Effective betting control acts and legislation involve a lot of moving parts within the sporting business, IRS, and in the judicial system. These acts call upon players, judiciary, and most importantly the general public. They require the active participation of all these key players in order to make betting safe and profitable to all involved parties. As a result, it is important for legislation to clearly highlight what qualifies as a legal bet and what does not.
Traditional Gambling or Online Gambling
Over the past few years, online gambling has grown out of the shadows to dominate over traditional gambling. This skyrocketing trend of online betting is largely attributed to technological advancements that allow young gamblers to place their bets from virtually anywhere in the world. An example is the futuristic stock market-like platforms that are fueled by massive networks of internet devices ranging from microchips to smart devices that crunch real-time data and present it to the potential gambler.