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Online Casino Industry under Fire

Since the 1990’s, online casino gaming has existed as a form of business. Online casino operators offering various forms of online gambling draw millions of online casinos fans to their virtual doors on a daily basis. And because online gaming is not against the law in many countries, this popular pastime is now bigger than ever before. It seems everywhere you look people are playing online poker, blackjack, roulette, slots, baccarat, craps, video poker, and many other casino favorites. This is all thanks to the online gambling industry.

Lately, however, both in the news and with regards to the law, the online casino industry has been targeted. This US 12 billion dollar a year industry has recently been banned by the US government by the Unlawful Internet Gambling Enforcement Act. Likewise, in Canada, although online casino gaming is legal, there are many issues surrounding online gambling ventures. For example, any gaming operation, including an online casino operation not licensed by a recognized authority is illegal. Ontario is now planning to regulate and enforce the industry more effectively through proposed Bill 152. The proposed bill would stop the advertising of illegal online casino sites in Ontario.

Government-run lotteries, both commercial and charity, are evidently showing a decrease in revenues. Currently, this online casino gaming bill is only a proposal that must still be approved by the provincial legislature. If the bill is approved, it would likely go into law early next year. In addition, the ban would move Canada towards the US approach and away from the British one regarding regulation for online casino gaming.

Whether or not Canada will decide to pass this bill is yet unknown. The online casino industry is constantly being evaluated and re-evaluated by government officials every day. Because online casino gambling is always growing in popularity among gambling fans all around the world, government leaders are finding themselves continuously grappling with decisions concerning the law and the online casino industry.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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