| | |  | Last Updated: Tuesday, June 19, 2007 |  | | | Global Online Gambling Regulations
- Wednesday, 18 Jan 2006
The online gambling craze has hit nations around the world and many are seeking to develop some sort of regulation. It seems that one of the major problems with the gambling industry is the fact that it is difficult to monitor the age of players. To solve this and similar issues, countries like the UK are coming together to find solutions. The UK government plans to hold global online gambling talks this year to seek support for its move to regulate the fast growing industry and help protect children from gaining access to the businesses gambling web sites.
The push for an international meeting comes after a booming but volatile Internet gambling market saw three big stock market floats in 2005, generating multi-billion dollar revenues. The Department for Culture, Media and Sports want to initiate a discussion about problem areas which include protection of children, advertising, money laundering and criminal infiltration. The Gambling Act was introduced late last year as part of a move to modernize 40-year-old gambling laws via a new regulatory framework. Aspects of the bill drew criticism from opposition politicians and welfare groups that warned of gambling addiction and crime amid liberalization.
Online gambling operator Party Gaming came to the market in mid-2005 as the biggest float in London in five years. Online casinos and poker rooms form a market valued at up to $12 billion, 6.8 billion pounds, a year globally. Online poker has surged in popularity as it pulls in a wider audience than traditional casino gambling, often including women and younger players who may not have visited casinos sites until recently.
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