Since the dawn of the internet, many people have taken to doing a wide range of activities online. The internet has revolutionized every aspect of our lives, from communication to banking, from shopping to general interaction. The gambling business, in particular the proliferation of online casinos, has undergone a radical shift.
With the advent of digital technology, the excitement of gambling has taken a whole new turn. String along as we take a look at the meteoric rise of digital gambling.
What is Online Gambling?
Online gambling involves various betting activities conducted on internet platforms. It enables players to engage in games of chance, wager on sporting events, play casino games and participate in various forms of gambling using their computers, mobile phones, or other internet-enabled devices.
Virtual gambling sites provide customers with an experience very similar to that of traditional brick-and-mortar establishments through a wide range of games and betting options such as Slots, Poker, Roulette, Bingo, Blackjack, sports betting, and virtual sports. Additionally, online casinos provide attractive casino bonuses and promotions to attract and retain customers.
The Evolution of Internet Gambling
The advent of online casinos revolutionized gambling by making players from all over the world able to enjoy their favorite casino games from the comfort of their own homes or while on the go. The rise of digital gambling started with the emergence of the internet.
The Internet’s Emergence
The Internet as we know it now wasn’t always around. In the days before internet gambling, dealers would transport slot machines between establishments on racks. As a result, gamers had a hard time finding spots whenever they wanted to.
With the rise of the internet, this constraint became obsolete. It was now possible to play a wide variety of casino games online, including virtual slot machines, blackjack, poker, roulette, and more.
The Early Form of Digital Gambling
Teletext and phone betting came before internet betting, providing early convenience. In 1993, bookmakers displayed live sports odds on Teletext, and phone betting services were introduced.
Online casinos, following the trend set by bookmakers, emerged as technology advanced. Around 1994, companies like Microgaming and InterCasino were created to develop software for online casinos.
Antigua and Barbuda’s Move into Digital Gambling Frontier
In 1994, Antigua and Barbuda passed the Free Trade and Processing Act (FTPA), significantly boosting the online gaming market. Even before gaining independence in 1981, the two states had their own thriving casinos, playing a vital role in the economy and attracting global customers.
Seeing the rising popularity of the internet, the government seized the opportunity in 1994 to position the country as a hub for online gambling. Despite minimal regulation, the Act established a legal jurisdiction and permitted the issuance of licenses for online casinos. This move led to the proliferation of online casinos and gambling ventures in Antigua and Barbuda.
The Genesis of the Online Gambling Landscape
Cryptologic’s InterCasino and Microgaming’s Gaming Club were the frontrunners during the market’s early growth. Microgaming took the lead in 1994, spearheading the industry with the introduction of a range of popular land-based casino games, including Roulette, Blackjack, Video Poker, and Craps. Following this trend, Cryptologic entered the scene in 1996, launching their online casino games alongside an integrated payment system.
The Proliferation of Online Gambling Platforms
The online gaming landscape experienced a remarkable surge, escalating from around 15 sites at the end of 1996 to over 200 by the conclusion of 1997.
To meet the growing demands of the flourishing online gaming industry, an increasing number of software companies emerged. In 1999, the renowned Playtech plc joined the ranks, gaining recognition for its realistic online games that prioritized fine details.
By 1998, the industry’s financial influx was substantial, with an estimated $835 million to $1 billion being generated from 700 online casinos accepting bets in various currencies.
Online Sports Betting’s Debut
In 1996, during an FA Cup replay between Hereford United and Tottenham Hotspur, a client from Finland wagered $50 on Intertops, which is now known as Everygame, marking the beginning of online betting.
The same year witnessed the launch of Eurobet in the United Kingdom and Centrebet in Australia’s Northern Territory. These platforms offered online sports and horse racing betting, contributing to the expanding landscape of digital wagering. Subsequently, in 1997, three additional sportsbooks were established, further solidifying the presence of online betting in the global market.
The Emergence of Online Poker
The advent of online poker revolutionized the online gambling industry and changed the way gamers bet and play.
Planet Poker was the first platform to launch online poker in 1998. The next year, Paradise Poker followed with an upgraded platform, which sparked fast growth within the industry.
Multiplayer Online Gambling
A watershed moment came in 1999 when Boss Media unveiled its multi-player gaming platform.
This revolutionary development made it possible for several players to compete against each other in a single game at online gambling tables rather than just the house.
Advent of Online Live Betting and Mobile Wagering
The first live betting was established in 2002, enabling gamblers to place bets on a sports event in real time.
Live betting is now available on most betting sites for a wide range of sports. You can wager on the go with most of the top sites on your smartphone, tablet, or other mobile device.
Online Gambling Industry Through 2000s, 2010s and Pandemic
In the 2000s, the global internet gambling market consistently grew, reaching $23.5 billion in revenue by 2008 with over 2,300 gambling sites. The 2010s saw significant digital gambling expansion, fueled by widespread mobile device use, including over 1.6 billion smartphones sold.
During the Covid-19 pandemic lockdown, online gambling revenue surged. In the U.S., online poker usage increased by 43%, with a remarkable 255% rise in first-time players enjoying live poker online or with friends.
As of 2019, the global online gambling market was valued at $44.317 billion and is projected to grow at a 7.13% compound annual growth rate (CAGR), reaching $66.994 billion by 2025.
A notable recent industry development is the rise of cryptocurrency, providing players on crypto gambling platforms with increased flexibility, convenience, and faster payouts. Bitcoin transactions now make up around half of all online gambling transactions.
Conclusion
Innovation, new regulations, and technological developments have all played a part in the meteoric rise of online gambling.
There will certainly be room for growth and change in the online gambling sector as long as people want easy and accessible methods to play games.
