Gambling involves wagering something of value on a random event. The process involves three essential elements: risk, reward and strategy. In the case of online gambling, the main objective is to win the prize.
A number of states have approved online gambling, and most have also authorized sports betting. A handful of countries have also legalized various forms of internet gambling. However, many countries restrict the activity and prohibit it to those below a specified age.
The online gambling industry has been around for decades. The Federal Government is still unenthusiastic about it. But, they have recently made a push to regulate it in the best possible way.
Some governments have deemed the gambling industry a national security issue, and will continue to fight it. Fortunately, some states are catching up and are in the midst of implementing legislation that will allow online gambling.
A new law, the Internet Gambling Regulation, Consumer Protection and Enforcement Act (HR 2046), was introduced in April 2007. It would make internet gambling regulated by a director of the Financial Crimes Enforcement Network, and would modify the Unlawful Internet Gambling Enforcement Act (UIGEA) to clarify its meaning.
The federal government has attempted to interpret the Interstate Wire Act as applying to all forms of Internet gambling. But, it has so far failed. Some banks support a number of online bank transfers, but not all. In fact, some banks have opted to charge flat fees for wire transfers.