The History of the Online Gambling Industry
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If you’ve been paying close enough attention, then you would know that the online gambling industry comprises one of the most lucrative global markets today. So many people from all corners of the globe frequently visit their go-to gambling websites to partake in their favorite form of recreation: betting and gambling. There’s a certain thrill and excitement that’s attached to gambling and that’s a huge part of the allure of the hobby. But not many people may realize that this gargantuan industry had very humble beginnings. So, before you browse through the best mobile casinos list for your personal perusal, take some time to learn more about the growth of the industry. Discover the details of how it started and how it has evolved into the market giant that it is today.
The Genesis of Online Gambling
Online gambling sites first started sprouting up back in the mid-1990s. Take note that this was the earliest stage of the internet’s foray into the commercial world. Not too many households had a live and active internet connection back then. In fact, it was considered a relative luxury for people to have internet connections in their homes. So, as you may imagine, the online gambling industry didn’t necessarily take off in such a dramatic fashion.
Depending on who you ask, there are conflicting accounts on who was the first to establish an online casino. But it’s generally accepted that Microgaming, a name you might be familiar with in the world of online gambling, partnered up with Cryptologic to launch the first-ever online gambling site. This was only possible because Antigua and Barbuda passed its Free Trade and Processing Act. This allowed online gambling sites to attain licenses and establish operations within those jurisdictions. These days, this licensing jurisdiction is mostly associated with online casinos that fall within the grey area of the market.
The Big Leap
Cryptologic may have been a humble spark that ignited the flame, but it was definitely enough to allow the industry to take a big leap. The site was first launched in 1996. Slowly, over the course of a year, more than 200 gambling sites started sprouting up as well. Steadily, over the course of the following years, more sites would launch and this signified the upward trajectory of the market that would eventually develop into the industry titan that we know today.
Of course, it’s also worth noting that the games back then weren’t as refined or as sophisticated as they are now. Also, gambling laws were relatively infantile and not as well-regulated as they are today. This led to many people still feeling apprehensive about giving their personal details and money to these sites. No regulatory bodies were put in place to ensure the quality and integrity of these sites that existed on the market. That’s why a bunch of these sites that first launched during that era no longer exist today.
Despite the difficulties, the industry continued to push itself forward. Various poker-only gambling sites started sprouting up in 1998. At that time, the online gambling market was estimated to be worth about $830 million. Year after year, as technology grew more sophisticated and as more people started gaining access to the internet, the industry thrived.
Modern Online Gambling
Over the course of the past two decades, various gambling sites have left significant impressions on the market as a whole. Some are terrible with tainted reputations for offering terrible service and engaging in shady behaviour. However, there have also been some very good websites that sought to innovate and push the industry forward. At that time, online casinos were only available on web-based platforms. Slowly, online casino developers started pushing towards native app integration. This allowed users to download and install apps on their personal devices for easier access and dedicated execution.
Then, once mobile devices started gaining prominence, that’s when things started to change again. These days, more and more people are using devices like phones and tablets to place their bets online. Mobile devices have just made the gambling experience a lot more convenient and accessible for so many people. Nowadays, the online gambling industry is projected to be worth as much as $127 billion by 2027. This just further solidifies the proof that the industry is on an upward trajectory with no signs of stopping anytime soon.
