Online Gambling – How Does It Work?
Online gambling is any type of gambling conducted via the Internet. This includes casinos, online poker and online sports betting. As far back as 1994, the first online gambling venue open to the public was ticketing for the prestigious Liechtenstein International Poker Tournament. Today there are many online gambling sites that offer all types of online gambling including roulette, blackjack, baccarat, Omaha, Keno and even slots.
Unlike in the brick and mortar world, online gambling in most jurisdictions is governed by a set of regulations issued by the government or a regulatory body such as the Payment Card Industry Data Security Standard (PCI DSS). These organizations regulate how online casinos handle money from their customers. However, it should be noted that these organizations are not federally regulated. Therefore, although the majority of them are governed by regulation they are not subject to oversight by the United States Department of Justice or the Federal Trade Commission (FTC).
Regardless of whether you’re playing games of chance through an online casino or playing at regulated markets like Las Vegas, there is a high risk of becoming a victim of fraud. One of the main ways that online gambling sites make money is through payment methods and processing fees. Fraudsters are always looking for loopholes in regulation and dishonest business people use every opportunity to exploit those loopholes. That’s why it’s very important to carefully review the payment methods and processing fees that online casinos offer before you sign up and pay for your registration.