Some people may think that gambling virtually existed a long time ago. However, gambling online can be considered as a recent development as it only started thirty years ago. Two of the factors why online gambling has increased and developed rapidly are the tremendous demand from players and the constant development of technology.
It all began in 1994, in Antigua and Barbuda when the government passed the Free Trade and Processing Act, which allowed licensing for online gambling sites. This year also marks the year when the first gambling software was created. Microgaming created the first online casino in the same year called The Gaming Club.
Microgaming remains as one of the leaders in online gambling up to this day. Canada realized the massive potential that online gaming could have, so they created the Kahnawake Gaming Commission, a commission that regulates online casinos’ licensing worldwide. The organization also took control of the industry.
The 90s is an era known where the internet started developing, and due to its primitive nature back then, there were only a few online casinos. However, companies were eager to get on the gambling bandwagon, and so new and re-invented gambling sites began popping up.
The early days of online gambling also allowed casinos and sports betting companies to adapt. In 1983, Interlopers allowed people to wager bets through their phones. However, they knew the power of the internet and adapted to the rising phenomenon back then. Today, Interlopers has users in over 180 countries around the world.
Planet Poker was the first multiplayer poker site developed in 1998. This achievement is considered a milestone because poker sites were more challenging to build back then. After all, it involves more than one player. After the rise of Planet Poker, Paradise Poker, PokerStars and, Party Poker, and other poker sites emerged.
After a few years, Party Poker stood as the most popular online poker site as its parent company, Party Gaming, joined the London stock exchange in 2005. On the other hand, the United States government banned American citizens from using casino sites abroad in the same year. They were unsuccessful in passing this law.
Despite the failure of having formal legislation, many overseas casino owners closed their sites to the US briefly. After the threat has passed, no online betting site has ever been charged with letting Americans gamble illegally. Today, online gambling is considered an excellent online source of revenue, as billions are earned yearly.
Online casinos have also put a real challenge to owners of the traditional mortar-and-brick casinos to step up their game and have computerized operations. More and more online gambling software companies are emerging today, and some are even joining stock exchanges. Online gambling is recognized as a reputable force within the commercial industry.
From the mid-90s to the early 2020s, you can say that the online sports gambling industry reached a long way. From $834.4 million in 1998, online gambling has totaled approximately $419 billion in 2012. One of the reasons why many are hooked with online gambling is the possibility of winning a large amount of money.
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