Casinos on the net
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Strict laws in the US, prohibiting online gambling, are proving to be as powerful a deterrent as Prohibition was to drinking in the 1920s. Except for some state exceptions, most gambling activities are banned in the US. However, Jason Ader - an analyst of Bear Stearns - estimates that about 80% of online gambling is done in the US. Although there is high percentage of US gamblers, law-enforcement authorities can just sit and watch because these online casinos are in countries where this business is legal.
Legal and big, because online gambling is big business and it's growing at a rapid pace. In the UK alone, it is believed that 4 million people gamble online each month and the amount of money staked has risen 566% since 2003. But this is not just a popular trend, most online casinos are highly profitable businesses established in tax havens - and what's more - they are only at the foothills of the growth curve that could soar over the next five years.
Not only that, now online gambling seems to be entering the stock exchange. Party Gaming which owns the world's biggest internet poker firm, with 5 million registered users, is looking to float, creating a £3 billion public company entering the FTSE 100 index. The four owners - all in their thirties - stand to share well over £1bn depending on how much they intend to plough back into the business.
So what do punters play at these online casinos? According to a survey carried out in the UK 39% prefer poker, 22% roulette and 18% blackjack.
After reading various articles on online gambling and writing up this article, I must admit curiosity got me and I had to tryout a casino. I downloaded the casino software from an online casino and played $1000. Yes, no beating around the bush $1000...... of make believe money. At this online casino you can play just for fun - and I did have fun winning plenty of make believe money. In fact $567 profit, shame it wasn't real money.
Maybe next time I'll try it for real.
Online or traditional casinos, which do you think is best?
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