Popular searches:
Online Gambling – A History
Online Gambling – A History
The Internet has changed the lives of human beings in an inordinate number of ways and touches practically every aspect of life. Gambling, of course, is no exception. Online gambling is immensely popular and is today one of the most prosperous online industries in the world with billions of dollars in revenue generated each year.
The history of Online Gambling can be traced back to 1994 and laws passed by the government of Caribbean nation Antigua and Barbuda. The Free Trade and Processing Act legislated for the allowance of licenses to be granted to companies that applied to open online casinos. That same year, the first online gambling software provider called Microgaming was founded. Based in the Isle of Man they formulated the software for the first online casinos and to this day still provide the technology powering big name players such as Ladbrokes and 32Red.
The first Online Casino
With the creation of security software, thus ensuring safety for online gaming participants, further online gaming developments ensued. In 1995 Intercasino was founded (widely thought to be the first of its kind) and the stage was set for a revolution in the way that individuals gambled their money.
Throughout the late 1990s online casinos continued to develop improved software and polish their functionality. Nevertheless, due to the slower bandwidth speeds and servers of the time, there were many connectivity issues and network dropouts in the early days of online gambling. The money-making potential, however, was obvious from the outset with business research and consulting firms reporting that the industry generated $834.5 million in revenue in 1998 alone.
Consumer Choice
In time all manner of online gambling opportunities arose. Intertops, founded in 1996, pioneered online sports betting, while Planet Poker, Paradise Poker, Party Poker and Poker Stars led the way in multi-player online poker rooms at the turn of the century. Baccarat, Blackjack, Craps, Roulette, Slots and of course Poker were no longer the preserve of those with direct access to a real-life casino. 24 hours a day, 365 days a year; gambling became accessible at the click of a button no matter where you were in the world.
Legality
In addition to the obvious and constantly varying technological issues there have also been many legal obstacles which have clouded (and continue to cloud) the progress of online gaming. As of October 2006 banks and credit card companies in the US have been banned from processing transactions between US citizens and online gambling companies. The bill passed after much legal wrangling and subsequently saw a major downfall in the worth of internet-based gambling stock.
While the online gambling industry will no doubt survive the setback, and should in time find a way around the legislation, the initial predicted figures of growth have been suspended and revised. Despite the setbacks, recent laws passed by both South Africa and the European Union have ensured that regulated online gambling still has a future as a perfectly legal form of adult entertainment. It would appear that internet gambling is a dogged beast and definitely here to stay.
1 comment
If you are a Gambling.com member, please login at the top left of this page.
If you are not a Gambling.com member, please complete our sign up form—membership is free and it takes just a minute or two to sign up.
Posted by quenie – 13 Dec 2008, 3:50 AM
Very well thought out there and thanks for sharing this. I know some people really do not take into consideration all that the game is really about.