It is funny how things have a way of working out.
Back in 2006, the United States nearly destroyed online casinos when it
passed the Unlawful Internet Gambling Enforcement Act. The act did not
outlaw online casinos, but it did effectively make it illegal for
financial institutions like banks and credit card companies to process
transactions to and from online casinos.
The business was crippled as it largest market was
all at once pulled off of the scene. Online casinos shut down for good
and many top names came close if they failed to diversify their market
base and take advantage of the opportunities available in Europe and
Asia. The actions of the United States were largely viewed as an act of
protectionism. The United States is not an anti gambling country, having
gambling Mecca’s like Las Vegas and Atlantic City. In addition, more
and more states in the nation are legalizing forms land based gambling
to increase revenue.
However, two years later, quite a bit has changed.
Troubles in the current economic climate have caused most businesses and
markets to suffer. This includes brick and mortar casinos, but excludes
online casinos. Online casinos continue to flourish since their
operations solely depend on revenue from gambling activity. Most brick
and mortar casinos are interwoven with other industries like
hospitality, restaurants, and retail.
Month after month, brick and mortar casinos are
seeing their revenues decreasing. On the other hand the number of
people gambling online at online casinos has enjoyed a steady ascension.