The online gaming world has generated billions of dollars, with millions of companies about the world fighting, buying, crafting and advertising in a range of online environments. Online games are omnipresent on modern gaming platforms, including PCs, consoles and mobile devices and have been divided into a different genre, including strategy games, first-person shooters and massively multiplayer online role-playing games(MNORPG).
Online games include teenager girls and boys; adult men and women ad the elderly have not been left out. The industry has seen a 6% growth since then. And with the speed it is growing by the end of 2021 we expect that it will grow to $180.1billion!!
Games are growing at a healthier rate than Hollywood!! But the home of Hollywood, United States doesn’t give complete freedom of online gambling to its citizens. It is always the burning topic of debate whether in every state online gambling should become legal or not. Everyone has different opinions over it but most people are difficult to fully understand what is forbidden and what is permitted.
Like a bicycle has two wheels a coin has two faces heads and tail, similarly, the given topic has its various pros and cons.
Let’s discuss every point in detail
For the factual knowledge let me tell you that there are 50 states in the USA and out of that 48 states permit some sort of live gambling. Hawaii and Utah are the just two that do not.
To understand the topic from its root, let’s start from the very beginning!!
The very obvious question is WHAT IS ONLINE GAMBLING? Well, it is one of the types of online game websites.
ONLINE GAMING AND GAMING MERCHANT ACCOUNT
Swagbucks, Exodus3000, Play Rummy, Second life, etc., if you are aware of these online games and have knowledge about how they work and most importantly have a keen interest in gaming, obviously you do that’s why you are here!! Then you too can run your own gaming website with great content and make 6 figures a year easily!! But if you are in the US it may be a difficult task for you as they have a set of rules which make it a challenge for you to run it. Now you have a great gaming website with a strong content but to earn money from it you need a gaming merchant account.
Why do u need an online gaming merchant account?
Thus, if you, as an online gaming merchant, wants to accept credit card payments, you have to search for a payment processor that’s ready to provide merchant services for you.
WHAT IS ONLINE GAMBLING AND ONLINE GAMBLING MERCHANT ACCOUNT?
Any form of betting which is played using a computer or mobile device with an Internet connection can be stated as online gambling. Online gambling includes poker, casinos and sports betting.
The attraction of online gambling has extended to different parts of the world. The easy and accessible features of online gambling paved the ay to its vast proliferation.
Online gambling /gaming business is on boost because it is giving a way of earning too many but the high risk involved in online gambling cannot be ignored
CONS OF ONLINE GAMBLING
HIGH RISKS INVOLVED WHICH QUESTION THE LEGALISATION OF ONLINE GAMBLING IN EVERY STATE
- The gaming businesses are based offshore and there are a lot of cases of money laundering and fraud money making it a difficult choice for the state government of the US to permit online
- The gaming/gambling business has a high volume turnover which is symbolized as a red mark by banks and merchant account
- Numerous chargeback and refunds are attracted to the gaming/gambling business because of the type of services offered by Resulting increase in the liability. And no developed country wants that!!
- If it is a startup, the gaming merchants may have no credit line, increasing the chances of insolvency which again makes bank and merchant account provider
Apart from business risks, there are some other cons of online gambling
- Customers do register and start gambling at websites which do not have any legal gaming license and thus they lose any power in the event of a
- Another big problem with online gambling and casino is that you do not get instant customer
- In this era of social gaming, online merchants and customers are prone to external and internal
All the discussed risks make it a point to think for the government of states to legalize online gambling or not. Federal laws do not permit online gambling. However, the position varies state by state. The only exception here is sports betting, which can be deemed illegal when it crosses state lines under the Wire Act.
PROS OF ONLINE GAMBLING
We have discussed enough about the cons of online gambling and why every state still doesn’t have legitimate online gambling. But there are several key reasons why Internet Gambling should be completely legalized.
Firstly trustworthy companies like iPayTotal can help online gaming and online gambling business a strong base by providing legal gambling merchant account. They can also provide you with the best management tools for setting up a chargeback and a payment gateway.
Another benefit is that with online gambling websites that are located in this country, they would have to pay the United States and State corporate income taxes. Some states have begun experimenting with this, New Jersey and Nevada have both legalized online poker.
This problem is unique to the United State, other countries with similar values and legal systems like the United States, including the United Kingdom and Canada, have promoted online gambling. By legalizing online gambling, the United States will abolish illegal wagering and the high risk involved to it permitting safer, honest play and more revenue for regulatory jurisdiction and ultimately the government.
It is a rule of time that you have to change with it. A developed country like the United States can successfully regulate online gambling. Though almost all types of online gambling are legal for US players, Some online gaming merchants find it difficult to make deposits for online gaming. This is due to banks, credit card issuer and other financial organizations employ restrictive rules that scowl upon and block gambling transactions.
To some extent, their hesitation and nervousness are understandable because they do not want to deal with a chargeback, claims of fraud and other difficult to resolve the matter.
Many trustworthy, hard-working and genuine online gambling companies eagerly want to flourish their business. And they can by maintaining a good processing history and chargeback prevention.
Visiting casinos is not the just way to risk. Another growing section of the gambling industry is online. The global market range of online gambling was forecasted to achieve over 59 billion U.S. dollars in 2020, rising by around 20 billion. U.S. dollars in just five years
CURRENT SCENE OF ONLINE GAMBLING IN UNITED STATES
In comparison to the world, there is the seemingly slow spread of online gambling in the United States which has made many people frustrated. Online gambling in the United States can be considered as a fairy grey area as far as its legal status is concerned. But if you zoom into the real world the picture is different there is actually a lot of online gambling going on in the United States. 43 out of the 50 states offer at least one of the following online gambling products.
- Sports Betting
- Casino
- Poker
- Lottery
- horseracing
- Daily fantasy sports
At present, online sports betting is presented in now two states, Nevada and New Jersey. Nevertheless, there are several States and offshore US territories where you can play the casino United States legally. Next year that number could easily be doubled, as more states pass sports betting legislation.
Even though social gaming in the United States is hard to approach, it can be a lot of fun when you can find reliable American online casinos and get started.
FUTURE OF ONLINE GAMBLING IN UNITED STATES
The changes seen in the attitude of federal and state government of the United States is the positive indication to the online gambling business and merchants can be seen and felt.
The continuous improvement of technology has had a significant impact on the industry. However, the reality is that technology has pushed the developers into making the online games available on mobile and in the form of a live game. The online gaming industry is also putting efforts to reinforce the security of payment methods like decryption of information while accepting debit and credit card, reliable prepaid services, secure digital wallet, and other payment solutions.
This year, it is expected that for the first time online poker players in New Jersey will be able to play with the others in Delaware and Nevada.
The reports and polls say that most of the United States citizens do support the legal sports betting. Definitely, it is not going to happen in one day so we still need to wait.
American players are not likely to give up as long as there are the US online casino sites ready to accept their bets!!
There has been an ongoing discussion on how to relax the regulations and rules in these countries. So, the future is coming and bringing a lot of improvements in the online gambling system on the United States.
CONCLUSION
By providing comprehensive legalization and regulation of online gambling, online payments, proper payment solutions, Americans can enjoy a safer and more honest industry with tremendous upside to public offers.
The winds do appear to be turning in favor of gamblers and casino operators, with growing and emerging US markets becoming a competitive environment for online operators for the first time. With the United States position still more confusing than in other developed countries, there?s still a lot of US lawmakers could learn from licensed gambling markets elsewhere in the world like European countries. We live in a digital era, sooner or later by keeping in mind proper guidelines, technology and law strategies the United States can legalize online gambling in every state. By that time we can enjoy being part of more such debates.