Facts About How The Online Gaming Industry Has Evolved
Few people have never stumbled onto an online gaming website, but it’s unlikely you’re aware of just how much this industry has changed and evolved over the years.
The online gaming industry has had its ups and downs. While those who want the chance to win some money can now visit online casino netbet, this wasn’t always the case. Simply legalising online gambling licenses was a huge step, and one that was first taken in Barbuda and Antigua. Microgaming offered the best gambling software available, and Cyptologic followed up with encrypted software in 1995, making it possible for visitors to these websites to gamble without risking the security of their websites.
Online gaming became more popular in 1996 when gambling website Intercasino introduced the first money wager online. The industry soon realised that it needed to be regulated, leading to the formation of the Kahnawake Gaming Commission which licensed and provided regulation for online casinos.
The presence of slot machines are one of the things that many people think of when they picture casinos, so online gambling websites decided they would be no different and the online slot machine Cash Splash was launched in 1998, and quickly followed by an online poker room. This was the beginning of a snowball effect in the industry and there were more than 700 casinos online by 1998 where visitors could both bet and win money.
Over the next few years the online gaming industry exploded, and by 2002, casinos were making $2.2 billion per year. Much of the world was slow to legalise online gaming, so US players contributed to most of this profit. By 2005 the UK had joined the party and Brits could gamble online and websites could be legalised.
Things were about to get much harder for organisations in the US, as the Unlawful Internet Gambling Enforcement Act was introduced, making it illegal for banks and credit card companies to process transactions made on these online gaming websites. This drove many international operators out of the US and they set up shop in countries which had less restrictive laws.
Revenue for online gaming hit $21 billion internationally by 2010, and there were more than 865 online gaming websites available by 2010. Things were about to get worse for operators in the United States though, as the government hit many sites which had
violated the Unlawful Internet Gambling Enforcement Act and while this negatively impacted the industry in the US, it was still growing by leaps and bounds internationally. 85 countries have now legalised online gaming, and it continues to be one of the most popular industries- managing to continue to grow through the recession.
The next step for the online gaming industry seems to be mobile, and approximately $10 billion has been bet through mobile phones, iPads and tablets internationally. With so many people having access to these devices, the industry has been focusing on ensuring that sites are mobile friendly.