Today, accessing your favorite online casino requires only a few clicks or taps – and voila! But the gambling industry took quite a while to reach such digitalization. At first, it was considered a bold idea: many didn’t believe that casino customers, who value direct interaction and atmosphere, would go to the online space.
Only a few companies took the first step, and they were right. Today, thousands of online clubs worldwide are reaping the rewards of their bravery.
This article will explore how the online gambling industry reached the form we know today.
First Steps
The first gambling online simulations appeared in the late 1980s. Of course, the popular best online casinos were still far off. The reason for this was the limited spread of the internet. Why invest a lot of money in a project whose target audience consisted of only a few million people worldwide?
The key moment was in 1994, when the government of Antigua and Barbuda accepted the Free Trade & Processing Act. At this moment, companies were allowed to engage in gambling activities via the Internet freely. Around the same time, the first licensed platform, Gaming Club, was launched. It is considered the first official online casino.
Who Is Responsible for Mass Popularization?
Three companies facilitated the mass popularity of online casinos.
- Microgaming
- Cryptologic
- InterCasino
Microgaming significantly improved online casino platforms, bringing them closer to their modern form.
Cryptologic specialized in secure financial transactions. This company took on the responsibility of guaranteeing players’ peace of mind. Many in the early stages didn’t believe their money wouldn’t simply vanish during transfers. Cryptologic developed encryption methods that ensured this peace of mind.
InterCasino became the first online casino where secure bets could be made, using the developments of the previous two companies.
The modern gambling industry owes its multi-million-dollar profits to this trio.
About Regulation
Once it became clear that online gambling was not a fleeting phenomenon but a full-fledged trend that would only continue to develop, regulators stepped in. This process can be compared to the development of cryptocurrency.
As soon as the market capitalization reached significant figures, it became clear that control was necessary. The situation was also influenced by the chaotic segment becoming a real magnet for fraudsters.
The relevant authorities were created to counteract them and make a legal framework for casino operations. For example, these include the now highly authoritative Malta Gaming Authority and UK Gambling Commission. Their tasks became issuing licenses, checking companies’ integrity, imposing sanctions on rule breakers, and so on.
The Outcome: The Modern Online Gambling Market
As a result, gambling enthusiasts received services that they enjoy today. This market segment has cutting-edge technological solutions, healthy competition, and continuous development. Notably, the market has not been left to its own devices. Numerous regulators ensure that companies follow specific rules and that consumer rights are protected.
The modern online gambling system, at least in developed jurisdictions, works well. Yes, of course, there are still fraudsters and unlicensed brands, but that’s something that cannot be avoided in the world of the internet in any field.
What’s next? We can expect fast technological development with the popularization of artificial intelligence and modern technologies. It will be interesting to watch the future path of online gambling!