Online casinos have revolutionized the gaming industry by enabling players to wager money through the internet. This is a luxury which is also called online gambling. Another attractive aspect regarding online gambling is that the odds and payback percentages are generally higher than on traditional land-based casinos and players have the world wide web to thank for it. Ironically, the internet was accused of being a fluke and a bubble that was about to burst but instead it changed the world and revolutionized society. There is no difference with the concept of online gaming which revolutionized the gaming industry.
Just like the computer offered unpredicted integration of capabilities between people – so has online casinos for gamblers. And just like the internet became a medium for collaboration and interaction between corporations – so did online casinos for gambling establishments. Last but not least, the internet offers one of the most fruitful ways of investment – and so does the online gambling industry.
The rise of the global internet – also labelled as the Digital revolution – is the era which we still live in today. The Digital revolution’s starting date is approximated to the late 1980’s and early 1990’s. While the origin of online gambling has been dated to the year of 1994, since this was the very year when licenses were first granted to establishments who wished to provide gambling services online. It was the Free Trade & Processing act which was first passed by the Caribbean nation of Antigua and Barbuda.
Several corporations have claimed to be the first contributors to online casino history. However, two of the most prominent contributors are Microgaming and Cryptologic. The reason why is because Microgaming developed the internet’s first gambling software, while Cryptologic developed an encrypted communication which ensured secure transactions. Both which are important factors when it comes to online gaming. And so, one might say that the two corporations share first place in online casino history. However, it is said that the first money wager was not accepted until 1996 by the Malta registered company InterCasino. InterCasino operates under CryptoLogic and therefore one might say that Cryptologic has an edge on Microgaming regarding first honourable place in the history books of online gambling. Nonetheless, the number of online casino sites grew quickly and gained rapid popularity in the same pace as technology sky-rocketed many businesses at the time.
In 1997 there were about 200 internet gambling sites registered. Today there does not seem to be any liable or regulated way to know exactly how many sites there are out there. What we do know however is that in 2008 the gambling revenue was estimated to $21 billion by the industry’s leading intelligence and data team, H2 gambling Capital. The same agency which recently reported that regulated real-money online gambling generates up to $30 billion in gross wins globally.
The market grew quickly and competition rose with equal pace. Competition always bid for improvement and so online casinos continuously improve software and payment methods. Naturally, some gamblers felt hesitant toward the modernity of online casinos at first, and they expressed fear of manipulation of the online gambling devices. However, just as with the scepticism of the internet – online gambling prevailed and continues to grow with rapid pace.