The concept of online casino gambling had actually began in the islands of Caribbean. It was in 1994 when Antilles Island became the catalyst for the industry of online gambling. It was also on that same year when Antigua, an island located in the West Indies, voted in favor of a bill that will regulate licenses for Internet gambling. Looking back at its origins, you can merely see how online gambling has popularized. And now, those casino sites have been around for along period of time, providing you with the best online gambling experience.
Perhaps one of the areas wherein online casinos have been widely opened is in Asia. Since 900 A.D, Asians have been heavily attached to recreational activities slot88. In fact early Chinese is believed to be the first people who invented playing cards. Aside from having a great passion for gambling, Asians were also equipped with skills that works well in casino table games. They are as well one of the fast-developing markets for internet gambling.
Online casino gambling in Asia has been the hottest topic for industry experts nowadays. They even concluded that the region is the best place for online gambling developments in the present and in the future.
Basically, the development of online gambling in Asia started when the first Asian online casino was introduced in year 2000. However, a series of dilemmas have been encountered before the Asians achieved a fully-developed market. This is probably because some professionals in the industry is heavily restricting the implementation of the said concept. But this didn’t make the Asians hopes down. They even strengthened their aim to make online gambling a regulated activity to prove the government that prohibiting their plans will make no good at all.
As online casinos brought more interest to Asian people, a few casino games were being offered as an online game. Like in China wherein their 4,000 year old card game, Mahjong, is now being played in some online casino sites. And although internet gambling is not fully legalized, Chinese Mahjong players can’t help themselves from entering in sites that offer this ancient game. Moreover, another Asian country that is hardly benefiting from online casino gambling is Japan. Japan is currently under an economical crisis. As supported by the Liberal Democratic Party, the country is looking for effective ways on how to lessen their financial problems. And as a result their government is expecting online casino operators to help them in this dilemma
In 1995 we saw the emergence of internet casino gambling, which includes playing games of chance such as poker, blackjack, and roulette as well as betting on sports events. By the year 2000, nearly 300 companies around the world operated almost 2,000 internet gambling websites. And in 2005, worldwide online gambling revenue is expected to be over $US10 billion for such operators while a total of $US 200 billion is expected to have been wagered.
Widely an issue of intense debate since its inception, the criminality of online gambling has been argued at the U.S. Department of Justice as well as in the halls of the U.S. Congress. But since internet gaming sites are primarily offshore, U.S. residents are presently not held accountable for breaking federal law in the absence of such precedent. However, individual states may mandate such practices illegal, going after banking institutions to prevent such transactions, for example, but individuals have not been prosecuted.
The prevalence of online gaming and the large revenues enjoyed from it has however prompted major U.S. brokerage firms to claim their piece of the pie. At stake is whether or not the Department of Justice will apply the Wire Act of 1961 in enforcing the law and how long it will be before the Congress can agree on passing new legislation which will help strengthen the Wire Act. The main dispute is that the Wire Act was intended exclusively for placing bets on the phone to bookmakers for sports events, and was largely put in place by then Attorney General, Robert F. Kennedy, in order to discourage organized crime and bookmaking. Whether the law now applies to communication between a home computer and an establishment or casino not located in the U.S. still remains a gray area.
But in the era of industrial globalization, it appears that firms such as Goldman Sachs & Co., Merrill Lynch & Co. and Fidelity Investments are willing to risk the vagueness of the law in order to make investments on behalf of their clients by way of stocks and mutual funds. By providing financing for offshore casinos the question remains whether they are skirting the law as well as whether they are making reliable investments for their clients, for whom most have no idea that their mutual funds are involved in such ventures.
It is now commonplace for American firms to invest in overseas corporations, even those which may be considered illegal under U.S. federal law, such as those manufacturers utilizing sweatshops and child labor or by outsourcing business to countries which do business with other countries sanctioned by the U.S. government. However, the issue of online gaming is perhaps just the latest industry in worldwide commerce in which laws and customs have not yet caught up to it, given the sophistication of the technology involved