Online Casino Business is Different Now
Ask any player around and he will tell you that the world of online casino gambling is changing. Since the United States enacted the Unlawful Internet Gambling Act, almost a year ago, things have changed dramatically. Large industry names have vanished while other emerged. The largest online gambling market in the world has become an insignificant money maker for the industry and firms have transformed their American enterprises into international businesses. These are only a small segment of the actual change the industry is undergoing and from the looks of things – the United States might be left behind.
A close look at the European front would make it clear that Regulation is the new name of the game. While America is banning online casino gambling, the United Kingdom is enforcing regulation and strict codes of behavior for the gambling industry. Firms that comply with the government’s demands and work under approved licenses can operate freely and even advertise their gambling business in the media. As a result, more and more countries are considering the prospect of becoming a gambling jurisdiction that provides licenses. And why not? Antigua and Barbuda has based its economy on the concept and the Isle of Man is another great example.
Every large industry is working by its own business models. New business models are being introduced inside the online gambling industry, and gambling groups are changing the way things are being done. If the United States won’t sort its legal problems with the online casino world, the American economy might lose one of the most powerful income sources in the world. Barney Frank’s act, that promotes regulation and taxation of the online casino industry, is a favorite move in the right direction, but that is not enough. Real change must happen soon so the American market won’t be left behind and shaded by the European market and the Asian-Pacific one.