Japanese online casinos are almost unheard of, but it doesn't imply that people of Japan don't enjoy gambling. In fact, they have their own traditional games that they play for gambling. Most famous of these games are Keno and pachinko.
Keno was created by the ruler of one of the largest cities of Japan during the middle ages. The money made from the game was used to fund a long drawn war. The game was designed to entertain the stressed out citizens who could have some fun and win some prizes at times. The game soon became one of the most popular games in the world. The earlier version of keno was based on words instead of numbers that are used in its present form. The prizes were also different and generally cattle or land was awarded.
Pachinko is another game that is very popular in Japan and there are many shops and casinos that have the pachinko machines installed. The game is the combination of slots and pinball. The machines are quite colorful with many bulbs and weird designs.
Today, Japanese online casinos offer many famous games that are played throughout the world. The online gaming industry in Japan is growing at a rapid pace and according to the estimates made by gaming experts the revenues generated by Japanese online casinos by the year 2008 exceed well over US$ 1.2 billion. The country's gambling history is well documented, and it is believed that online gaming industry has a great potential to grow further in Japan. Today, horse racing is the most popular and the major activity of the country with over US$ 271 million spent across the several horse courses in Japan. This enormous figure undoubtedly points towards the huge growth potential that online gaming industry in Japan has.
Japanese law forbids most of the forms of gambling, except for lottery plays and horse racing. However, the government of the country, like most in the world, is desperately looking for the new means of generating revenues, and is therefore, seriously considering the possibility of legalizing Japanese online casinos.
Legislators of the country have started serious discussions with many of the world's leading operators of the online gambling industry. The discussions involve opening up Japanese markets, formulating rules and regulations and tackling negative effects of gambling. The officials of Japan are also closely studying the results of legalizing online casinos in Macau.
Online casino operators have shown keen interest in setting up Japanese online casinos. After all, Japan is one of the richest economies of the world, with GDP more than any other nation in Asia and GDP per capita even higher than the United States. No doubt that they are eager to tap the huge potential offered by Japan's enormous and wealthy market.
The government of Japan has promised its citizens that the online gaming industry will be monitored strictly by the regulatory authorities, with the main focus on eliminating the ill-effects related with gambling.
It is believed that the Japanese online casinos will be legalized in the country by the end of 2010.
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