Online Gambling in The Philippines
Online gambling is any kind of gambling which is conducted on the internet. Online gambling includes online poker, an online casino and online sports betting. The first gambling site online accessible to the public was ticket selling for the first Liechtenstein International Poker Tournament in October 1994. The industry of online gambling has
Gambling online has numerous benefits that include the possibility to earn real money. It can be a challenge for many because they don’t need to physically engage with the game or place bets. It is important to keep in mind that gambling online is still the same that you would experience in a brick and mortar casino. You are still taking risks and placing your money in a shaky environment. If all else is equal it’s worth a try!
Many states across the USA have taken steps to safeguard internet gambling. This includes passing laws that prohibit betting on the internet and making it illegal under the law to run an online gambling site from certain regions. The Internet gambling industry is massive and generates billions of dollars every year. However, the recent economic crisis and the problems associated with betting on the internet in the US could be the death knell for this growing industry.
Some companies and individuals have already been forced end their online gambling operations. One of them was the world famous Pagcor, which was recently bought by Betfair. Despite Pagcor’s promises of new wealth, the announcement of its bankruptcy stunned the entire online gambling industry. Betfair and other companies associated with the online gambling market are now scrambling to figure out what to do with their once profitable businesses.
Online casinos are another group that is suffering from the current economic downturn. Steve Ellis, a group of investors who were determined to invest in the online casino industry in the US, sold huge amounts of their shares in order to finance new ventures. This included the acquisition of a number of casinos online in Canada. This could lead to more gambling opportunities on a global stage.
In the wake of the recent economic crisis, the UK’s online gambling industry is also in danger. Numerous gambling websites online and gamblers at individual level are losing money on betting. One notable example is the deportation of the primary stake-bet player on the UK online casino. He is worried about losing his cash flow. Similar to the US where online gambling websites saw their revenues fall by up to forty percent during the current economic downturn, the situation here is similar.
The recent scandals in the online gaming industry in the Philippines have also had a negative impact on the gambling options in the country. Numerous prominent gamblers have been implicated in the scandal that rocked the online gambling industry in the Philippines. These include the most powerful men in the country and prominent businessmen, politicians and famous personalities. They all participated in online gambling directly and indirectly through close associates.
Despite the recent scandals, the amount of Filipinos playing gambling online continues to rise. The increasing number of Philippine internet users poses security risks to the industry of online gambling. There have been numerous instances of cybercrimes within the Philippines that targeted gaming websites. The Philippine government has however stated that they won’t allow the proliferation of gaming sites that engage in cybercrime.