During the late 1990s, online gambling became a hot topic. At this time, there were approximately 200 websites, but no legal guidelines to regulate them.
In 1998, the first online poker room was launched. That year, a report by Frost & Sullivan found that online gambling revenues surpassed $830 million. In response to these developments, lawmakers began exploring the legality of online gambling.
In 2006, then-President George Bush signed the Safe Ports Act, which made it illegal for US banking institutions to allow customers to transfer funds to offshore gambling sites. However, some banks now allow customers to wire money to gambling sites using an online bank transfer. These transactions are often slow and cumbersome.
The Wire Act is now applied to all forms of Internet gambling. In addition, the Skill Game Protection Act was introduced. It would clarify the Wire Act to exempt certain games.
Some states have also started to look into the issue. For example, Georgia has put forward an initiative to legalize online casinos. Missouri has also proposed an effort to legalize them.
Some of the main reasons for these laws are to protect the public from misconduct, and to ensure that platforms are governed by reputable bodies. The morality of gambling is a hotly debated issue.
Online gambling has become increasingly popular in recent years. It can be fun and lucrative, but it’s also risky. That’s why it’s important to know a few basics before you start.