2016 Online Regulation Of Gambling - 970 Words

Leslie Pham Professor White Hos 4590 May 5, 2016 Online Regulation of Gambling Casinos and gambling go well together like cheese and crackers. Gambling has been a part of the hospitality and tourism industry for many years. Most people find it fascinating to see what their chances are of willing a large sum of money is like and perhaps retiring early to enjoy their money. Gambling attracts risk takers and adventurous people and it will always give an adrenaline rush because they are playing with the unknown and it gives them an exciting feeling of anticipation. Throughout history, there has been a corrupt history with gangsters/mobsters and gambling. The mobsters would have their own organized crime in the†¦show more content†¦Most of the calls would be going to Las Vegas and deals were being made constantly. The fear of these organized crimes growing is a big concern for the Department of Justice. It is essentially money laundering. The Department of Justice are looking for â€Å"larger scale organizations† rather than a friend betting twenty dollars over the San Francisco Giants at a tailgate party. The Interstate Wire Act was passed in 1961 and it has been very powerful from then on. However, this has restricted Americans from having a good time with family and friends betting online as well as gambling online. This act created a new law created more consequences to those who participate in the illegal act of making gambles over the phone. As always, there will be some people who will run an online operation of this or perhaps who call to places that use a different name that is more discreet. However, this law has already made a huge impact on America’s economy and hospitality industry. Next, The Unlawful Internet Gambling Enforcement Act (UIGEA) is another law passed by lawmakers to shut down completely of organized illegal activities that are monitored by a third party. The significance of this law is making it impossible for banks and financial institutions to process the checks or transfers. People are confused by this law because it doesn’t prevent others from placing bets online or bet on the wire but it rather focuses on the payments that will be made to another individual in results of