The online gambling market has come a long way since childhood. Whether you are an experienced player or a newbie for online gambling, you will be fascinated by the history of this new and ever-changing industry.
In The History Of Online Gambling
The global online gambling industry is growing fast. According to research by Statistics, gamblers placed $ 41.4 billion in bets over the internet in 2015, which represents an increase of 459% compared to 2003. The online gambling market has come a long way since early childhood. Whether you are an experienced player or a newbie for online gambling, you will be fascinated by the history of this new and ever-changing industry.
The Dawn Of Online Gambling
Not surprisingly, the online gambling industry came into being near the beginning of the online era. Experts still disagree about which online gambling site was the first to market, with the debate that arises from the fact that experts use different standards to define online gambling sites.
According to Gambling.org, several sites were launched in 1994 to offer gambling to residents of South Africa. However, all transactions were made in cash, so there is no definitive evidence that online gambling with real money ever took place. The algorithms were also very archaic compared to modern online gambling sites, meaning they missed many of the features that modern gambling sites offer and blur the definition of whether they can actually be called online gambling sites.
Another important event occurred in 1994, when Antigua and Barbuda, a small Caribbean nation with a population of less than 100,000 people, became the first company to change its gambling license to allow foreign bookmakers to accept betting on national lines. . The decision paved the way for Antigua and Barbuda to offer online gambling sites in the future, although their game providers did not have the infrastructure needed to offer their services over the internet.
The type of online gambling sites developed in South Africa lacked the technology that should be feasible on a large scale; however, the birth of online gambling was made possible in 1995 by two companies that developed technology that was needed to adjust gambling for online games:
* Microgaming started developing the first online gambling software in 1994 and released it the following year.
* CryptoLogic created an encrypted communication protocol that allowed users to securely transfer money online.
These developments paved the way for the introduction of the online gambling industry and for the popular online gambling sites that would be launched in the next few years.
Online Gambling Sites Released
The first modern online gambling site, Intertops.com, was presented to the world in 1996. Intertops was founded in Austria in 1983 by a German bookmaker who had previously offered his services illegally. The company had grown and eventually realized that the future of the company would be online. The company started working on an online gambling site in 1994, but it took a few years before the platform was ready to use.
Intertops accepted the first online sports bet in the world of Jukka Honkavaara, a Finnish punter on January 17, 1996. Honkavaara bet on $ 50 on Tottenham Hotspur against Hereford United on a margin of 5-1 and made a minuscule win of two dollars on his bet . Although the monetary gain was hardly impressive, he has earned his place in history with this online distinction.
A number of other online gambling sites were also launched in 1996. One of Intertops.com's biggest competitors was Centrebet.com, a Australia-based gaming provider, although in 1998 there were more than 700 real money casinos around the world. These sites would quickly become very popular, as many consumers knew the advantage of online slots over other forms of gaming.
Regulation of Online Gambling
Gamblers for gaming worldwide had to deal with challenges that corresponded to the introduction of online gambling. Jurisdictional borders that used to be crystal clear, faded by the advance of the internet. Regulators therefore had to discuss whether the rules for jurisdiction applied to the location of the player or to the servers on which the game site was hosted.
This was particularly worrying for US officials who had passed the law on professional and amateur sport law in 1991. This law penalized sports betting, but demanded that officials debated early on whether that regulation also applied to providers of games of chance in other countries. also.
Because these sites accepted players from around the world, the regulators faced a number of challenges, not the least of which was to protect their citizens from fraud in the wake of illegal gambling sites that launched and then deposited deposits from their customers. The authorities have also expressed concern about the encryption of gaming providers and the possibility of security breaches that could jeopardize personal data.
As the industry changed, regulators had to develop a completely new licensing and regulatory system to protect citizens from fraud and ensure that others would not violate existing financial or gambling laws (the Kahnawake Gaming Commission in Quebec was one of the first regulatory authorities in the US). world to issue licenses for online gambling). In addition, many feared that online gambling would lead to an epidemic of gambling addictions, forcing some regions to ban online gambling completely. The United States, for example, adopted the Unlawful Internet Gambling Enforcement Act (UIGEA) in 2006, effectively prohibiting all forms of online gambling in the country.
Due to geography and the seemingly anonymous nature of the internet, some providers of games thought they could avoid adhering to the laws of other jurisdictions. Their defiance was put to the test in 2011 when the US Department of Justice accused 11 leaders of Absolute Poker, Full Tilt Poker and PokerStars of violating the UIGEA. Despite the charge, many online gambling sites continued to offer their services illegally in countries that prohibited online gambling, which raised doubts about the effectiveness of the ban and called for widespread reforms.
Progress In Online Gambling
Certainly, the online gambling industry continues to change every day. Many online gambling sites now offer a number of advanced features to improve player experiences, and allow players to access their games via mobile devices. Others currently accept bitcoin and other virtual currencies for players who want to protect their privacy or circumvent rules for gambling and gambling.
Change in the online gambling industry has been rapid, and we will probably see more evolution if the technology continues to grow. What do you expect from the future? Leave a comment below with your vision for the future of online gambling:
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