Gambling online has been around since the 1990s, when it first made its appearance in society. The internet was still a fairly new concept and was just beginning to commercialize and used as the transfer between land-based industries into the virtual abyss. Having said that, the gambling industry so happens to be one of the very first to reap the benefits of this revolutionary time.
History claims that the very first online casino to ever exist was established in 1995 by Microgaming; still, one of the leading casino software developers to be known in the online gambling industry.
Now we have many online casinos such as Platin Casino Ireland
The early days
As mentioned before, online gambling first came into existence in the 90s, with the first-ever online casino to be born in 1994. However, no one knows what casino that was or if it still exists today. But we do know, software giant Microgaming came to be just one year later in 1995. During this time, the Free Trade and Processing Act in Antigua and Barbuda also came into existence to serve as the first offshore licensing jurisdictions.
This allowed for online gambling sites to acquire a license and open offices there. Within one year, the number of online casino sites went from 15 to 200 and hasn’t stopped growing since.
We’d also like to mention that even though Microgaming was born in 1995 and has had new competitors joining the market ever since they still stand strong as one of the most trusted and well-known software providers supporting a variety of online gaming sites.
The 21st Century
As online gambling and casinos evolved, the issuing of an online sports Betting License was introduced in 2000. In 2001, the UK hopped on board and legalized online gambling up until 2015 when mobile gambling was introduced.
In 2002, several online bookmakers introduced live betting providing customers with the opportunity to place wagers as sports events were taking place. This became huge boosting the popularity and excitement around online betting sites even further, which made them more desirable than brick and mortar bookmakers for most. Although they still exist, do a wonderful job, and still have a loyal audience, online betting sites have been preferred by most people around the world.
Later in 2003, the Culture Secretary in the UK suggested a change in the British Gambling laws to keep up with advances in technology. As gambling became more diverse and innovative, the laws needed to reflect that, especially since the original gambling laws in the UK dated back to the 60s.
The Bill set guidelines stating that gambling is unlawful in the UK without a license, permit, or regulated registration. Those that breach the guidelines would be fined. This still exists today; online casinos must be licensed by an official gaming authority and adhere to the regulations set by them to avoid being fined and/or shut down.
Online Casinos have grown into a multibillion-dollar industry, and there’s no surprise as to why. They are convenient, entertaining, and offer a wide variety of games from various software providers for all preferences. Within recent years and the growth of mobile optimization, they’ve become more popular and more accessible than ever, allowing players to hop onto their favorite online casino and play while lounging on the sofa or while on the bus going back home from work.
There are many different target markets that the online casino industry has been able to serve. For example, poker players have had the chance to enter the World Series of Poker tournaments by winning competitions at the biggest online poker sites or online casinos that offer this.
The rise of smartphones and other mobile devices made it necessary for the industry to adapt to the advancement of technology and focus on where it is heading. With infinite potential, online casinos that have become mobile-friendly are taking gaming to a whole new level and are the ones taking the lead.
Speaking of innovations within the ever-evolving gaming online space, there’s also the rise in Cryptocurrency entering the market. This allows crypto gamblers an easy way of playing with their Bitcoins or other forms of Crypto. This is still somewhat new within the industry, but it’s going to rise within the next few years.
What comes next?
Online Casinos have come along way and they continue to develop in every which way. Within Europe, online gambling has become a legal right for adults (18 years or older), and now the USA is following its footsteps. With this in mind, the leading online gambling sites are working together with politicians and land-based casinos within America to help birth the existence of online casinos.
It’s hard to imagine what’s to come for online casinos as technology continues to evolve and innovate. However, we know that Virtual Reality Online Casinos are going to become a big hit as the possibilities that can come with this are endless. Additionally, the growth of Cryptocurrency within the iGaming industry is also still on the rise which is a development within the online casino space for sure.
We can’t predict exactly what’s going to shape the future, but we know that online casinos and the advancement of technology aren’t going anywhere. And so, with that being said, we have to keep the industry has to keep their eyes peeled for the next innovations.
Being one of the fastest-growing industries to grow worldwide, online gambling has been around for decades now and with the progression within technology, the possibilities for online gambling are endless. Not only are there new types of games entering the market with various entertaining factors, but everything has been made more user-friendly than ever.
Now with Cryptocurrency and Virtual Reality on the rise, there’s no telling what’s to come next and how engaging and advanced the online casino space will become globally. With the demand, this space will continue to grow and expand its offerings, whether it is betting games, sports, table games made live, video slot machines, or others, it’s an evolving space with a big market share. More and more markets throughout the world are seeing the benefits that this space has on the economy and how the convenience of it speaks volumes.