Unlike the physical casinos where you are forced to leave your home to bet on the outcome of a sporting event or a game of poker, online gambling allows you to bet at the comfort of your own home. However, there are still risks associated with the practice of online gambling. Some of these are the same risks found at a traditional casino, including financial ruin, addiction, and deception. Fortunately, there are measures you can take to minimize these risks.
For example, you should never rely on bank services to process your online gambling transactions. You can expect to lose at least $2 to $5 for every $100 you wager. But if you shop around, you will be able to find better odds for your bets. Also, you should close down the website when you realize that you have lost your stash. It is important to remember that you will likely continue to gamble even if you are on a losing streak.
As for the best way to win, you will want to avoid the temptation of spending money you need to pay your rent. Moreover, it is best to avoid engaging in gambling on the Internet, which is considered an illegal activity in many countries.
There are several federal statutes that are aimed at combating illegal online gambling. These include the Wire Act, the Unlawful Internet Gambling Enforcement Act (UIGEA), and Racketeer Influenced and Corrupt Organizations (RICO) provisions. In addition, there are state laws that are designed to protect against illegal gambling. These laws, although they may not be as sweeping as federal statutes, can help keep your home free of gambling activities.
The first of these laws is the Online Gambling Regulation Act of 2001, commonly abbreviated as OGRA. The OGRA is a comprehensive set of legislation designed to regulate the Internet gambling industry. The OGRA includes a number of different sections, which are summarized in this abridged version of CRS Report RS21984:
The OGRA is the most sweeping of the federal statutes regulating online gambling. It defines an “illegal Internet bet” as one that involves using at least a portion of the Internet to place, receive, or maintain a bet. The OGRA prohibits the provision of any service, product, or information that facilitates an illegal Internet bet. The OGRA also includes a clause that prohibits the use of financial instruments for an illegal Internet bet. The OGRA can be used to enact sanctions against those who violate it. The most common sanction for a violation of the OGRA is to issue a warning to the perpetrators.
The other legal requirement is that you must have an appropriate data security standard. These standards should include a way to verify your identity and age. If you do not have such a requirement, then you are violating the UIGEA, which is the law that governs illegal Internet gambling. If you are not a United States citizen, you are not eligible to participate in any of the OGRA’s regulations.