Gambling has been a major past-time for centuries and it has come a long way since the rise of the internet. This industry has been constantly changing and updating over the last three decades, as new players join the market and continue looking for ways to outmatch established operators and keep up with the competition.
Here’s how the online gambling market got to where it is today.
How the Online Gambling Market Started
The first online casino game was first developed in the early 1990s, although the software wasn’t as sophisticated as most modern games. The original casino site was known as Planet Bingo, offering only one game through the internet. However, many traditional casino players were skeptical about playing internet-based games.
In 1998, Planet Bingo was traded to a UK gambling company known as Sportingbet and online casino games started rising in popularity when a group of entrepreneurs launched Planet Poker. Unfortunately, there weren’t any established rules or regulations that govern sites like Vwin (a trustworthy Asian betting site) today and the market became the Wild West for scammers looking to take advantage of players.
Despite the challenges that initially plagued the online gambling market, the online gaming world was about to change. Soon, the gambling market went into a frenzy, after Microgaming unveiled its Quickfire platform. Other software developers soon followed suit, launching various online casino solutions.
The Rise of Online Gambling
The early 2000s welcomed lots of new players in the online gaming market, with leading gambling firms offering full-fledged gambling costs without the land-based casino overhead costs. That contributed to a significant shift in the gambling market, with the global online casino revenues hitting the $100 billion mark by 2023.
Over the years, the online casino market continued growing, with millions of players joining the market thanks to the rise of high-speed internet in the early 2000’s. That helped online sports betting and interactive casinos to take shape, gradually becoming the major industry it is today.
The convenience of enjoying casino games without driving for miles to wager on different games became quite appealing for gamers and various jurisdictions started embracing the market. Australia became the first developed country to offer licenses to online gambling sites, making it more secure for players to gamble without getting scammed.
Australia was packed with gambling license requests from operators around the world, aided by the guidelines featured in the charter developed by their government officials. However, most banks still questioned internet financial transactions.
Why Online Casino Games Became Popular
In the last two decades, the number of licensed online casinos has increased to the tune of thousands, as various jurisdictions embrace the market. That has made the online gambling market dominate the industry, although it hasn’t succeeded in replacing the traditional gambling market. This growth is attributable to several reasons, including:
Interesting Casino Bonuses
One of the main reasons why gamblers choose to play online casino games is to take advantage of various welcome bonuses and promotions. These promotions are basically available in every trustworthy and reliable online casino, helping players to feel secure and comfortable to be on their gambling platform. Additionally, these casinos regularly offer their customers other bonuses to encourage them to play on their sites.
Before the rise of online casinos, gamblers had to organize and travel to the nearest land-based casino to play different games. That was hardly an inconvenience for people living in cities that had casinos, but for some unlucky people living in states that didn’t allow gambling, it meant spending lots of money traveling.
With the rise of online casinos, gamblers only need to pick a licensed operator and register to start enjoying games. That means you can gamble from anywhere in the world using your smartphone, PC, or tablet. However, several laws govern online gambling in different jurisdictions.
A wide selection of games
While the online gambling industry started with only one casino game, the market has grown significantly to feature thousands of casino games. These internet-based platforms aren’t restricted by space like land-based establishments, so they can host as many games as they want. Additionally, leading game developers like NetEnt and Microgaming are constantly creating new games to serve the needs of various players.
Safe Payment Methods
Lots of players are largely concerned about the money they deposit and win when playing casino games. Fortunately, the rise of various secure payment methods has taken care of everything, ensuring that you can deposit your money without your financial information being leaked to hackers and other malicious third parties.
The Future of the Gambling Market
With the continued progression in technology and the growth of cashless payments, there’s no limit to what online gambling can become. Various operators will continue creating new games while personalizing them to suit the needs of their customers.
Additionally, technology is allowing gambling operators to reimagine classic games and making them more fun for the modern generation of players.