publisher. Direct players on the other hand are restricted to gambling in their own countries. Direct players include the Ladbrokes Poker House and Intercasino which do not allow players to wager directly with their bank accounts.