It should first be noted that many online casinos are licensed in the Caribbean Islands, and are providing jobs and economical growth where it is well needed. Licenses are also available in Africa, Europe, and other parts of the world as the debate over legalization, regulation, and freedom on the Internet is widened.
Originally the U.S took a stand opposing online gambling, using a law known as the Wire Act to prohibit online casinos. To date, 18 U.S.C.1084, is still the law most likely to be used in prosecuting casinos. However as legal experts have tried to demonstrate, the Wire Act is riddled with loopholes. In fact, invocation of this law has only added to the contention that new legislation is necessary.
On March 19, 1997 the Internet Gambling Prohibition Act, better known as the "Kyl bill" was originally introduced. The proposed act would modify the federal Interstate Wire Act 18 U.S.C.1084, which forbids interstate gambling by telephone or other wire devices but not the Internet by name. (The Wire Act is a law dating back approximately 40 years, and predates the Internet and most other modern communications networks.)
Senator Kyl's bill threatened to authorize the Federal Communications Commission to enforce regulations against interstate computer service providers, prohibiting the interstate or foreign transmission of gambling information. The FCC could potentially order ISPs to shut down or block access to gambling Web sites, even if those are based outside the United States. Online casinos assert that they fall under the legislature of their Country of licensing, and that U.S. law would not affect them. Many doubt the technological ability for governments to insure a blanket ban, although a recent initiative in the U.S. calls for a ban on the use of credit cards and wire transfers for the purposes of web wagering.
Australia had originally positioned itself to generate tax revenues through regulation of this hugely profitable industry. The Interactive Gambling (Player Protection) Act was passed by Parliament on March 18, 1998 and commenced on October 1st 1998, but recently there has been a reversal of fortune for casino operators Down Under. After a prolonged moratorium on the spread of online gambling, the Australian Senate passed a ban on interactive gaming, forcing Australian sites to close their doors and declaring that the public would not be allowed to gamble on the Net.
In the U.K., where gambling on sports has long been an accepted part of life for many, signs of easing restrictions on Internet gaming are many. Recently The Isle of Man, which is part of the United Kingdom, but makes many of its own laws, opened its doors and began to grant licenses to new cyber-gaming ventures. Las Vegas-based casino giant MGM Mirage was one of the first to apply. Even more sweeping was a relaxation in England's betting tax, a move that coincided with the government's decision to woo British operators of large-scale sportsbetting sites back into the motherland, thereby keeping countries overseas from collecting massive tax profits from U.K. businesspeople.
The converse attitude has recently been displayed in the United States, where the Wire Act was successfully used to prosecute Jay Cohen, former owner a the sports wagering site World Sports Exchange. Cohen was sentenced to serve one year and nine months for his activities. His recent appeal to overturn the conviction was upheld by the 2nd U.S. Circuit Court, saying that betting was "clearly illegal in New York". No further comment was issued on the legality of hundreds of other sites that offer the same services to U.S. bettors.
Results show that despite fractured attempts to ban or place tighter controls on Internet gambling, more and more people worldwide are wagering online. Expert opinion is that legislation cannot constrain the rate of growth taking place in the industry, no matter the legal issues involved.
Despite efforts to pass a bill in the U.S. Congress, many people in America do gamble online. Americans spend US$600 billion a year on gaming every year, and even the land-based casinos in Vegas are starting to get in on the action. Around the world, different countries have taken varying stances: In China, Hong Kong passed a bill tightening gambling controls but leaving online gambling alone, in recognition that a ban would be unenforceable.
The most recent failure of the "Kyl Bill" in the United States to ban online gambling in the last quarter of 2000 came as little surprise. There was a race between the states of Nevada and New Jersey to develop a framework for the regulation of legal online gambling, as the first to do so would gain a competitive advantage over the other. That race looks to have ended when support for online gaming in the New Jersey dwindled.
Assembly Bill 3150 would have legalized Internet gambling in New Jersey operated by Atlantic City casinos, and played by New Jerseyans. Assemblyman Anthony Impreveduto, who wrote the bill, said legal interpretations could open the state to gamblers throughout the U.S. It was his stated belief that both the Nevada and New Jersey bills might permit any U.S. adult to gamble because the casino's computer server would be located in a legal gaming jurisdiction. Alas, Bill 3150 never came to pass into law, and New Jersey legislators have missed their first opportunity to open up the state to online gambling. There's no telling if and when the bill will be re-introduced, or whether New Jerseyans will ever be permitted to open their own casinos online.
