As an industry online casino gambling has increased and developed at an astonishingly rapid pace.
A recent study carried out by the gaming regulator eCogra found that the growing popularity of online gaming is down to two main factors – ‘convenience and accessibility’. For many players especially in remote part of the UK its a lot easier to visit a casino online than spend time, effort and money trying to physically reach your nearest venue and if you’re lucky enough to win then payouts are instant.
The world’s first virtual online casino, Internet Casinos, Inc. (ICI) opened for business in the USA on August 18, 1995 with 18 different casino games, online access to the National Indian Lottery, and plans to launch an Internet sports book.
Initially business was slow but it didn’t take long for other entrepreneurs to realize the industry’s potential.
At a conservative estimate it can cost up to $300 million to build a new resort casino however Internet Casinos Inc.’s very first online site was developed for only $1.5 million.
In 1994 the Caribbean nation of Antigua and Barbuda acted as a catalyst for the online gambling industry. Antigua passed a law that made it a legal jurisdiction and allowed it to issue gambling licenses. Not only did it provide online gambling with its start but even today most online gambling companies are based in the country in order to use their license.
Isle of Man based Software Company Microgaming spotted an opportunity and developed the first fully operational online casino software which paved the way to the many online gambling sites that followed.
CryptoLogic, an online security software company provided the much needed software to make Internet transaction safe and viable.
2003 marked the rise of the popularity of poker, especially in the United States. When Chris Moneymaker won the World Series of Poker with $2.5 million, after playing online poker rooms almost exclusively it made poker a household name. Poker and online poker in particular, finally got a good reputation.
Ironically however the online gaming industry in America became a victim of its own success. The Republican party in particular have been long time opponents to the concept and in 2006 laws were eventually passed preventing players based in the USA from playing and placing wagers on such sites.
Things are different on this side of the Atlantic however – vastly different. Culture Secretary Tessa Jowell has been an advocate of the legalising and regulation of the gambling industry while stressing the importance of caution and responsible participation.
In the UK it’s predicted that customer spending online will increase from £660 million in 2005 to £1.6 billion by 2022. The number of active UK clients is also expected to make a huge jump – from 1.1 million in 2005 to 2.1 million by 2022.
In Britain alone it’s thought that over £2 million is spent on internet poker alone.
So the industry appears to be in safe hands here with online providers realising they have to offer top class, safe and accountable conditions for an educated gaming public.
