No doubt, the internet changed the course of human history by enhancing interactions and making access to information a lot easier for everyone. Most importantly, the Internet has been able to create several opportunities for everyone that can be harnessed from the comfort of your home. Online gambling is one of the many opportunities created by the Internet that has been beneficial to a lot of people. However, the question many online gamblers have been asking is how do online casinos get started? Let us quickly run through the history of how online casinos got started.
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The Genesis of Online Gambling
Online gambling is said to have started way back as far as the mid-’90s. What was obtainable then is different from what we have today where there are various platforms in full operation. The Islands’ Free Trade and Processing Act is said to be the genesis of online gambling.
The Act provided for a clause that allowed licenses to be given to businesses that were interested in starting online casinos in the small Caribbean country. Then, Microgaming seized the opportunity, obtained the license, and began operation of online casinos. This earned Microgaming software company a place in the history of online gambling to be one that changed the course of gambling.
Still running as a full-fledged software company, this long-standing history has made Microgaming software one of the most trusted in the market. It is a versatile software that supports several online gaming sites.
With Microgaming revolutionizing the online gambling industry, many other software companies began entering the industry. This is the prologue to what we know today as online gambling.
From Revolution to Revelation
With online gambling starting as a revolution, other companies began being interested in the industry that it in no time became a revelation. Sometimes in 1996, the Kahnawake Gaming Commission owned and operated by the Mohawk Indian tribe was established. It was at the time of establishing this commission that several online gambling sites began coming up. This is why it has been very difficult to identify which online gambling site is the first. The sole aim of the Kahnawake Commission was to issue gaming licenses to online gambling sites.
With difficulty still surrounding which gambling site came first, some have it that it was InterCasino while others said it was GamingClub. However, from in-depth research, it was discovered that the GamingClub was the first as it was launched in 1995 even before the commission was set up.
Between late 1995 and late 1996, online gambling industry had recorded huge successes with about 15 online sites in full operation. By late 1997, the industry had witnessed a geometric growth with over 200 licensed online casinos in full operation. By then, the industry was already recording an annual revenue for about $1 billion from across the globe.
Increase in Sports Betting and the Rise of Online Casinos
In 1996, InterTops came into the industry and altered how things were being done. It introduced a new way of wagering on favourite teams. This new style was put to test by the company and within two years of adopting it, the industry witnessed further expansion.
At this point, more people began showing interest in sports betting as it became a lot easier for them. With more and more people showing interest in sports betting online, other individuals like William Hill began to see the need to launch their gambling sites.
With the expansion of the industry, the competition began setting in and sites gave huge bonuses and discounts to gamblers to attract them. While the bonuses might have reduced in modern-day gambling, it still exists if you look the right way.
The Entrance of Betfair into the Industry
A milestone in the history of sports betting as to be the entrance of Betfair into the industry in the year 2000. It was at this time that online sports betting was ushered into an entirely different level. Betfair introduced a peer-to-peer betting system that allowed for gamblers to bets within themselves with the online casino having some commission to itself.
This new system that was introduced by Betfair caused the global revenue of the online gambling industry to increase drastically. Two years after this, live sports betting was introduced and is widely celebrated across the globe to date.
A New Dawn for Online Poker
The history of online poker goes back to 1998 when Planet Poker an online poker site was formed. From 1998 till date, this site continues to attract a huge number of players and have set the pace upon which other online poker platforms is being run today. Downloading and speed issues resulted in Planet Poker eventually crashing.
After Planet Poker crashed many other online poker sites emerged. Some of these leading sites that emerged after the crash include Paradise Poker, Party Poker and PokerStars. Paradise Poker ensured that it developed an advanced platform that could accommodate the many players that visit the site daily. In 2001, PartyPoker and PokerStars were launched and in a very little time grew to become leading online casinos in the world.
Online Casinos and UIGEA
UIGEA, an acronym for Unlawful Internet Gaming Enforcement Act was passed by the US lawmakers in 1996. By the passage of this law, it became an illegal act for anyone to deposit and withdraw funds from any online gambling platform. This Act brought about a lot of confusion and resulted in many online casinos shutting down their operations in the US. Many other platforms cut ties with US customers and this affected the revenue of the industry negatively.
There were several questions with regards to the legality or otherwise of online casinos especially in the US after this law was passed. While it affected the revenue of the industry then, it has formed the basis for several regulations governing the industry today. Activities of online casinos are legal, but they are strictly governed by regulations specific to their areas of operations.
The Future of Online Casinos
Despite the many challenges and successes that have been recorded by online casinos over the years, the future seems brighter. There are enabling laws already in place across several countries allowing for anyone who is 18 and above a right to gamble. Many global figures are said to be interested in purchasing online casinos because they foresee there will be a boom in the industry in the coming years.
Online casinos have not only made gambling easy for many people, but they have also created opportunities for several others. Today, you can wager on your favourite teams from the comfort of your room with a mobile device and earn from it. To find out more about online gambling and casinos, visit the Best Bitcoin casinos.