Growth of Internet Gambling and Implications for Regulation and Harm Minimization
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Added on 2020-05-16
Growth of Internet Gambling and Implications for Regulation and Harm Minimization
Added on 2020-05-16
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Running Head: INTERNET GAMBLING 1Growth of Internet Gambling and Implications for Regulation and Harm Minimization
INTERNET GAMBLING 2Introduction Internet gambling is an emerging phenomenon in the dynamic field of gambling which is generating different responses from different governments, industry players, and consumers. In the last ten years, there has been a strong expansion in terms of number of gambling sites, types of games offered, and diversification of the players and ownership of different websites. Currently, the market of online gambling is rapidly growing; however, it is geographically specific. In internet gambling, the user expectsto gain something in value at the end of the game. Online gambling encompasses various activities such as poker, casinos, and sports betting. In Singapore, the government has made the gambling illegal which makes it challenging for the people to gamble. There is significant growth in the online gambling industry; however, land-based gambling still creates constraints for the online gaming industry (Griffiths, Wood, & Parke, 2009). Online gambling has become popular as the players can use virtual money which reduces the burden and the risk of using real cash required for the real gambling activities. These gambling activities can be conducted in the comfort of their home; therefore, many people are resorting tothe online gambling. There is also immense opportunity in this market. The market has not yet reached the maturity stage, then there is still opportunity for the growth of the organization. Growth of Internet GamblingIn the last few years, the internet gambling has become one of the fastest growing sector in the international industry. The growth of internet gambling has increased with the increase in the penetration of broadband connection as well as growing number of countries which have regulated the online market penetration. However, it is in an early stage with industry being highly fragmented. It is identified that sports betting isthe most popular form of betting. It is followed by casino and poker, social gaming and other forms of gambling. There are approximately 700 gaming website owners which are spread over 70 different jurisdictions in Malta, Netherlands, Costa Rica, and the United Kingdom. Online gambling is an extremely lucrative business venture for many people. Operating in online medium increases the cost-effectiveness of the online gambling sites, operating cost is comparatively lower than the land-based counterparts. A land-based casino or gambling organization requires high cost as it requires investment inhuman resources and land resources (Shelat & Egger, 2002). In the recent years, the growth of online gambling industry has increased drastically. However, the speed of growth of the online gambling industry is not surprising as there are significant factors such as the penetration of the computers, internet, and the penetration of broadband connection. There is an opportunity for the consumers to get involved in anonymous, effortless gaming at their workplace or at
INTERNET GAMBLING 3their home (Woolley, 2003). There are a large number of people engaging in online gambling; however, itis difficult to quantify the exact number of people using the online gambling services. Due to the negative effects of online gambling, several governments have formed different regulations to control different types of gambling. The participants of the online gambling have also grown as the internet service providers have devised different ways which can enhance the experience of the users at the online platforms. There has also several research and development in the online application development in the field of online gambling. Recently, several online gambling software are developed which are quote sophisticated in nature (Stewart, & Gray, 2011). These software have combines live remote betting and increased realism with the multi-lingual websites. It has increased the popularity of online gambling. Different features of online gambling has made it an appealing alternative to land based gambling. The globalization sand the international trade and development as also supported the growth of online gambling. The advent of crypto currency, integrated, multi-currency cash system, and high level customerservices have supported the growth of online gambling system. The superior customer services has increased the safety of the online customers who enter the system. The customer service can increase the safety, legitimacy, and reputation of online gamblers.The online gambling experience has become more desirable to the customers as it offers easily accessible,frequent and interactive gaming experience with the customers. There are three characteristics of online gaming such as accessibility, affordability, and anonymity. Along with it, there has been an immense growth in the popularity of online gaming and entertainment which is increasing the popularity of the growth of the market. The online gaming market is also an attractive research and development area for the growth of software developers, casino owners, and also land-based owners. There are also industry suppliers, industry newcomers, and investors. The development of different technologies have also contributed to the growth of the organization (Bank, 2016). Globally, casino market is growing at a high rate where the regulatory environment is favorable for the companies. However, there are also several potential barriers in the growth of the industry such as economic downturn, lack of infrastructure, controlling legislations, and the regulatory position of the game. There has been an apparent trend in the last few years, according to which, the number of gamblingsites will be limited and there will be relatively stable growth rate in the country. The existing operators inthe field of online gambling sites are trying to expand their product offerings, and trying to enter into the foreign market. Currently, the internet gambling market is highly competitive; however, the overhead should be low to make the market highly competitive. The internet gambling market can only be
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