Casinos are as old as time. At least, that’s how it seems. Like the lottery, there’s always been a demand for legalized gambling (not to mention illegal gambling), but because there’s a perceived immoral cloud that hangs over the activity, many regions are hesitant to go all in.
Those states and other areas that embrace casinos see a financial windfall, again, much like the lottery which lends supplemental funding to schools. But still, some people with loud voices have their principles clutched firmly to their chests. And so, we have a limited number of casinos, at least here in the U.S.
This of course applies mostly to brick and mortar casinos which is all we’ve had for hundreds of years. Fast forward to the times in which we now live, and everything is going digital. And I mean everything. I give us a couple years until we’re eating 1s and 0s.
With the advent of the digital era came the proliferation of iGaming and online casinos.
What is iGaming?
What does this term “iGaming” mean exactly? Well, it’s a softer way of saying “online gambling.” It encompasses nearly every bet on online sports, in online poker, online casinos and so on. You’ve seen it in advertisements for big companies like FanDuel and DraftKings. The iGaming industry as a whole is valued at almost $100 billion.
It’s also tied to physical casino establishments who’ve created their own online platforms for gambling that conform to the exact rules of the state or region. Despite demand, online casinos have experienced growing pains as they face restrictive regulation and limited innovation.
One of the reasons FanDuel and DraftKings have proven so successful is their focus on the user experience. While avid punters are going to bet in virtually any kind of environment, you have to appeal to a larger base to secure a strong foothold to fully support an online operation.
This foothold must comprise an almost immersive gambling experience. In other words, they’re going to want to create an experience as close to being in a real casino as possible. This is a feasible task if you connect up with the right third-party tech designers. Be innovative. Be bold.
That being said, there still are legal restrictions that tend to hold online casinos down. It’s not a free-for-all operation. They can only offer certain games (slots, etc.) and only in certain areas. It’s not that this isn’t changing, it’s just that it’s slow going.
The Current Legal Status of Online Casinos
Numerous states have passed laws or reversed laws in favor of online casinos, but it’s the federal level that has created a stranglehold on the growth of iGaming. There’s a law called the Interstate Wire Act that was passed in 1961. It’s also referred to as the Federal Wire Act.
It’s this law that is used to regulate gambling on the internet. It’s ironic because it was passed years before the internet was even invented and decades before the World Wide Web became available to the public at large.
The Federal Wire Act essentially states that you can’t transmit or wire payments or information related to sports betting. The Unlawful Internet Gaming Enforcement Act (UIEGA) made it illegal for gaming entities to receive money online. While payment processors can receive the money in any state in which online gambling is legal, it’s still a major hindrance to any operation.
It’s these two laws that have curbed the explosive boom of expansion of online gambling that would without a doubt, boost the U.S. economy. To combat these federal mandates, states have taken it upon themselves to legalize internet gambling so as to not fall into the parameters of federal law restrictions.
The Future of iGaming and Online Casinos
With continual wins in the fight to legalize all online gambling in the U.S., there is no doubt that online casinos are a big part of our future. Brick and mortar casinos have always been limited in scope. Anytime you want to gamble it’s a “Hey, let’s head to Atlantic City for the weekend” or “I’m planning a Vegas trip.”
With online casinos, you don’t have to leave the comfort of your couch. Simply fire up an app and place your bets. Unfortunately, the U.S. is steeped in a Puritanical history that prevents it from seeing certain things as anything but evil.
And while the U.S. has an ongoing battle, there are plenty of countries around the world in the midst of an online gambling rocket ride. Take for example England. There are a ton of UK casino sites that allow you to play online poker, Blackjack, place sports bets and more.
Online casino games are regulated by the UK Gambling Commission. As long as they are in compliance with the Gambling Act of 2005 and have been “whitelisted” by the Commission, they can advertise their gambling services.
Summary
While the U.S. may not be as forward thinking as the UK when it comes to gambling or even online gambling, they are making strides forward. The future of iGaming is a well-regulated and immersive casino experience where you never even have to leave your home.
Check out your local state laws before you dive headfirst into online gambling. Don’t assume you know exactly where your region stands on the issue. A ton of states are trying to make it easier on their residents. You may just be one of the lucky onesfew where it’s already legal.
