Everything you need to know about online gaming
The online gaming industry is about to be shaken up. If you haven’t yet heard, Monster COO Fred Khalilian is planning to open a gambling site which could open a string of new opportunities for the United States.
But we’re getting ahead of ourselves here. In order to understand why this is such a big deal, you first need to know a little about the history of online gambling.
Back in 1994, Antigua and Barbuda shook up the industry with the Free trade and Processing Act. Basically, savvy business owners could see the writing on the wall. The internet was set to revolutionise almost every industry, and there was huge money to be made in the form of online gaming.
Soon, InterCasino arrived with a bang. This was the first casino launched totally online. Soon after, a company called CyrptoLogic took advantage of another hole in the market. In order for people to play online, they needed to feel like their money was safe. So they managed to encrypt financial transactions, making online gaming secure.
IN 1995, Microgaming hit the market hard with a bunch of new games, including video poker, craps, blackjack, and roulette. By 1996, regulations were on the way, with the formation of the Kahnawake Gaming Commission. The commission aimed to regulate the industry and provided online casinos and poker rooms with licenses.
While there were around 15 online gaming websites in 1996, by 1997 this had climbed to 200. By 1998, online gambling revenue was a huge $834 million, and the first poker room built entirely online soon opened.
Soon after, the United States began cracking down on gambling. Australia soon followed, passing the Interactive Gambling Moratorium Act, which was bad news for businesses wanting to launch an online casino. Only those who were licensed and operating before 2000 were allowed to stay open.
Now, online gaming continues to grow in countries around the world. And safety has been guaranteed with legislation. Canada, the United States, New Zealand, England and Australia have all been enjoying record profits, and there are many different forms of online gambling available.
In the future, we can expect to see virtual reality and artificial intelligence changing the way we play online. Soon, an online poker game will feel like you’re really in Vegas, making the experience even more authentic and interesting- particularly for people who are housebound.
Few industries are as regulated as the online gambling industry. But amongst all this regulation, some websites continue to offer a superior gambling experience, including websites like online-casino.ie.
And as for Fred Khalilian, he’s worked his way through the government and claims to understand all the certifications, laws, and international restrictions. We’ll soon see if he manages to shake up the industry.