The issue of federal law and the legalization of online gambling comes up every election cycle. Where other countries have legalized online gaming, the United States is still firm on its position that it should be illegal, and that gambling should only be done in casinos. In fact, the US is more in line with China and Russia, regarding the subject of online gaming, than with England and most European Countries. While some states are finally seeing the light of day and passing individual legislation, online gambling is far from being universally legal and it is full of flaws. Only residents of the states where online gambling is allowed can gamble online. That is, they cannot gamble across state lines or risk being prosecuted Under the Wire Act of 1961 and the Unlawful Internet Gambling Enforcement Act of 2006. Places like New Jersey and Nevada are open to the concept, but they are also rich with physical casinos, having Atlantic City and Las Vegas in their back pocket.
The truth of the matter is, if someone wants to gamble all their assets away, does it matter if they do it at a gambling site or from the comfort of their own home? Should we give more freedom to our US citizens? Will laws stop them from losing some or all their hard-earned money? Is that really anyone’s business, anyways?
Security is at the top of the “issues” list when it comes to online gambling. Overseas, online NetEnt Casinos That Accept PayPal Deposits help ease the consumers mind revolving around user safety. Also, NetEnt Casinos allow you to withdrawal winnings quickly, as well as make fast deposits.
Other benefits of NetEnt Casinos that accept PayPal are:
- You probably already have a PayPal account. Most consumers do. Whether you are an avid online buyer or have sold items using PayPal, many people are familiar with their services and use them regularly.
- PayPal has been around for decades and has investing resources towards data safety.
- Your personal information is protected from third-party website users. Only PayPal has access to the information you provide. You are able to gamble with only the amount you want to spend and not worry that your personal information will be corrupted and sold.
- Currency conversion is done via PayPal. You don’t need to memorize the currency rates for every site’s home country that you visit. If you want to play one several sites in several different countries, PayPal can manage it all for you.
But how does this help US residents?
For the time being, the knowledge that PayPal is a viable site to use for online gambling by United States consumers, is beneficial. However, still being federally illegal to gamble online, PayPal restricts the user interfaces that are used. This means that PayPal, will not accept payment for online gambling at the present time. Due to the fact that they can be criminally charged for handling a transaction used for the purpose of online gambling, if done across state lines or in states that do not support online gambling, PayPal is just not ready to enter the online gambling arena in the United States.
Are consumers losing out with these laws?
Some would say yes. After all, there are very few legitimate reasons to still have these antiquated laws on the books. Money generated by casinos helps many states offset their tax expenditures. Some studies have shown that as much as 0.30 cents on every dollar spent in casinos is turned over to the government. If online gambling were allowed, people who cannot get to a casino, but want to gamble, can help increase the profits of both state governments and casinos. Maybe they don’t want to spend airfare to fly to Las Vegas, or simply cannot get a week off work, but enjoy gambling on their night off in the middle of the week. In other countries accommodations are made for these folks and it benefits the government equally. In the U.K., the 2014 Gambling Bill required all regulated online casinos to pay a 15-cent consumption tax. With a $45 billion industry, why isn’t the United States tapping into this revenue stream?
Additionally, the betting black market is stronger than ever. With an estimated $80 billion to $380 billion being illegally wagered through a shadow industry, just because it’s illegal does not make it go away. In fact, it is thought to be stronger than ever. Interesting enough, the foundation of the United States is weighed heavily from lotteries used as revenue sources for the start of and rebuilding of colonies and states, private universities, and the construction of public roads and bridges. While lotteries are regulated in 48 states, legislatures are still dragging their feet on all gambling.
How much are consumers losing out on?
Some of the largest online casino jackpots, in history, will make you think twice about why you are not gambling. In November of 2016, the biggest slots jackpot was hit for over £11,633,233, or $13,556,685.94. Just 11 days later another jackpot was hit for £5,634,028 or $6,565,053.67. Dozens of million dollar winning prizes are awarded to lucky consumers, annually, via online gambling.
Whether you are the gambling type or not, millions of people worldwide do enjoy engaging in this risky activity. Most people understand that they will not win and will lose their investment. However, the thrill lies in the chance that they could will big at any moment. Limiting the chances for people to gamble, from the comfort of their own home, also limits the potential revenues that governments can collect from income taxes and, perhaps, convenience fees. More roads can be built and better maintained, schools can be better funded, and other expenditures can be paid for simply by collecting taxes from online gambling. In a country that touts themselves as “the home of the free” why are they being regulated and restricted so much?