And where would this online court be operating from? Who are the judges answerable to? Who will pay them? Who will select them? From which particular law does its existence spring forth?
This is a complicated matter because legal jurisdictions are limited. You cannot just create an all encompassing court which has the power to try all cases of gambling all over the world. Furthermore, gambling laws differ from one country to another. And if you set this kind of court, it will definitely need a huge manpower given that hundreds and hundreds of millions of gamblers are scattered all over the world.
Yeah... Impossible to put it into practice. You are not going to get all countries to agree and even if you do, there will always be sites on which you will not be able to act, if they act in the DW for example. The OP's thinking is very nice in theory but impossible to implement in practice.