Online gambling began in the 1990s, and many viewed it as a way to circumvent the regulatory requirements of the government. Because online gambling operations could be located offshore, anyone with a computer and a credit card could access them and place wagers. As online gambling became more popular, Congress and the Department of Justice began to explore ways to regulate this new industry. In the interim, the business has grown exponentially. But are there any regulations that can ensure safe and responsible gambling?

Legalization

Legalization of online gambling will create a huge tax windfall for the government and also allow people to escape from a monotonous lifestyle. It is also beneficial for our health as gambling is a proven stress buster. The world economy grows when people purchase durable and high-quality goods. In turn, this multiplier effect leads to new jobs. But, legalizing online gambling will only change the driving force of the economy. Currently, online gambling is prohibited in most countries.

Regulation

The European Commission has recently approved new guidelines to regulate online gambling. The aim of the guidelines is to ensure consumers are adequately protected and to promote responsible advertising and sponsorship of online gambling. The European Commission has facilitated cooperation between national gambling regulators by authorising CEN member states to issue a voluntary European standard on reporting online gambling data. This voluntary standard will help EU governments supervise online gambling services and facilitate the flow of information between regulators and suppliers.

Impact on gambling disorders

The impact of online gambling on a person’s mental health is not well understood. However, some researchers believe that the online world may be a contributing factor. According to the Diagnostic and Statistical Manual of Mental Disorders (DSM-5), online gambling can cause mental health problems, especially gambling disorders. The DSM also lists a new category for online gambling, called Internet Gaming Disorder. Although not conclusive, the new category may help identify individuals who may be affected by online gambling.

Legality

While legality of online gambling is a hot topic, there is a great deal of gray area. Although some states do allow online gambling, many others do not. There are still sites and cryptocurrencies that you can use to participate in online gambling. However, you should be aware of the risk associated with using cryptocurrency and accepting online gambling advertisements. This is a red flag. Below, we will discuss some of the most common forms of online gambling and the legality of each one.