While online gambling breeds around 60% of their profit from the United State's marketplace, lack of regulatory measures against foul play and Terrorism have many in limbo on how to begin to tackle this matter.
On Monday the General Accounting Office filed a makeshift account on this dilemma. Michael Tew from Bear, Stearns &co.'s explained Monday that, "The online gambling industry is particularly vulnerable because state regulations are so patchy and in some cases unknown as opposed to land-based gambling, which is so well regulated in Nevada. Many offshore jurisdictions, particularly those in the Caribbean, exert little or no regulatory control over gambling site operators, who are for the most part unknown."
However, it is important to keep in mind that the U.S. Justice Department doesn't have full power, leaving them with their hands tied over this issue. Mr. Tew further discussed the fact that Internet gambling venues money, stems from America and then reaches someone on the other end that is basically an "unknown being".
This has instilled fear in many, with the notion of the stranger at the other end, not knowing who you're dealing with. This places a threat to the country's safety, keeping in mind that you may be dealing with a terrorist or a criminal.
An associate of Lionel, Sawyer & Collins, Tony Cabot, said that it is extremely difficult to track foul play and crime, since such activities are so vast when you are dealing with the "e-cash" business. Though, when online credit card transactions are made, the probability of money laundering occurring is unrealistic.
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