Most of us love to play casinos. But how much do you know about casinos? How did it evolve?
Nobody knows how gambling evolved over the years. The growth of casinos has been both restricted and aided by the governments in various countries. In some countries and US states it is banned, both due to the severity of it, the crime that surrounds it, and due to religious beliefs of the country. The United Kingdom has seen a massive growth in web and mobile based casinos in recent years – and what with the 15% extra tax imposed by the UK gambling commission, it benefits the government massively.
The Saga of the Online Casino
The real saga of the online casino began with the Free Trade & Processing Act of 1994 passed by the Government of Antigua and Barbuda. This act virtually empowered entrepreneurs to launch online casinos. But, there were still technical bottlenecks that stood in the way to launching them. The real breakthrough here came after two years.
In the Isle of Man, appeared a company called Microgaming. The company came out with software for online casinos and launched The Gaming Club in the year 1995. Another significant online casino player was Cryptologic Intercasino that took birth in the year 1996.
These two are the major online casino software providers that set the ball rolling for online casinos. However, there is a fair amount of controversy over the first one. According to an unofficial estimate, it was 1997 when the online casino was an instant hit in the market. By the end of 1997, there were about 200 online casinos around the world. As per the estimates of Frost & Sullivan, the year 1998 alone rolled about $800 million through online casinos. This figure gave a strong indication towards a bright future for the online casino industry as a whole.
Important Incidents in the World of Online Casinos
Here are some incidents from the world of online casinos that you would want to know more about. These incidents will help you know how online casino has evolved over the years and help you understand more about the casino industry. Sports Betting: According to a 2005 estimate of Christiansen Capital Advisors, sports betting accounted for $4 billion though it was banned in most of the countries including the US. It was still growing popular despite having legal problems.
The Poker Boom: The year 2003 saw the Poker boom through Chris Moneymaker, who won the Poker World Series. The Poker Industry is massive online – and it’s practically crowd funded for the operators. Players pay a commission or a joining fee to play at a poker table – and depending on the prize fund can sometimes pay a fee from their winning prize too. Poker almost self-perpetuates – as player determination and greed/arrogance prevent the poker site from having to market as much.
It’s slightly different for the arcade and traditional casino game based sites – where aggressive marketing, bonus offers, and risk-free slot promotions are necessary to reel in the players. The market is so saturated by the existing high street bookies who use the quieter days on the sports book to chuck offers at potential casino/games clientele. They usually have a sister site or a separate section on their site for bingo too, catering for the female audience.
The future looks bright for the casino market, but it takes a brave businessman or a shrewd investor to survive in such a cut-throat business these days.