Online Gambling Industry Policies Around The WorldBy Joni Hawk, Sep 12th 2007
Since its early days in the 90s, the online gambling industry transformed from a small unknown industry into a multi-billion dollar industry that spreads its wings to every corner of the internet world. Today, players are able to choose from thousands of gaming sites in almost any language.
Because the gambling industry became so popular there was a need to define laws and rules to govern all existing gambling sites and each state created its own gambling policy. For example, the US government chose to ban online gambling and all online gambling–related financial activities by actually closing all US online gambling sites. Opposed to the US decision, the British government regulated the online gaming industry including bringing it closer to the mainstream, as it allowed advertisements to air on TV.
Other approaches have been seen in Sweden where the government created a state-owned online casino and a state-owned online poker site. The Swedish gambling companies reported in 2004 a sum greater than 5 billion and the 2007 year is expected to come with bigger profits. The online casino, Svenska Spel together with the poker site is expected to show record revenues this year after they showed a 30% increase in the amount of money bet.
At first, when the Swedes opened their site, the world of gambling took their decision as a test-case with prospective that far go beyond the Scandinavian country limits. They proved to have found a successful way to keep gaming within legal and responsible limits and to generate tremendous profit. Considering their results, other countries plan to follow in the Nordic footsteps, like the Holland casinos who signed a deal earlier this year with Cryptologic having in plan to release during the month of September 14 online casinos and online poker sites.
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