The Function of Online Casinos Today: A Global Perspective
Online gambling sites have been up and running as far back as ten years ago and the computer literate world is making quick strides into seeing its future developments continue and accelerate. The progress of online gambling is being stunted, however, due to the varying but generally mostly undefined laws that will eventually govern the entire business worldwide. Meanwhile, online gambling treads through murky waters as it continues to define itself as a stable presence in a market economy.
Yet the online gambling industry has proven to be viable business on many legitimate levels; for instance, the online casino software producer/manufacturer Playtech is listed on the LSE and stocks are traded worldwide daily. The world's first virtual online casino, Internet Casinos Inc., became available for business in 1995 and today there are thousands of online gambling sites, affiliates and subsidiaries circulating amongst the Internet.
With an estimated 20 million people online currently and with that number forecast at 160 million for 2020, it is easy to see how the online gaming industry will be one of the many to grow. Revenues are at an astounding $18 billion annually, which promises hard cash quickly; in addition, online casinos cost an average of $1.5 million in startup costs and very few employees needed versus land-based (or “brick-and-mortar”) casinos that can cost $300 million plus serious manpower. Simply put, it is a much more economical option for people to start an online gambling business.
The number of online gamblers has been estimated at fewer than five million worldwide; however, this adds up to an overall market for online gambling estimated at approximately $49 billion. That is a large wad of funds moving through the Internet with great rapidity. Gambling sites will indeed become a global generator for legitimate business in the years ahead. In what way exactly is yet to be determined.--written by Natalie Jaro