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Online betting and its legal consequences

Online betting and its legal consequences

Online betting and its legal consequences

Betting practices that started off in the gaming houses called casinos, dates back to a very long period in history. They were initially done only for entertainment and relaxing purposes. Gradually serious betting practices came into the culture. Governments found people losing a lot of money in gambling and decided to ban the act as it was causing unhealthy addiction destroying the peace of the state. The Greeks take the credit for introducing betting games to the world, though the exact date is still unknown.

Online betting

What is online betting?

Initially many countries considered banning as illegal and banned them. However due to freedom of act and liberty for people to do what they want many countries started legalizing gambling. America is one among the countries that legalized the act and is in now the country with the maximum number of casinos in the world after China. As technology developed, it made things much easier. That’s when the online betting came into practice. With online betting, the wagers need not have to go to the actual place where the sport takes place. You can view the game online and place your bets.

So is online betting legal?

Countries like Canada, US, Poland have legalized the gambling and all forms of betting practices. These countries that have legalized gambling ask the public to involve in such act at the risk of the gambler. However, any person who involves in gambling and disrupts the public harmony will have to face legal consequences. In countries like India and Israel, there are no specific laws that ban online betting. Using this loophole these countries indulge in online betting practices. Though they do not happen across the table, many people are involved in online betting. France proposed new laws that can regulate gambling and bring it under the preview of taxability. Places like Russia and Germany have completely banned the act of betting which includes online betting. In Singapore, this proposal is tabled, but it is still under scrutiny. It is expected that the country would soon legalize it

The Bottom Line:

The profit earned out of gambling is taxed by the government under casual income irrespective of whether they are legal or illegal in the land. Certain laws, simply have to be universal. For instance, theft is an offense no matter in which country it takes place. Likewise, gambling should either be globally banned or globally accepted. When one part of the world is doing something really exciting, it is pretty hard to curtail the other part. Further, the laws are not strict enough to prevent gambling completely. They prevail in the loopholes of law. So as mentioned if the rules do not go global, it is quite difficult to say if the act of online betting is legal or illegal.

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