Who really doesn’t love entertainment? It is quite doubtful because most people get bored and always look for ways to have fun. Well, some companies decided to take it upon themselves to be the source of entertainment. This has gone through time and ages, and what we can see is an evolution through the years.
Gambling is one of the popular means of entertainment. It provides people an opportunity to play games or place bets, unlock rewards, win prizes, and enjoy moments of thrill. However, it has had its own share in history – from street corners (rolling of dice and playing cards) to becoming an internet sensation with the emergence of online casinos and betting sites.
Let’s dive deeper into the history of online gambling, its benefits and challenges, and future potentials.
Like most internet-based websites or brands, online gambling began as a result of the evolution of technology. Someone woke up someday and decided to make it accessible to everyone, irrespective of their location. It really must have been thoughtful of them!
The internet emerged sometime in the 1990s, and gambling stakeholders seized the opportunity to create the first online casinos with it. Before then, there were only land-based casinos, and it had its problems. So, think of casinos online as a perfect alternative and a solution to major problems.
Around 1994, organizations were mandated by the Small Caribbean Nation of Antigua and Barbuda, through a Free Trade & Processing Act, to be licensed for operation. This change, however, became widespread, and several other authorities were established to license online casinos across different jurisdictions. Popular names include the Kahnawake Gaming Commission, Curacao Gaming, United Kingdom Gambling Commission, Government of Gibraltar, and Swedish Gambling Authority.
It was during this time that Microgaming’s “The Gaming Club” – the first casino online – was developed. This software developer became the pioneer of online casinos, offering a limited number of games similar to traditional physical casinos. For instance, the popular slot machines became available on mobile phones as classic slots. This foundation was what most other casinos followed that revolutionized the iGaming industry today.
While some challenges persist, the industry keeps developing new games such as video poker, table games, and live dealers. PartyPoker and PokerStars were the first to lead in this movement, and many others followed some years after.
Today, there are over seven thousand casinos open online – although some are fake websites – providing enthusiasts a chance to play as many games as they would love. Each casino has its distinct features, regulatory body, rewards, and community. In fact, you have options such as crypto casinos, social casinos, sweepstakes casinos, new slots casinos, free spins casinos, etc.
Statista predicts that the online casinos market worldwide will reach $35.13B in 2024, with an expected number of users up to 139.7m by 2029. This shows so much growth in the industry and what to expect in the future.
As opposed to popular opinion, online gambling is fun and convenient. It isn’t evil, as most people have painted it to be. Usually, people have this idea of squandering their money, placing bets continuously with no luck or chance of winning. However, it isn’t actually like that. It offers players a chance at good entertainment with a wide variety of games – so, if cash prizes come along, then it is a win-win situation. On the other hand, if it doesn’t, you have a way of passing time and enjoying yourself.
See below for other online gambling benefits:
The drawbacks of online gambling won’t be left unspoken since the benefits have been highlighted.
One of the major concerns of internet gambling is how addicted people can be. It has been a menace for some time now, and gambling authorities could only go as far as recommending responsible gaming through casinos. This protocol involves integrating certain measures, such as self-exclusion, time-out, deposit limits, etc., to control gambling habits and ensure it is safe for every member.
Another valid problem is the case of identity theft or fraud. Although we mentioned that it is safe and fun, it doesn’t mean scammers couldn’t have their way if they wanted to. For instance, scam casino websites have been designed to steal people’s information and use it for illicit purposes. If you register on such a platform, you could be a victim. Therefore, it is important that you find licensed and legit online casinos with trusted security certificates for protection and safety.
Regulatory compliance is also another challenge for the online gambling community, as some government authorities prohibit its establishment or the use of specific services, such as cryptocurrency payments.
From what we’ve discussed so far, you should know now that while online gambling has its perks, there are also certain demerits. However, the future looks bright for this industry, as projections seem to establish that more users will become gamblers in a few years. Moreover, government authorities may become flexible in their approach so that players can exercise their rights to have fun, while also generating revenue for them.
What this article has successfully established is that online gambling has its own story, and it is important to know how far it has come to understand where it will be in a few years. This may be just the nudge you need to join an online casino or sportsbook today and start playing as many games as you would like on your device.