Gambling is derived from the word “gamel” which means play games and gambling denotes ‘the risk of something on a game of chance’ with an uncertain outcome. It has three elements: consideration, risk, and a prize.
What is Online Gambling:
Online Gambling is a type of Gambling performs through the internet. It includes sports betting, virtual poker, and casinos. The first gambling website launched in the 1990s and was quite popular particularly in the United States. Global online gambling is now worth an estimated $30 billion.
Types of Online Gambling:
- Online Casinos
- Poker
- Sports betting
- Lotteries
- Horse racing, etc.
Scenario In India
According to Gambling statistics, 40% of the Indian population that has a computer, visits online gambling sites. This is mainly due to the current financial growth of the middle classes and the exponential increase in the growth of population as well as internet connection.
How Online Gambling works:
There are three things required to use gambling sites and these are as follows:
- A computer or other device with internet access.
- An account.
- Money.
So now, it works the same as traditional gambling. The amount of money you win is placed directly into your account and whenever you want, can withdraw your money, or in case you lost, then you have to add more money from your bank account.
Legality:
Justifiable online roulette gambling has licenses and are subject to regulation and monitoringof government bodies that regulate online gambling. This information is visible on their sites and if you can’t find that then you should be aware of it. Apart from this, in many countries gambling is illegal and you could be committing a crime by using online gambling. All countries have age requirements for gambling. You should be at least 21 before starting gambling.
Online gambling is allowed throughout India, but it is not fully regulated in many states. Three states have prohibited gambling online. Those three states are Maharashtra, Telangana, and Andhra Pradesh.
Benefits of Online Gambling:
- Bonus and Rewards
- Easily accessible
- Many betting options like Sports Betting, casinos, poker, etc.
- Appealing
- Exciting
Drawbacks of Online Gambling:
- The risk of money is high
- Legal and Regulatory issues
- Lack of privacy and security
- Scamming
- Addictive
Certain individuals won’t ever understand this until it’s past the point of no return.
