nline gaming world has generated billions of dollars, with millions of players around the world fighting, buying, crafting and selling in a variety of online environments. Online games are omnipresent on modern gaming platforms, including PCs, consoles and mobile devices and have been divided into a different genre, including strategy games, first-person shooters and massively multiplayer online role-playing games(MNORPG).
Online games include teenager girls and boys; adult men and women ad the elderly have not been left out. The industry has seen 6% growth since then. And with the speed it is growing by the end of 2021 we expect that it will grow to $180.1billion!!
Games are growing at a healthier rate than Hollywood!! But the home of Hollywood, United States doesn’t give complete freedom of online gambling to its citizens. It is always the burning topic of debate that whether in every state online gambling should become legal or not. Everyone has different opinions over it but most people are difficult to fully understand what is forbidden and what is permitted.
Like a bicycle has two wheels a coin has two faces heads and tail, similarly, the given topic has its various pros and cons.
Let’s discuss every point in detail.
For the factual knowledge let me tell you that there are 50 states in the USA and out of that 48 states permit some sort of live gambling. Hawaii and Utah are the only two that do not.
To understand the topic from its root, let’s start from the very beginning!!
The very obvious question is WHAT IS ONLINE GAMBLING? Well, it is one of the types of online game websites.
ONLINE GAMING AND GAMING MERCHANT ACCOUNT
Swagbucks, Exodus3000, Play rummy, Second life etc., if you are aware of these online games and have knowledge about how they work and most importantly have a keen interest in gaming, obviously you do that’s why you are here!! Then you too can run your own gaming website with great content and make 6 figures a year easily!! But if you are in the US it may be a difficult task for you as they have a set of rules which make it a challenge for you to run it. Now you have a great gaming website with a strong content but to earn money from it you need a gaming merchant account.
Why do u need an online gaming merchant account?
Thus, if you, as an online gaming merchant, wants to accept credit card payments, you have to search for a payment processor that’s ready to provide merchant services for you.
WHAT IS ONLINE GAMBLING AND ONLINE GAMBLING MERCHANT ACCOUNT?
Any form of betting which is played using a computer or mobile devices with an Internet connection can be stated as online gambling. Online gambling includes poker, casinos and sport betting.
The attraction of online gambling has extended to different parts of the world. The easy and accessible features of online gambling paved wthe ay to its vast proliferation.
Online gambling /gaming business is on boost because it is giving a way of earning to many but the high risk involved in online gambling can not be ignored
CONS OF ONLINE GAMBLING
HIGH RISKS INVOLVED WHICH QUESTION THE LEGALISATION OF ONLINE GAMBLING IN EVERY STATE
- The gaming businesses are based offshore and there are a lot of cases of money laundering and fraud money making it a difficult choice for the state government of US to permit online
- The gaming/gambling business has a high volume turnover which is symbolized as a red mark by banks and merchant account
- Numerous chargeback and refunds are attracted to the gaming/gambling business because of the type of services offered by Resulting increase in the liability. And no developed country wants that!!
- If it is a startup, the gaming merchants may have no credit line, increasing the chances of insolvency which again makes bank and merchant account provider
Apart from business risks, there are some other cons of online gambling
- Customers do register and start gambling at websites which do not have any legal gaming license and thus they lose any power in the event of a
- Another big problem with online gambling and casino is that you do not get immediate customer
- In this era of social gaming, online merchants and customers are prone to external and internal
All the discussed risks make it a point to think for the government of states to legalise online gambling or not. Federal laws does not permit online gambling. However, the position varies state by state. The only exception here is sports betting, which can be deemed illegal when it crosses state lines under the Wire Act.
PROS OF ONLINE GAMBLING
We have discussed enough about the cons of online gambling and why every state still don’t have legitimate online gambling. But there are several key reasons why Internet Gambling should be completely legalized.
Firstly trust worthy companies like iPayTotal can help online gaming and online gambling business a strong base by providing legal gambling merchant account. They can also provide you with the best management tools for setting up chargeback and a payment gateway.
Another benefit is that with online gambling websites that are located in this country, they would have to pay the United States and State corporate income taxes. Some states have begun experimenting with this, New Jersey and Nevada have both legalized online poker.
This problem is unique to the United State, other countries with similar values and legal system like the United States, including the United Kingdom and Canada have promoted online gambling. By legalizing online gambling, the United States will abolish illegal wagering and the high risk involved to it permitting safer, honest play and more revenue for regulatory jurisdiction and ultimately the government.
It is a rule of time that you have to change with it. A developed country like the United States can successfully regulate online gambling. Though, almost all types of online gambling are legal for US players, Some online gaming merchants find it difficult to make deposits for online gaming. This is due to banks, credit card issuer and other financial organization employ restrictive rules that scowl upon and block gambling transactions.
To some extent, their hesitation and nervousness is understandable because they do not want to deal with a chargeback, claims of fraud and other difficult to resolve matter.
Many trustworthy, hard-working and genuine online gambling companies eagerly want to flourish their business. And they can by maintaining a good processing history and bychargeback prevention.
Visiting casinos is not the only way to gamble. Another growing segment of the gambling industry is online. The global market size of online gambling was forecasted to reach over 59 billion U.S. dollars in 2020, growing by around 20 billion. U.S. dollars in just five years