As the internet penetration in North America increases, more people from across the globe are flocking to the numerous online gambling websites. Gambling has always been a part of the online social scene. Social networks such as Facebook, MySpace, and Twitter have made it possible for people to interact with each other based on common interests. This form of social interaction has led to the rise of online casinos. In fact, in just one year alone, online gambling has grown in popularity in the USA.
Nowadays, there is a high demand for gambling online. It used to be an exclusive domain of the rich and the famous. However, given the availability of high speed internet, more individuals can now gamble from their homes. Although internet gambling is mostly associated with poker and blackjack, online casino gambling also covers a wide array of games. From sports betting to heavy casino gaming, North America is becoming the new gambling capital of the world.
The online gambling industry is estimated to be worth $2 billion dollars in North America alone. This huge figure is made up of online casinos, internet casinos, software developers, financial institutions and the like. If we further add the tourist revenue, the North American online casino industry will definitely grow and expand at a rapid rate.
In terms of legal requirements for setting up an online casino in North America, each state has its own specific regulations and rules that have to be followed. A quick glance at the local business laws will give you a better understanding of the legal requirements that have to be met in case of online gambling. In addition to this, all the licenses that are required to run a business will have to be applied for separately. Hence, before you get your hopes too high, it would be best if you take into account that the legal requirements for online casinos in the US are different from other parts of the world.
North America offers the biggest prize money in the online gambling market. Although the laws and regulations for online casinos differ from one country to another, there are several factors that contribute to the large prize money in the online gambling market. For starters, in North America, casinos are run and regulated by the states where they are opened. Hence, aside from taxes and other state levies that are imposed on real casinos across the US, online casinos also enjoy state tax benefits and rebates that are extended primarily to the online gambling industry.
However, even with the large prize that the North American online gambling market boasts of, it is not without its challenges and shortcomings. In general online casinos face many problems in terms of security and reliability. As a result, players tend to be skeptical about the honesty and reliability of online gambling sites. This may be due to several reasons including the numerous reports of cyber-thefts and other criminal activities that have been committed by hackers or thieves associated with online gambling sites.
Another disadvantage faced by the online gambling industry in the North America is the lack or non-existent regulation and control by government. Despite requests from countries such as the United States of America and United Kingdom, which have placed extensive controls on online gambling, the laws and regulations regarding online gambling in these countries are either not effective or have not been fully implemented. The result of this is that despite the attempts of the authorities, they are unable to prevent individuals and organizations involved in online gambling from taking advantage of citizens and using their services for illegitimate purposes. As a result, the lack of effective and stable laws and regulations has left the online gambling industry open to all kinds of attacks by criminals and undesirable elements.
As a result, many US states and Canadian provinces have taken measures to combat the negative effects of online gambling by placing limitations and prohibition on online gaming. However, in spite of these efforts, the online gambling market in the North America is increasing day by day. And with the growth of the online gambling industry in the North America, the challenges and risks faced by the online gaming industry are likely to face a more difficult challenge in the years to come.