Virtual Horse Betting – Changing Scene
Before you continue with Virtual Horse Race Betting, you might just want to get more familiar with Virtual Horse Racing, then continue. When you first learn about virtual horse betting, your first look at the topic online can be misleading. For example, The New York Times recently announced that online gaming will soon lose an obstacle. Does this mean that the Justice Department of the Federal United States Government has outlawed online gambling? The short answer is no, but the longer explanation shows that there are a lot of big changes coming up in 2012 for the world of virtual horse betting.
Federal versus state virtual horse betting laws
In simple terms, the Federal Government of the United States has few laws that concern horse betting — whether it is online or offline. Their main objective is that a certain style of betting is used as opposed to others.
Briefly, that style is called pari-mutuel betting. It involves all bets to be placed against one single pool of money. This means that it does not matter which country someone is in. If they want to legally bet on a horse race in the U.S., they can choose on or offline options.
Despite the Federal law called the Wire Act, each state in the United States is welcome to amend or change it to a degree. For this reason, internet providers in certain states will go after the websites but do not generally prosecute anyone using those websites. If you have your doubts, you can always consult a website that offers a list of legal virtual horse betting options.
Why the Wire Act matters now
The economy changes over the past ten years have left many politicians scrambling to find a solution for balancing their state budget. In order to do this, one of the common sources of unregulated income is usually gambling. For some states, they do not have laws that allow horse tracks or casinos. In these cases, they will look towards the laws that prohibit gambling and make decisions on whether or not to change them.
Of course, a simple tax is what most of these politicians are looking for. As 2012 moves on, there will no doubt being more discussions about the Federal government’s Wire Act and how that can be amended to fix the budget. In other words, as taxing virtual horse betting becomes an effective solution; more websites will be welcomed by each state. This means more opportunities to place bets online will be available and that competition between websites will grow.
Native Americans fight for online gambling
At first, it can seem shocking to international readers that the Native Americans are working toward a goal like virtual horse betting. Regardless, some native tribes support their tribal governments by opening casinos. Naturally, if they start to lose profits to online betting, they will want to change local laws to keep up with the competition. In the future, we can expect to see more news about virtual gambling websites hosted by Native American tribes.
Online gaming versus virtual horse betting
When discussing the different ways of placing a virtual horse bet, there are some terms that can easily be confused. Someone talking about online gaming is usually referring to online games where you can buy some virtual gift. Separate from these are online gambling websites, what gets confusing is that you can also watch a virtual race online and place a bet against the computerized version.
For example, in London, England, they have betting shops that allow anyone to bet on up to 140 worldwide horse races per day. These are real horses and a real race. Otherwise, there are computerized horse races that are also shown on TV’s in these betting shops.
The customers can place a bet online for a real game or bet on these computer-generated games. Just like all other forms of betting, each bettor is adding their gamble to a pool of money shared by all of the other bettors worldwide.
Virtual horse races versus virtual horse betting
Virtual horse betting in America may be scattered and in development but that does not mean every country is operating the same way. In India and Asia, for example, some of the most sophisticated online gambling can be found. Certainly, these markets are extremely popular and rake in a heavy profit for those that own the websites.
As time goes on, more are likely to spring up and will all have one characteristic that makes them approachable by anyone in the world. That common link will be an affiliation with a legal betting scheme (that is honored in most countries) called pari-mutuel betting.
Regardless, the Justice Department of the United States is in the process of clarifying the 1961 Wire Act that prohibits “wagering over telecommunication systems that cross state or national borders.” This has a more immediate impact for state lotteries and poker gambling. However, it is the international nature of virtual horse betting that will likely stand to profit the most.
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