The dice have now been cast in the opposite direction by legislators in Nevada, who have recently signed into law a bill that would see legal, regulated online casinos being operations. Should the gambling state's cautiously optimistic Gaming Commission prove able to offer a regulated industry, where virtual dollars could turn to real tax benefits for the people and government of Nevada, it will open the doors for the world's most famous gambling destination to lead the way in online entertainment. The legalization is contingent upon the Gaming Commission, who need satisfaction that any licensed website offering legal, 24 hour virtual casino games can be regulated using current technology. Concerns range from keeping minors from wagering, to guarding against network intrusion, to simply keeping gamers from a non-gambling jurisdiction from playing.
Many website operators welcome regulation as a way of insuring a common set of ethics that all would adhere to. An industry-wide set of standards provides more security for the consumer in this growing field of e-commerce, without infringing on the right of the owner to conduct a fair and profitable business. Regulation could also provide for a better means of monitoring and responding to the social aspects of gambling, while allowing people the freedom to entertain themselves however they choose.
When you bet on sports is to beat the 'Oddsmakers' or the 'Odds Compilers' and win some money. Additionally, placing a bet on your favorite sport event makes the game exciting and more enjoyable.
Betting is done through Sportsbooks (US) or Bookmakers (UK) entities that accept bets. You can bet on the outcome of several sporting events, such as; Baseball, Basketball, Football, tennis apt betting on www.bwin.com, Hockey, Snooker and Soccer games.
To place a sports bet, you go to a sportsbook gambling, physical or online. You could also bet over the phone with many sportsbooks. Note that a sports book or sportsbook is not the same as an oddsmaker. The sportsbook simply accepts sports bets. An oddsmaker is a person who sets the betting odds.
You need to state what you are betting on by making a selection, the type of bet and the amount you are wagering. Your selection will obviously depend on the odds offered, so you will want to examine the range of odds available before you make a decision.
There are many types of bets you can place. Some sportsbooks may offer more betting varieties and combinations than others. Below is a list of the more common types of bets.
Straight bet or Single
This is the simplest and most common bet. You bet on a winner at given odds.
This bet lets you bet on a winner from two selections who have been made equal by allocating appropriate points to the underdog team. The Point Spread is the number of points allocated and is shown with a + sign for the favorite and a - sign for the underdog. The favorite has to win by more than the Point Spread for you to win, otherwise you lose your bet even if the team wins. Inversely, if you bet for the underdog, that team has to lose by less than the Point Spread for you to win. If the favorite wins by the exact Point Spread, then it is a push or a tie. You get your bet back. To eliminate a tie result, the oddsmakers sometimes include a half point spread. Since scores use full numbers only, one team has to win outright.
Also, to buy Key Points. Move the Point Spread favorably at a price.
The Money Line
This establishes the odds for each team but inversely proportional to what would have been a Point Spread, and is indicated by a + for the underdog and a - sign for the favorite. Say team A is favorite and quoted at -180 and B is the underdog at + 120. The bets offered would be 10:18 odds-on for the favorite, and 12:10 for the underdog. For every $180 you bet on A you would win $100 or lose $180, but for every $100 you bet on B you would win $120 or lose $100.
A bet for the number of points scored in the game by both teams combined, including points scored in overtime.
A bet that the combined number of points scored by the two teams in the game will be Over or Under the total set by the oddsmaker.
Parlay or Accumulator
A multiple bet. A kind of 'let-it-ride' bet. Making simultaneous selections on two or more games with the intent of pressing the winnings of the first win on the bet of the following game selected, and so on. All the selections made must win for you to win the parlay. If a game is a tie, postponed or cancelled, your parlay is automatically reduced by one selection; a double parlay becomes a straight bet, a triple parlay becomes a double. A parlay bet can yield huge dividends if won.
It is like a parlay, but with the option to add or subtract points (called 'moving the line') from one or more Spread bets. When betting a teaser additional points are either added to the underdog or subtracted from the favorite. The odds vary according to the number of points the spread is moved and the number of teams combined to form the teaser. As in the parlay, all selections must win for the teaser to win. Teasers odds are usually worse than the parlays.
A bet that allows the bettor to make a second wager, up to an equal amount, pending a win on the first selection. Open Wager. Open wagers allow the bettor to play teasers or parlays making a selection at different times and even different days.
A bet on a future event. At the start of each season, the sportsbooks give out odds for teams to win a certain championship. The odds change as the game date approaches and in most cases get shorter, but if you win you get paid at the original odds that you took. This is possibly one of the most profitable bets if you have considerable knowledge of the sport that you are betting on including the players, and a good sense of judgment.
Betting on unusual events. Some sportsbooks post odds and take bets on a wide variety of other sports related events and activities. A few others will take bets on just about anything you can think of.
Proposition Bet or Prop Bet
An offer of bets at odds and conditions chosen by the sportsbook, usually on 'Exotic' bets.