Growing online gambling industry and its effects socially, economically - Research Paper Example

Instant messaging has replaced the meet-and-greet sessions that were always held as part of family tradition (Powers 45). To add salt to an injury, the most socially revered types of gaming, gambling, was introduced into the virtual world. People were allowed to take their gambling into the virtual world with loads of money at stake and with addiction becoming a key concern amongst several social researchers (Gainsbury 21). The internet then led to an increase in the number of gambling options that an individual could ascribe to with each improvement making betting more lucrative and enticing to people.

Research shows that approximately 8 million people participated in online gambling in the year 2001 with the exponential growth expected to hit a higher percentile in the forthcoming years (Shaffer and Hall 169). Despite a myriad of legislations being passed, gambling has become a lucrative business with more people joining and more side effects being felt by those who are around the players. The report herein will seek to identify any social and economic side effects that have resulted with the continued growth of online gambling in the world and what legislations have been put in place to check such increases.

To start with, gambling is defined as the waging of money or anything that may of material value based on an event and its outcome. It requires one to bet and thus forfeit the placed bet in case the outcome of the event is on the contrary. The main intent of all those placing their bets is to win with the stakes depending on how the outcome is. Thus, the fact that it has been allowed to go on by the increasing number of laws and betting sites on gambling, means that it has been accepted as a legal way of doing things and has to be conducted according to the gaming rules (Powers 50).

The internet brought about the virtual connectivity of each player and made it easier for people to gamble from closed doors and in the comfort of their own homes. It has