Online Gambling in The Philippines
Online gambling refers to any form of gambling that is conducted online. Online gambling encompasses online poker, online casinos and online sports betting. The first gambling website online opened to the Ice public, was ticket selling for the inaugural Liechtenstein International Poker Tournament in October 1994. The online gambling industry has seen huge growth since then. There are today hundreds of online gambling websites.
There are numerous benefits to online gambling; one of them is the ability to play with real money. Gambling online can be challenging for a lot of people due to the fact that they don’t have to physically participate in the game or bet. It is important to keep in mind that gambling online is still the same behavior as if you were playing at a brick and mortar casino. There are risks involved and you’re placing your money in an unknown environment. All things being equal it’s worth the risk!
Many states across the USA have taken measures to protect online gambling. These include passing legislation forbidding betting on the internet and making it against the law to operate an online gambling website from certain regions. The Internet gambling industry is massive and estimated to be worth billions of dollars each year. However, the recent economic crisis and the problems associated with betting online in the US, may prove to be the death knell for this growing industry.
Certain individuals and businesses have already been forced to end their online gambling operations. Betfair recently bought the world-renowned Pagcor. Despite the promises of new fortunes for Pagcor the announcement of the company’s bankruptcy has sent shockwaves through the world of online gambling. Betfair as well as other businesses that participate in the online gambling market are now trying to figure out how to save their once profitable businesses.
Another group that is feeling the impact of the recent economic crisis are casinos online. A group of investors led by Steve Ellis sold a large portion of their stakes in a variety of US online casinos to fund a variety of ventures. This included the Energy acquisition of several online casinos in Canada. This could result in more gambling opportunities on a global stage.
Due to the current economic turmoil The UK’s online gaming business is in trouble. Numerous online gambling businesses and even gamblers on their own are losing their betting capital. One example is the withdrawal of the principal stake-bet player on the UK online casino. This is due to his fear of losing his money. Like the US where online gambling websites saw their profits decrease by as much as forty percent during the current economic downturn, the situation here is similar.
The gambling options in the Philippines have been impacted due to recent scandals within the Philippines’ online gaming industry. A number of prominent gamblers have been implicated in the scandal that rocked the internet gambling industry in the Philippines. They include some of the nation’s most powerful men and prominent businessmen, politicians, and celebrities. They all participated in online gambling activities directly or indirectly through close acquaintances.
Despite recent scandals, the number Filipinos who play online gambling continues to rise. The safety of the online gaming business is also being questioned by the increasing number of internet users from the Philippines. There have been several incidences of cybercrimes in the country that have targeted the gaming websites. However the Philippine government has stated that they will not permit the proliferation or the use of gaming sites for cybercrime.
