April 25, 2019
How E-sports, Gambling and Sports Betting are converging!
May 2018 witnessed the removal of the federal law that prohibited betting on the collegiate and professional sporting events. The U.S. Supreme Court direction came as a relief to some but an insightful notion that soon the world shall see eSports, gambling and sports betting converge into a single market. We are watching the sports betting come out of the dark days and match with the betting guidelines with pay by mobile casino games that prevail in the gambling industry.
It was in 2007 that the Federal government had shut down the online gambling systems by restricting on the payments. But the new shattering of the laws defines a whole new arena of gambling!
The paths paved towards gambling online
With the 25-year old constitutional law coming to an end there has been marked a way to finally explore the betting options available at the gambling casino sites, state lotteries, race tracks, professional sports and collegiate events. This is both for the social and skill based activities. And the magnitude of it covers a lot more other games. While in the past the regulatory bodies lacked the representation of the legality and permissibility of the games, its convergence into real money gambling has opened many doors.
The prime news today is that be it the online casinos, e-sports or the professional sports betting – it will all come under one roof!
The black Friday that doomed businesses!
As soon as the law to restrict the payments and shut down the betting systems was legalized, the industry witnessed a dark day. More popularly called as the Black Friday! Businesses and websites had to shut overnight. There was confusion amongst the masses while a sense of insecurity existed.
Ever since 2012, the Internet gambling legal framework has been strengthening to aid in the promotion of inclusive rights of operation for games like poker and Bingo. Internet lottery systems paved its own path to legalizing the online lotteries followed by online casino experiences.
How payment restriction stopped gambling!
As soon as government issued regulations under the Unlawful Internet Gambling Enforcement Act the financial institutions were barred from facilitating the payments to the online gambling sites. The merchant category code was 7995. The transactions done towards the gambling sites were ultimately blocked no matter what platform one chose. Therefore restricting the use of Debit or credit cards, online transfers and wallets on the portals!
Emerging market of converged gambling opportunities
But with the new legality framework the situation has certainly improved. The online lotteries have been functioning since 2012, while the online gaming and casino has been legal in the states of New Jersey, Newada and Dalaware since 2014.
The new industry is emerging with a ready market of people demanding online entertainment and portals providing a one-stop experience for gambling. There is an emerging number of gambling sites, e-sports and professional sports betting with easy pay facilities, exceptional experience and reliable gateways.
The future is now to witness the convergence of the three platforms for a combined heavenly experience! And the future is not far!