How Internet Gambling Became a Multi-Billion Dollar Industry

Online wagering only began in the 1990s, but it didn’t take long for it to become a multi-million dollar business. The catalyst for the explosion in online gaming came in 1994, when the government of Antigua Barbuda, an island nation in the Caribbean, passed a law allowing online casinos to operate from their country.Online gambling: 'I stole £70,000 to feed my addiction' - BBC News

Naturally, many people saw this as a huge opportunity, and two of them mpo play, Andrew and Mark Rivkin, formed a company called Cryptologic to write software enabling safe handling of finances in online gambling with till-then unequalled encryption practices. Another big company was formed in 1994 too: Microgaming.

Cryptologic and Microgaming were the two leading companies as afar as gaming technology. Cryptologic was first to make a fully operational gaming platform with electronic money account management. By the end of 1996, InterCasino was up and operational on the web – one of the very first online casinos. It wasn’t long before online casinos were a multi-million dollar industry. Not long after that it stepped up to being a multi-billion dollar industry.

In 1997, Microgaming released Cash Splash, the first online progressive slots game. At this time, players from the US were a large chunk of the online betting population, and this fact drew the attention of Senator John Kyl (R-AZ), who started drafting various legislative bills to stop people from gambling online. The first of these, the Internet Gambling Prohibition Act, did not pass, and Americans continued their love affair with online
betting.

Other world players coming on board the internet casino train during the late 1990s included Argentina, and UK territories Gibralter and Isle of Man, which began online sports betting sites. By 2001, the British Channel Islands legalized online betting, and later that year, there was a push to legalize internet wagering in the UK as a whole.

In 2005, the UK Gambling Act was approved, and it was a boon for the internet casino industry. The law created the UK Gambling Commission to oversee all enforcement of regulations in licensing online gaming sites, preventing underage gambling and ensuring software fairness accreditation and reporting of monthly payout percentages. The Commission also investigates and prosecutes illegal gambling and basically is a very comprehensive online wagering regulatory agency. The UK’s internet wagering oversight is now considered a model for other countries that want to regulate online gambling.

In October 2006, US legislators tried to legislate an end to betting online by American citizens with the Unlawful Internet Gambling Enforcement Act. Then-Senate Majority Leader Bill Frist (R-TN), attached the bill to a “must-pass” bill on Port Security aimed at combating global terrorism, claiming that online wagering proceeds were used by offshore companies to fund terrorism. But just before enforcement of this act was to go into place, new legislation was written allowing US citizens to participate in online gaming. Though it has passed from committee, there is no guess as to when or if it will be passed by the House and Senate. That means that currently, US online gamblers exist in a gray area of the law, though public sentiment is growing behind full legalization of online gambling in the US.

Ever since the concept of gambling originated, there have been no downfall in its popularity. It’s an addiction that lures you to the casinos, where luck is the sole key to success. Regardless of your income, age group and qualification, there is always a chance to win millions and to lose whatever you possess. So whatever the hard work you did in the past won’t count here.

Being an internet dominated world, most of the of gamblers started gambling casino online, however, Las Vegas is still the hottest Casino destination of our planet. Earlier, gamblers used to cross into Las Vegas to test their luck and happened to enjoy winning and losing accordingly. The similar concept has been taken to the internet as well, myriad online gambling portals are putting across the opportunities to gambling online casino and enjoy online casino gaming.

Even with the advent of the internet age, the gambling industry didn’t suffered and still running successfully, yielding high profits. But it has surely transformed the mind-sets of the hardcore gamblers. Those who were habitual of visiting Casinos once in a week or month are now enjoying the same excitement while gambling online casino. Truthfully, there are some factors driving the gamblers to experience online casino gaming and do gambling casino online.

The first and foremost reason is the “home comfort.” The ease and cosiness that you can enjoy at home couldn’t be found anywhere else. Gambling casino online while being at home is entirely an amazing experience. You can witness and sense the similar excitement even at home, which you usually encounter within the exquisite vicinity of a casino

Leave a Reply

Your email address will not be published.