Gambling has been one of humanity’s favourite pastimes for ages, ever since the appearance of the first six-sided dice over file millennia ago. These days, games of chance are played in countless casinos across the globe, and with the rapid advent of technology, gambling has even found a new home—the internet.
You can now chase the thrill of winning small fortunes with only a click of a button from the comfort of your home or while on the move. For all you know, those three cherries will line up as you’re waiting for the bus.
Learn more about gambling in the modern age by reading the sections below.
History of Online Gambling
Just as the last generation of millennials came into this world during the mid-90s, so did online casinos. Although lightyears behind today’s advanced apps and platforms, the first online casinos initiated history’s biggest gambling revolution.
Antigua and Barbuda made history when it passed the Free Trade and Processing Act in 1994, which allow for the first-ever online casino licenses. These platforms used functional and secure gambling software like the one developed by Microgaming in 1994 in collaboration with CryptoLogic.
While only 15 gambling websites existed by the end of 1996, that number blew up to 200 during the following year—accruing revenue of around US$1 billion. The immense popularity of these virtual casino operators and digital poker rooms inspired the creation of online sportsbooks. InterTops was the first platform to offer sports betting in 1999, before William Hill and Ladbrokes joined the party.
Online Gambling Around the World
By now, the online gambling fever has spread in every corner of the globe. While certain countries have deemed this pastime illegal, others have invested heavily in it after recognising the lucrative possibilities of the internet gambling industry. For example, Canadians have embraced online gambling wholeheartedly. Namely, as many as four in five Canucs enjoy internet gambling, with the majority recognising it as a harmless and entertaining activity. With access to almost 1,400 online gambling and betting sites, Canadians spend almost CA$600 a year.
In contrast, the UK has implemented strict online gambling laws to ensure its avid gamblers enjoy safe and responsible gambling. The UK Gambling Commission is the governing body that provides licenses to operators wishing to conduct business in the UK. The rules relate to protecting vulnerable groups (such as children) and ensuring fair and open gambling activities.
Unlike Canada and the UK, the United States is much more averse to online gambling. Specifically, each US state is entitled to regulate both in-house and internet gambling activities. However, only 12 US states have legalised online gambling so far (starting with New Jersey). Hopefully, other states will get on the bandwagon soon, considering the massive economic impact of one of the fastest-growing industries nowadays.
Aussies are another nation that loves gambling—evident by nearly 80% who regularly enjoy placing a bet or two on the internet. Under current law, Australian residents are allowed to bet on sports and play online casino and poker games. Well, Australians sure take advantage of this freedom—spending almost AU$1,300 each year on average.
Forecast Growth of the Online Gambling Market
The ever-growing online gambling market is immense—it was estimated at approximately US$64.13 billion in 2020. However, a recent report predicts it will grow steadily over the next ten years, converting an increasing number of brick-and-mortar gamblers to online players. By the end of 2021, the online gambling sector will increase to $72.03 billion at a CAGR of 12.3%. Predictions up to 2025 even see the market expanding to $112.09 billion at a CAGR of 12%.
Cashing Out
Time and again, people have flocked to gambling dens at moments when they needed to enrich their lives with a bit of excitement, uncertainty, and hope. Some chase their dreams to get rich quick, while others enjoy the electrifying atmosphere of the gambling table. Today, you can have the same experience at any time or place through the magic of the internet, and our article shows you a glimpse of the omnipresence of these games of chance in the digital aether.
