In the 1990s, the Internet began to gain popularity, and online gambling became the rage. The technology enabled online gambling operators to set up shops in offshore jurisdictions and offer wagering opportunities to anyone with a computer and a credit card. In response, the Department of Justice and Congress began to consider regulations for online gambling.
Blockchain technology has helped the online gambling industry to grow. It allows secure transactions and ensures transparency in gambling activities. In addition, cryptocurrency offers fast and secure transactions and is increasingly used in online gambling. However, cybercrime is an increasing concern in the industry. Software hacking and signal manipulation are major threats to the online gaming industry. In addition, compulsive gambling can damage personal relationships and lead to debts and depression.
It is critical that gamblers play only on licensed websites. Legitimate gambling sites must have a licence from a government-owned gambling authority. This licence is proof that the casino is accountable to the government. A gambler’s refusal to play only on licensed websites increases the chances of falling victim to a fraudulent platform.
While gambling is legal on the federal level, many states restrict the practice. However, most countries in the European Union and United States have laws that protect online gambling. Many countries in the Caribbean also regulate online gambling.