What is Online Gambling?

In simplest terms gambling what we see in the edges and corners of a happening city inside casino malls, the internet version of it is what online gambling deemed to be. The risk-based games such as slot machines, video poker and table games played in the hope of earning cash over chances are qualified to explicit the online gambling scenario. The safe and convenient side of it is unlike in real-world casinos one could create a non-monetized account and get the hang of it like a game until you feel confident enough to bet.

Industry overview

Online gambling is a budding industry with a  market value of USD 53.7 billion as per Grandview Research statistics expected to rise to USD94.4 billion in 2024. With an increased number of young and adolescents being addicted to risk money play and the convenience offered the industry sees bright colors.

Moreover, with the legalization of sport betting in the US in the year 2018, bookmakers expanded its options. Prominent sports tournaments such as the Most of the leading industry players are seen sponsoring teams of the FIFA World Cup, European Championships as a measure of marketing expansion.

Who are Bookmakers?

Bookmakers or bookies such as the well known Turf Accountants we witness even in this country are individuals of entities that facilitate gambling. They accept bets on pre-determined odds. Likewise, online bookmakers conglomerate various sports such as tennis, basketball, hockey, etc and accept bets from participants. Bookmaker listings are thoroughly searched online as sports betting captures a greater stake of online gambling market share.

How Safe is Online Gambling?

In the general context, it is safe, however, as always online trading or gambling for that matter have risks involved such as phishing emails, virus or spyware, fraudulent or fake websites. As the card information is used there is a greater vulnerability towards threats. However one could take precautions such as gambling with a registered or licensed site, understanding deposits and withdrawal terms and options to avoid getting threatened.

Impact on the Economy

The major causes and effects of online gambling are the loss of employment opportunities created, tax revenues generate and the overall growth potential enhance through traditional casinos in an economy. It is less likely the online gambling revenues are taxed equivalent to a percentage as traditional casinos. Henceforth it creates a substantial degree of drawbacks to a country’s economy despite its growth rates.

Is it in Sri Lanka yet?

What’s not in Sri Lanka now! However due to the lower penetration of internet users, the widespread is minimal. Gambling in Sri Lanka is mostly penetrated by land-based providers. Furthermore, online gambling is not legally approved to be conducted. However, there are no restrictions to gamble on foreign sites. If you thoroughly search there are a couple of foreign sites localized that offer online gambling options, if you have enough play money to risk on luck, take a chance, however owing to the deep-rooted culture of the country the writer would thoroughly discourage anyone to get involved in such initiatives. Mainly it leads to a plethora of psychological problems such as anxiety, depression, self-harm and much more. However, a man is a creature if free choice but take precautions to not let such addictions rule your life. 

Categorized in:

Tagged in: