Financial Crime and Gambling in a Virtual World

Financial Crime and Gambling in a Virtual World

A New Frontier in Cybercrime

Clare Chambers-Jones and Henry Hillman

In this unique book, the authors examine the relationship between real world legislation and new advancements in technology, showing how this can lead to loopholes in legislative protection. They draw on empirical research to highlight the jurisprudential issues relating to economic internet crime and digital currencies.

Chapter 1: Introduction to virtual worlds and gambling

Clare Chambers-Jones and Henry Hillman

Subjects: economics and finance, economic crime and corruption, law - academic, corruption and economic crime, criminal law and justice, finance and banking law, internet and technology law

Extract

‘All our lauded technological progress – our very civilization – is like the axe in the hand of the pathological criminal’. Albert Einstein The aim of this book is to provide a critical discussion on the laws and regulation relating to gambling in virtual worlds and relating to ‘in-world’ (contained within the virtual world) games which could constitute gambling. Gambling is a very old phenomenon but with the introduction of the Internet in the early 1990s, and the advancement of technology to allow social interaction and money transfers over the Internet, gambling has seen a new avenue to colonize. The law in this area has not kept pace with the rapidly changing technology. When the law does try to keep pace, it has been found within this research that grey areas of concern are left undiscussed and therefore unregulated. Virtual world gaming is one such grey area. There is ambiguity over whether gambling takes place within virtual world games and if it should be regulated in the same way as remote or Internet gambling. However, what is clear is that ‘gambling like activities in social games and other online media has increased dramatically’, so much so that a new term, ‘gamblification’, has been coined. Remote or Internet gambling is a recognized and often hotly debated avenue of gambling. Different countries view remote gambling in different ways and regulate accordingly. Virtual world gaming is one further step inside the ether of the Internet.