The gambling industry has moved a long way since the times when Vegas was considered the only place to place your bets. Nevertheless, UK gambling market is still fairly immature. We have been betting on horses for centuries, but online for hardly a decade.
The biggest growth came for 2005 and 2006, which attracted media, public and investors due ot he huge potential the gambling market represents. The concept of free bets has only been discovered thanks to online gambling. online casinos have been seriously hit by the recent gambling regulations though. Firstly, none of the online casinos outside the EEA (European Economic Area) are permitted to advertise any more, unless they are on a “Whitelist”, which is a list of all the operators that have received exclusive rights to advertise for being genuine, safe and secure for the user. The fact that UK bookmakers are now also prohibited to accept bets from US users, who used to generate the most profit for the UK businesses, came as another huge hit to the operators’ profits.
It seems that with the development and rapid growth of the industry, the governments of most countries started getting concerned about the threats the industry brings, such as crime, fraud, underaged and compulsive gambling and so son. America went further than anyone else in “protecting” their citizens by banning online gambling all together, but the laws are very unclear, as they vary from state to state and have exclusions, such as scratch cards and lottery tickets. The ban has been critisized by many, including some government officials. There are speculations that US government introduced the law to be more in control of such profitable market, as most of the online operators were based outside the US borders.
Even Russian government is planning to introduce gambling regulations by 2009, which made its gambling giant, Ritzio Entertainment Group, look elsewhere to ensure the contengency plan is in place if the regulations are to be introduced.
I am very interested in what you have to say about this. Do you think that our “protectors” are in it to help and ensure safety and security or there is a hidden agenda there? Please leave your comments below.