Casinos have been there ever since humans embraced civilization. At the onset of the World Wide Web in the 20th Century, casinos seized the opportunities to start the movement of online casinos. An online casino functions very much like the casino building present all over the world just the fact that the proceedings are transmitted via the internet. The United States was the giant regarding the web outreach hence experienced the first significant change in the introduction of online casinos.
In 1994, as the software industry got underway, Antigua and Barbuda passed a law aimed at ensuring the casinos were licensed. Revolution of the industry started right after making it one of the highly grossed in the world. In the same year, Microgaming Tech gurus developed the first software that aimed at allowing online gambling. The new invention took the industry as a surprise as people got interested in understanding it.
Security for Online Casinos
After the revolutionary software, the developers invested more time on the security of this invention and a year later came the first protocol for the encryption of information. This security advancement enhanced the safety in the way gamblers transferred and got into games. Intercasino led the pack in 1996 to create the first money wager providing the players access to more games in a more accessible and reliable manner. Potential players got into this moving cycle in the industry as it grew tremendously gauged by the capital present in it at the time. This diversity in options came with the challenge of increasing fraud hence the creation of a license to regulate the online activities of casinos by the Kahnawake Gaming Commission in 1996.
Growth and Development
A steady and swift growth of the online casinos was experienced right after this regulatory move of licensing because viewers saw it a more secure place than before. At the onset of the millennium, the industry had revenues of approximately $2.2 billion. Two years into the 21st Century, gambling went global with platforms cropping up almost daily as the industry reached its peak in 2005 where individual gambling sites offered IPOs to their customers. A year later, the American gambling industry receives a big shock due to legislation that made it illegal for banks and credit cards to process money to gambling sites. With the advent of smartphones, the industry amassed a following because it was an affair that could be done at the comfort of one’s bed. As of 2016, the industry was worth well over $45 billion and projected to continue growing.