Online Gambling in The Philippines
Online gambling is any type of gambling which is conducted on the internet. Online gambling encompasses online poker, an online casinos and online sports betting. The first gambling website online accessible to the public was ticket selling for the inaugural Liechtenstein International Poker Tournament in October 1994. The industry of online gambling has experienced tremendous growth since the time it was first introduced. There are hundreds of gambling websites.
There are many benefits of online gambling. One of them is the possibility to access real money. Gambling online can be challenging for many people because they don’t have to physically engage with the game or place bets. But, it is important to remember that you are still engaging in the same behavior that you would have when you gambled at an actual brick-and-mortar casino. You are still taking chances and placing your money in an unfamiliar setting. It could be worth a shot in the end, all things being equal.
Many states across the USA have taken steps to protect internet gambling. These include passing legislation forbidding betting on the internet and making it illegal under the law to operate an online gambling site in certain regions. The Internet gambling industry is massive, estimated to be worth billions of dollars every year. However, the recent economic crisis and the problems associated with betting on the internet in the US could be the end of this booming business.
Online gambling has been closed by some individuals and companies. Betfair recently purchased the world-famous Pagcor. Despite promises of new-found fortunes for Pagcor, the announcement of the company’s bankruptcy has sent shockwaves throughout the world of online gambling. Betfair and other companies involved in the online gambling industry are now scrambling to figure out how to do with their Zimpler casino once-profitable businesses.
Another group that is feeling the effects of the recent economic crisis are casinos online. A group of fierce investors headed by Steve Ellis sold a large portion of their shares in a variety of US online casinos to finance a variety of new ventures. This included the purchase of several Canadian online casinos. The hope is that this will result in more gambling opportunities on the international stage.
Due to the current economic crisis The UK’s online gaming business is in danger. Many online gambling sites and gamblers at individual level are losing their bet capital. In one case the principal stake-holder for an UK online gambling site has stopped playing. This is due to his fear of the loss of his cash flow. Similar to the US where online gambling websites saw their revenue drop by up to forty percent during the current economic downturn, the scenario here is similar.
Recent scandals within the online gambling industry in the Philippines have also had a negative effect on the gambling opportunities available in the country. Numerous prominent gamblers have been accused of being involved in the scandal that rocked the internet gambling industry in the Philippines. They include some of the nation’s most powerful men and prominent businessmen, politicians and famous personalities. They were all involved in online gambling activities directly or indirectly through close acquaintances.
Despite recent scandals, the amount of Filipinos engaged in gambling online is still rising. The growing amount of Philippine internet users is also an enigma to the online gambling industry. There have been several incidences of cyber crimes within the Philippines that targeted gaming websites. The Philippine government Norppa has stated that they won’t permit the proliferation of gaming websites that engage in cyber crime.