Gamblers, day traders seek online profit, find risk, too
Online gambling is a lucrative multimillion-dollar industry worldwide that’s expected to grow to $10 billion in three years, according to Datamonitor PLC, a market researcher in London.
Hundreds of Web sites, mostly located outside the United States, currently lure surfers to virtual slot machines, craps and other Las Vegas-style games.
“This is a well-recognized and established form of entertainment that people enjoy,” says Alex Igelman of the Web casino GalaxiWorld.com. “Why not let them enjoy it through a new telecommunications medium, which is the Internet?”
Such forms of gambling may — or may not — be legal for U.S. residents under a federal law that bans wagering through telephone technology, a 38-year-old law written long before the Internet boom.
As Congress considers plugging that loophole by amending the law to cover newer technological transmissions, some gambling Web sites are playing it safe.
On some, a disclaimer in small type reads, “This site does not allow for gambling for money by persons within the United States.”
Risking too much is exactly what many Internet stock traders already have done. Some have even called agencies that specialize in gambling dependency.
Related links: How to Play Casino Games, Gambling Online, Casino Roulette