It isn't just California that's bankrupt; Greece and Iceland have been all over the news for their hopeless cash crunch; but they are only the worst hit of the lot; the financial crisis has hit just about every country out there, and governments all over Europe have been desperately looking for ways to not succumb the way these two countries have.

So governments want to bring online sports betting and gambling into the mainstream so. And these governments want to be where today's action is. Now the online gambling is beginning to offer really tempting avenues in risk taking games, physical casinos are beginning to appear less attractive. And just as state governments in America look to liberalizing their views on alcohol and drugs (California comes to mind) when money becomes tight, Europe's traditionally conservative views on the effects of gambling in corroding the values of society, has begun to loosen up in the face of some pretty severe financial circumstances. Gambling for very long in Europe has been completely monopolized by the government.

The reason they never wanted to open it up to private investment was that they wanted all the proceeds for themselves.

Actually, that wouldn't be the whole picture for why Europe is beginning to green signal online sports betting, and other Internet gambling.