No one has ever said – “I have way too much information on this subject, that it averted my success”. You can never do too much homework or enough due diligence. Getting a good and firm grasp on the task that’s at hand is of great importance; it allows for minimal error. And like with any activity, when you’ve chosen to lay money down at an online casino, you should look up all relevant Gambling Laws and be sure that you know what you’re getting yourself into.
Don’t allow for any uncomfortable surprises to occur after the fact. Online casinos today are in full swing, with annual revenue of $60 billion; it’s a booming industry. With perks such as loyalty programs, free spins, and bonus rounds, you’re even allowed to do some gambling for free.
Plus, many games are tied into progressive jackpot networks, which can provide life-altering sums. So, it’s no wonder they’re leaving land-based establishments in the dust. If you’re ready to play some virtual slots, here is why you should upgrade your legal education before the reels spin.
So, You Know It’s 100% Legal
In some places like the Middle East and North Korea, online gambling is an illegal activity, on both domestic and international websites. Other countries ban it only for their citizens but allow ex-pats to play. Norway, on the other hand, goes in the opposite direction, people can gamble, but only on Norwegian sites.
Understand Whose Jurisdiction You Fall Under
Who creates the laws you’re bound by? If you’re in an EU country, the European Commission regulates certain activities, but countries are allowed to put in place their laws within a specific frame. Same goes for the U.S, there are federal laws, and then there are state ones.
Understand How Safe You Are
You need to know who monitors and regulates the casinos that provide the services, and if said casinos are licensed with these organizations. Such authorities might include a countries Ministry of Finances or a particular body such as a commission, association, or gaming authority for a specific region. These ensure the integrity of the games, the establishment, and the payment procedures.
To Know If You’re Eligible
Just because you’re legally an adult, that doesn’t automatically mean you’re of age to gamble. In Japan, adulthood is set at 18, but the legal gambling age is 20. In the U.S, you need to be 21 in most states to partake in the activity. Of course, if you’re playing on an international site, you might be able to circumvent these restrictions.
To Know How You’ll be Taxed
Make no mistake about it; you have to report your winnings. Any money you win has to be filed under gambling income; you have to tell your government’s body about it. Most of these don’t even care where your money is at. Even if it’s sitting in your online casino account on an offshore site somewhere, it’s usually still taxable. And your government wants their money.
If you are interested in even more entertainment-related articles and information from us here at Bit Rebels, then we have a lot to choose from.