Pros And Cons Of Sports Betting
Online gambling began the mid 90s in the Saskatchewan Province in Canada (Kahnawake Gaming Commission) and in the Caribbean Islands. The Caribbean islands based online gambling off the Free Trade and Processing Act established in 1994.
From a measly 15 or so sites in 1996, a virtual platform designed by Microgaming exploded the business within two years to 200 sites generating a revenue of more than $1 billion.
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When reviewing the history of the online gambling market, I see the market has expanded and increased revenues totaling $53.7 billion in 2019.
And it continues to grow.
Given the current conditions and atmosphere, it’s expected to grow conservatively by an annual rate of 12%.
Obviously, at some point it will not be able to sustain this growth, but there are many influencing factors that will affect this growth.
What benefits and consequences do I see relative to online gambling’s current and future status?
Bonus Money Just for Playing
There are numerous benefits to gambling at online casinos, and one of them is bonus monies just for playing. I can get bonuses of up to 100% on my first deposit.
I understand that these bonuses have upper limits, but getting extra money just for playing is something I have not seen happen to me when buying chips at a casino.
Freedom Is Important, Too
Another benefit is that with online gambling is freedom. I do not have to leave home and can play from the comfort of my home. In fact, I can play on multiple electronic devices regardless of the location if I have internet service. Some casino sites even offer real money mobile casino apps so you can play casino games from your phone!
The hour long wait that comes with my doctor’s annual checkup visit can be a lot less monotonous when playing a few games as opposed to reading the two-month-old sports illustrated magazine on table next to me.
No Travel Expenses
Also, my out of pocket travel expenses that are associated with going to a brick and mortar casino can be better used at the online gambling table.
With online gaming, there are a wider range of gaming options than if I walked into a single casino building.
One online gaming site will have hundreds of games that can be played at this specific location.
The furthest traveling you will have to do is clicking one game or another.
Anonymity
I have wondered about the anonymity of gambling and whether that is actually a concern. I would perhaps have less chance of a friend seeing me gamble if its online versus seeing others at the casino.
But… if I am worried about being seen gambling, I may be having deeper issues. I believe that this is a deeply personal matter that each of us can look at on an individual basis.
Speed
If it is speed, I am looking for, online gambling allows me to play many more hands of poker for real money than at a brick and mortar casino.
I do find tremendous pleasure in the anticipation and strategy created by a slower game, though, but it may also depend on how much time I have.
Money and Payouts
Let’s look at another key factor – money and payouts.
I know that online casino’s payouts are much higher than a brick and mortar casino since all of the additional costs involved in such a business.
The overhead for meals, rooms, lounge areas, comped stays and many others that come with operating a brick and mortar establishment affect the payouts.
Payouts are higher because of online gaming’s higher volume based on turnover and speed. People are logging into games from all over the world at all times, so it seems natural that the customer base is significantly higher.
You Can Use Cryptocurrencies Online
Did you know casinos accept cryptocurrencies as a deposit method?
Perhaps it might be one of the reasons crypto currency is becoming more established as a valued currency.
Pease know that some online casinos do not take crypto, and it is currently not accepted in US regulated markets.
Personal information is always a concern for me when buying any online item or service and if I am using Bitcoin, I have better anonymity/security by not using my credit card. I tend to always be cautious these days with any purchase online with regards to an underlying security concern.
Security
Security is not something that usually concerns me when gambling at an online casino as opposed to a brick and mortar establishment.
The only person that will know of my expenditures would be me and, on occasion, the banking employee that I have to ask to let me go over my daily withdrawal limit during a challenging night.
What about the Legalities of Gambling Online?
As I have always heard, “ignorance of the law is no excuse”, and in society today it is important that I know the laws plus their associated punishments. In short, there is no federal law that prohibits online gambling.
State regulations, though, are muddied waters.
There are 13 states where online gambling is explicitly legal, however, two of these do not allow online gambling to another unlicensed state.
Of the remaining states, there is no law against online gambling in five states (therefore not illegal), 6 states where it is illegal (but jail is not a punishment), 26 where its illegal (and jail possible but no registered cases of prosecution), and two where it’s is a felony (with jail possible but no prosecutions).
Whew, now you can see why I say its muddied. Based on this information, my belief that I will somehow be the first one prosecuted is small.
However, I do need to know the risks and it is a good idea for me to keep up to date with the related state and federal policies.
One thing that is illegal, which I hope you already know, is me running my own game online whether it be a raffle or something more sophisticated.
Conclusion
I believe the few things I have covered sum up pros and cons to online gambling pretty well but, if you want to know more about your specific states online gambling laws, there are plenty of google searches that will give you direct information about your state.
Let’s summarize the pros to online gambling:
- The speed and high turnover in games allow better payouts for online gambling
- Online gambling has greater anonymity because my peers will only know if I tell them I am playing online
- Online gambling gives bonus monies on my initial deposits up to 100% but have limits
- Freedom to play is excessively higher because I can play wherever I have internet service
- There are more games I can play at one gaming site location
- Cost of travel to play are non-existent versus to travelling to a casino, getting a room, paying for food, and other expenses related to travel
- I can play with a credit card (this can be a pro and a con based on security)
- Some online casinos accept cryptocurrencies and based on currencies fluctuations I can make additional money off of the currency exchange rates
- Online gambling is not something new and has been tried and tested for 20 years
- I get to play more hands as the games are much faster (this is a pro and con)
Let’s look at some of the cons, too:
- I really miss the dynamics of seeing who I am play with and against – whether it be making new friends or visualizing a tell
- Prosecution is so far non-existent, but it is illegal in many states with associated fines and jail sentences possible (keep up to date with this subject)
- I will need to use some form of electric payment versus cash is all I need at the casino
- If I am using my credit card, my financial information has now been shared, so make sure I am selecting a well rated site before playing
- Additionally, I can be lazy and not research a site before playing therefore giving over my financial info by letting my excitement get the better of me
- Security on my end of the internet needs to be maintained to prevent hacking and my identity getting stolen (do not play at open Wi-Fi networks)
- I will have to play more hands at an online casino as the games are much faster (pro and con)
When looking at online gambling, you can see that I have listed many more pros than cons and most people agree with this. However, I encourage you to get an understanding of these and find comfort with yourself before playing online.
You will always play better and win more when other subliminal factors are not weighing down on your cognitive capabilities and gut instincts. Real money online gambling is a great way to keep my mind working and enjoy specific times that I have set aside to gamble.
For me, I find it best to have a healthy combination of in-house gambling and online gambling. I absolutely love the interaction with others face to face and the travel that goes with being in a casino. I am also able to keep my skills current plus win some cash by regularly playing online.
As always, let me leave you with a little something about life…
Today it is something said many times –
What Are The Benefits Of Sports Betting
“Yesterdays history, tomorrows a mystery, today is a gift…, that’s why we call it the present.” – Bill Keane