The history of online casinos
Online gambling is so much an accepted part of many people’s lives today that it’s hard to imagine that online casinos have only been around for about ten years.
It all began back in 1994 when Microgaming was founded, to develop online casino software. Cryptologic followed hot on their heels in1995 with its own brand of casino software and secure transaction technology. At the same time, the government of Antigua and Barbuda passed a law allowing internet gambling businesses to operate from their shores and granting licenses.
Over the next few years, applications were developed and improved for e-cash solutions and better game interfaces.
In 1996, Intercasino launched, claiming to be the first online casino accepting real money bets.
Up till 1998, the online casino industry was full steam ahead with no obstacles in its way. The industry was reportedly generating over $800 million a year. But this was the year of the first bill proposed in the US to ban online gambling – fortunately, it failed due to lack of support, but later bills would gain ground.
By 1999, Boss Media had upped the stakes, introducing multi-player tables and chat features, making online casinos far more appealing. Later additions included Playtech new generation games.
Gambling freedom took a blow in 2000, with Australia’s Interactive Gambling Moratorium Act, which banned new online casinos or sportsbook sites from launching.
By 2002, online gambling spending was up to $4.5 billion worldwide and as profits grew, so did prizes. The same year saw the first million-dollar online win on a slots game. The scale of the industry’s growth meant that it would need to be regulated, so in 2003, eCOGRA was formed, eCommerce and Online Gambling Regulation and Assurance.
Around this time, online poker began to boom, stimulated by an amateur online player winning the World Series of Poker.
US senators continued to push for a ban. 2006 saw the final nail in the coffin for online gambling in North America, as the updated Wire Act banned banks from making transactions to online casinos or betting sites. This legislation was a huge blow, forcing many gaming companies to shut up shop on their US operations, constituting 50% of the world market, and look for customers elsewhere.
Since the US market closed, Germany has also enforced an online gambling ban, and other countries are considering the option. Some countries, like the UK, take a more tolerant view, accepting online casinos and benefitting from taxes on them.
Online poker and casino games are more popular than ever with millions of players and millions of dollars changing hands every day and this upward trend is sure to continue in the coming years.
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