Whether you’re a player or a gambling regulator, it’s important to know how online gambling can affect people. It’s not just the financial aspect, though. The Internet poses its own set of unique problems for people with gambling disorders.
Many online gambling sites offer player-focused tools. These include time outs and self-set spend limits. These tools can help players moderate their play and protect their accounts.
Internet gambling is a growing industry. In 1998, it was estimated that online gambling revenues surpassed $830 million. In 2021, the market was estimated to be 9.5 billion dollars. However, many countries limit or ban online gambling.
The Internet has a strong potential to create a strong environment for responsible gambling. It also offers the ability to generate taxation revenue. While this could be an incentive for the government to regulate online gambling, it doesn’t necessarily require one.
The federal government has stepped in with new legislation. The Internet Gambling Regulation, Consumer Protection Act of 2013 would establish a common federal standard for online gambling. It would also license and tax internet gambling businesses.
The law would create an office of “gambling oversight” attached to the Treasury Department. This would help address gambling problems by analyzing data from players’ accounts. It would also clarify the Wire Act to exempt certain games. It would also tax online gambling businesses, though the bill would not prohibit them from taking bets from the United States.
A few online operators have implemented strategies to detect gamblers who are risky. These include the use of algorithms and tailored contacts. However, most research has been conducted using just a single dataset from a European gambling site. This means the dataset isn’t applicable to the rest of the population.