Internet Gambling, Online Gambling :: Journalistic Essays

Online Gambling There is a major issue to be dealt with, which is spreading with little regulatory oversight and no effective screens against participation by the young and the vulnerable. Internet gambling represents one of the fastest growing segments of online activity with more than seven hundred web sites now providing users the opportunity to wager everything from cassino games to sporting events. According to internet research firms, the industry will pull in $1.5 billion in world-wide revenues this year. That figure is expected to hit at least(prenominal) $6 billion by 2006. Also, a survey conducted by the Pew Internet and American Life Project concluded that $4.5 million Americans have gambled online and that 1 million gamble online everyday. There are m some(prenominal) different issues dealing with the legalization of online gambling. The current law dealing with online gambling is the Wire Transfer lick of 1961. Under this statute, the law is violated when telephone lines are used in interstate or foreign commerce to place wagers. The statute also prohibit the transmission of information that assists awaitters to gamble on sports events and contests. Recently, Congress have been active in seeking to pass further legislation to restrict betting on the web. Last November, the Senate proposed the Internet Gambling Prohibition Act. This statute would make it a crime to knowingly use the internet or other interactive ready reckoner services to place, receive, or otherwise make a bet or wager or send, receive, or invite information assisting in the placing of a bet or wager. Penalties would be as high as $20,000 and 4 years in prison. However, in a vote in July, the bill narrowly preoccupied obtaining the two thirds majority required to pass the bill. In May, the Unlawful Internet Gambling Funding Prohibition Act was introduced. This statute would criminalize and prohibit any person engaged in a gambling business from knowingly accepting from ano ther person who is involved in internet gambling a credit card or extension of credits, an electronic transfer of funds, or any instrument payable through a financial institution. This would shield trusted financial institutions from liability as long as they do not know that their facilities are being used for online gambling. This bill has also not so far been passed. Either of these Acts would greatly help the problems of online gambling. There are a number of reasons why this booming industry should provoke more concern among policy makers.