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The Future of Online Casino Gambling in the United States

24 April 2010 by Devon Chappell

Gambling. Just the word alone brings with it a lot of baggage. A controversial activity – to say the least – what makes gambling different than most other heated issues (like abortion) is the fact that just about everybody gambles, whereas not every woman has or is going to get an abortion.

Just think about it. How many people do you know with a retirement plan or IRA? How many people do you know who own a house? How many people do you know who invest in real estate, the stock market, or even a new business opportunity? Just about everyone you know, including yourself, is – directly or indirectly – participating in one form of gambling or another. The only difference between “everyday” investing and casino gambling is that the latter at least provides a form of entertainment and diversion.

Granted, not every form of gambling has the same degree of volatility, just as every casino game has it’s own volatility level. However, some of the most common forms of investing in today’s financial market are as unpredictable as the most volatile casino games. We have always been told that when you buy property and/or a house, it’s value is pretty much guaranteed to go up. Could you have every predicted the crash in the housing market, which contrary to all “safe” investment practices, have actually lost value?

I could have never imagined that when my father-in-law had to take a new job and move from Florida to Delaware that his beautiful home would not be able to sell, and that his only option would be to settle for a buyout from his company, which was way below what he originally purchased the house for. In effect, it was an unlucky wager. He couldn’t hold out any longer, just like you can’t always hold out as long as you would like to at the Blackjack table. Sometimes you have to take your losses before it’s all gone.

So, where am I going with all this (besides the obvious fact that I’m trying to prove that casino gambling is no different than most other things we do with our money)? Well, in particular, I am trying to bring some attention toward the fight to ban online gambling in the United States. I mean, really, the Unlawful Internet Gambling Enforcement Act (UIGEA) is one of the most hypocritical laws ever to be passed. Congressman Barney Frank said himself, “the UIGEA is the stupidest law ever passed”, which is actually more apt, considering all the benefits that would come from regulating online gabling and the harm that will come by making it illegal and attempting to enforce an impossibility.

I certainly understand the concern about underage gambling and wanting to protect minors, which truly isn’t the foremost concern of politicians who support an online gambling ban (Believe me, the politicians who have spearheaded the UIGEA, have great backing by the land-based gambling industry, which predominantly considers online gambling a threat to its own welfare. Just do a search on the foremost proponent of the UIGEA – Senator Jon Kyl – and you will find an assortment of kick-backs from the brick ‘n mortar gambling and tobacco/alcohol industries).

However, banning online gambling will not stop minors from gambling at online casinos. Online casinos, especially those being run by inscrutable crooks, will find a way – just as they do to this day – to skirt around financial roadblocks and not only take money from minors, but cheat them out of their money. Even in today’s unregulated online gambling landscape, adult U.S. citizens are frequent victims of fraud and unfair odds. Of course, there are some reputable US online casinos doing business and holding offshore regulatory credentials. However, there are also online casinos being run my the Israeli mafia and being promoted to U.S. citizens.

Now, if the U.S. government would follow suit to Great Britain, where all forms of internet betting, including online casino gambling, poker and sports betting, are being effectively regulated – meaning that at a minimum fair odds are being ensured, and that underage/problem gambling is being effectively prevented and treated – the criminals would essentially be put out of business. It’s exactly the same thing that happened with prohibition, and unless the U.S. government does not wake up and take address of its own hypocrisy, billions of dollars will be wasted, and all the while U.S. citizens – many of whom will be taken advantage of – will continue gambling online.

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2 Responses to “The Future of Online Casino Gambling in the United States”

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  2. Anonymous says:

    When you think USA will regulate this? we are waiting for long to get a positive answer.