Online gambling also is known as internet gambling is a virtual betting system over the internet. Various games like fun88 poker, casinos, betting in various forms of sports can be done through online platforms. There is various software developed for the same which can be easily accessed by the mass. However, in some countries gambling software is banned and in few, a legal law has been passed for the same. It is the major commercial activity with a total market estimation of $535 billion as of 2015.
Online gambling first started in the year 1994 wherein a software was developed by a company name “Microgaming- an isle of man based company”. The software was highly secured with various cryptographic securities and the transactions were viable and thus the establishment of the first fun88 gaming system took place.
There is a humongous list of forms of online gambling available online. The list includes:
- Poker – the most form of gambling games where there is a cash mode available as well as tournaments. There are faceoffs and players win money through rake.
- Casinos – another archaic gambling game preferred by a large number of people including blackjack, roulette, baccarat, and many more.
- Sports betting – a large number of people watch sports and bet their money on predicting whether the team would win or lose the same environment is created over here as well.
- Bingo – bingo is a family game that can be played online.
- Lotteries – lotteries are run by the government however there are many online lottery software available and also government-run online software as well.
Current scenario of gambling-
- Approximately 4% of the youth indulges itself into gambling at least once a week ( mainly boys )
- This percentage is rising ever since it came into existence.
- The ones indulging in online means tend to indulge themselves in offline means as well.
- The addiction level is high.
- Various surveys are conducted and it has been concluded that the major part of people is problem gamblers than the ones who play regularly
- The major concern is that it is unfair and players don’t avail their winning amount.
Hence, Online gambling will not overpower the offline industry but it will prevail in its existence online as well. However social problems will increase rapidly. Regulations towards gambling will be amended than a ban.