The days of sluggish internet speed are way behind us, and now one can easily access and surf through sites of their choice at warp speed. The massive outreach and growth of the internet have paved the way for many businesses to transition into the digital realm to reach out to a larger audience. It has also helped many new businesses rise and flourish in a short time.
The online gambling industry is a prime example of how digitalization has changed the landscape of a certain industry. While earlier, people had to travel to pubs or casinos to enjoy their favorite games, now they can easily play these games on their mobile devices from their homes.
Here is a brief account of the history of online gambling, which may help put things in perspective for you and explain how online gambling grew to become a billion-dollar industry today.
Online gambling- a historical perspective
In the mid-1990s, the internet had just started catching people’s attention, but slow speed and broken connections were drawbacks. However, when the government of Antigua and Barbuda passed the Free Trade and Processing Zone Act, it allowed many operators to initiate their operations from the island.
In 1994, Microgaming, a software company, was launched in the Isle of Man, which launched the world’s first functional online 꽁머니, The Gaming Club. The site offered gambling games but without any cash involved.
In 1995, another software company CryptoLogic, developed InterCasino, the first online casino that allowed players to play for real money. Soon, many players entered the field, and the number of online casinos rose to 200 within the next two years.
However, the flourishing industry was marred by fraudulent players who were operating discreetly from Antigua and Barbuda with non-verified payment mechanisms. Around that time, many operators shifted to the south to achieve a legalized status.
Around that time, the US government came down on the industry with its Internet Gambling Prohibition Act in a bid to regulate the industry. However, it soon became evident that there was no stopping the online gambling industry, and soon the industry was churning revenues in millions.
In the years that followed, many new players entered the arena, while some exited due to multiple reasons. Sites with strong business models and a clear vision persisted, and we see them standing strong even today.
Online gambling today
Today’s online gambling industry is characterized by significant technological developments such as 3D games, augmented reality, live casinos, etc. There are thousands of online casinos and sports betting sites offering a huge variety of games and betting markets to individuals worldwide.
The progression and evolution of the internet have further fueled the industry’s growth, while a focus on quality services and verified payment mechanisms have helped online gambling sites earn consumer trust.