Online betting is any type of betting conducted via the internet. This includes online casinos, online poker and sports betting among others. The first online betting venue opened for the public, was ticketing for the prestigious Liechtenstein International Poker Tournament in October 1994. Since that time online betting has grown into one of the biggest businesses in the world with millions of people participating in betting worldwide.
Online gambling takes many forms; some are based on skill and some are based on chance. One of the largest categories of online gaming involves online betting with bets taken from all over the world. It is estimated that over $2 trillion is spent on online gambling, much of which is generated in other countries such as India, Brazil, and the United Kingdom. In the past several years a new trend has emerged known as remote gambling, whereby individuals who reside outside the United States are now able to place bets on casino games and soccer events using their personal computers and wireless internet connections.
For those not familiar with the terminology used within the online gambling industry there are a couple of terms that need explanation. Gambling margins are the amount by which an individual bets that he/she will come out ahead (the amount usually associated with winning) in relation to the total bet that you have placed. The initial deposit required is often referred to as a “bookie” or “tag”. Online gaming is strictly regulated by federal and state laws and cannot be undertaken by individuals who do not meet the minimum legal age and residence requirements. The U.S. Department of Justice estimates that online gaming industry is a multi-billion dollar per year business, with each state in America having laws in place to protect its residents and ensure fair play.