Online gambling is gambling which is conducted on Internet. It is also known as ‘Internet gambling”. It consists of the mainstream like Virtual poker, casinos and sports betting. The first general public online gambling opened at Liechtenstein international lottery in October 1994. In today’s world the estimated value of this industry is about $40 billion globally each year.
Many of countries ban online gambling but in some parts of the world it is totally legal such as in USA (Las Vegas is called as gambling town) and it is legal in the most of the Caribbean. To promote gambling many of the companies give low effective tax rate to foreign investors (tax havens).
Before qqonline there was software developed by micro gaming, as Isle of Man based company. After that in 1991, Anlijuaand Barbua passed the free trade and processing Act that allows the company to open online casinos. We can estimate the popularity by this, in the late 1990s, there were only 15 online gambling sites but there was, a substantial increase in gambling sites to 200 by 1996. Gambling has become one of the most lucrative businesses on the internet. UK (United Kingdom) stated that the turnover of over $84 billion. These are some popular gambling game given below:
- Sports betting (horse race)
- Mobile gaming
- Qq online
In India according to Supreme Court of India, rummy is a game of skills and it is not considered as gambling. It is illegal in Maharashtra under the “Bombay wage act”.
According to ECGB European gaming and betting association, online gambling is growing sector in modern era. The estimated revenue of this industry is about 29.3 billion euro by 2022. Market value in 2018 was 22.2 billion euro and there was substantial increase in the market value of gambling from 20 billion (2017) to 22.2 billion in (2018). Now the value of online gambling is estimated as 23.2% of the total European Union gambling market activity. On the other hand, offline gaming had total GGP of 73.5 billion euro, account for 76.8% of the total EU market activity.
In the online gambling sector, there is a risk of the chance of money laundering. It has been shown in report that the mainlyunverified electronic funds transfer internet in online gambling which leads to criminal activity. A BBC investigation in 2019 suggests that how cryptocurrencies such as bitcoin were used for underage gambling leads to money laundering as well as corruption.
UK gambling commission suggests that approximately 0.9% of adults are involved in online gambling and it is continuously increasing. Gambling problem was found in those who generally participate in playing poker at a pub or a club, dog races and online machine game. It also leads to severe health problems.
Virtual nature of qq online become very risky because of the fraud sites which are present. Unlike offline shuffling of cards, we cannot trust the online shuffling of cards that can be an unfair situation. We can conclude the point by saying that there are pros and cons of everything.