How Internet Gambling Became a Multi-Billion Dollar Industry

Online wagering only began in the 1990s, but it didn’t take long for it to become a multi-million dollar business. The catalyst for the explosion in online gaming came in 1994, when the government of Antigua Barbuda, an island nation in the Caribbean, passed a law allowing online casinos to operate from their country.

Naturally, many people saw this as a huge opportunity, and two of them, Andrew and Mark Rivkin, formed a company called Cryptologic to write software enabling safe handling of finances in online gambling with till-then unequalled encryption practices. Another big company was formed in 1994 too: Microgaming.

Cryptologic and Microgaming were the two leading companies as afar as gaming technology. Cryptologic was first to make a fully operational gaming platform with electronic money account management. By the end of 1996, InterCasino was up and operational on the web – one of the very first online casinos. It wasn’t long before online casinos were a multi-million dollar industry. Not long after that it stepped up to being a multi-billion dollar industry.

In 1997, Microgaming released Cash Splash, the first online progressive slots game. At this time, players from the US were a large chunk of the online betting population, and this fact drew the attention of Senator John Kyl (R-AZ), who started drafting various legislative bills to stop people from gambling online. The first of these, the Internet Gambling Prohibition Act, did not pass, and Americans continued their love affair with online
betting.

Other world players coming on board the internet casino train during the late 1990s included Argentina, and UK territories Gibralter and Isle of Man, which began online sports betting sites. By 2001, the British Channel Islands legalized online betting, and later that year, there was a push to legalize internet wagering in the UK as a whole.

In 2005, the UK Gambling Act was approved, and it was a boon for the internet casino industry. The law created the UK Gambling Commission to oversee all enforcement of regulations in licensing online gaming sites, preventing underage gambling and ensuring software fairness accreditation and reporting of monthly payout percentages. The Commission also investigates and prosecutes illegal gambling and basically is a very comprehensive online wagering regulatory agency. The UK’s internet wagering oversight is now considered a model for other countries that want to regulate online gambling.

In October 2006, US legislators tried to legislate an end to betting online by American citizens with the Unlawful Internet Gambling Enforcement Act. Then-Senate Majority Leader Bill Frist (R-TN), attached the bill to a “must-pass” bill on Port Security aimed at combating global terrorism, claiming that online wagering proceeds were used by offshore companies to fund terrorism. But just before enforcement of this act was to go into place, new legislation was written allowing US citizens to participate in online gaming. Though it has passed from committee, there is no guess as to when or if it will be passed by the House and Senate. That means that currently, US online gamblers exist in a gray area of the law, though public sentiment is growing behind full legalization of online gambling in the US.

Tips On How To Gamble

How would you like to have your name on a check worth thousands of dollars? Actually, it’s not as difficult as you may think. It requires some time and effort on your part; however, the rewards far outweigh the effort that may you put in.

The first thing you should do is research, in order to answer the following questions. Can you make money playing online poker games? Nowadays, it is very common to see online poker games offering interactivity between gamblers such as tournaments. So the answer is yes it is possible to make money.

Can you make a living from online casinos? Yes, you can, but you have to do what the pros do, bet relatively small. Consistency is the key and the most important thing is self-discipline, to avoid impulse betting.

Making money on casinos is not just based on luck. Therefore, it is wise to find out what the fundamentals are before one starts. You really must know how to play the game before you begin.

It’s a good idea never to believe wild stories and claims. For example, someone claims to possess a “secret” system and he repeatedly states “extraordinary, amazing or revolutionary” claims. If this is the case, why aren’t they using their system to make money for themselves? Why would anyone give away secret tips at such a low rate? Could it be because they are looking for suckers to lure into buying into their system? Don’t forget what they say about things being too good to be true?

Just remember anything worthwhile in life requires effort and is never easy

10 Reasons for Gambling

Most discussions about what motivates a person to gamble usually will start by comparing gambling to life. And yes life is a gamble every time you breathe it could be your last. Getting out of bed in the morning can lead to the last thing you ever do, yet we all get out of bed almost every day. But casino gambling gives us an option we don’t normally have in life; we can bet on the outcome of things, we get to choose how much to risk and when to risk it.
Gambling is defined by the Dictionary as the following:
To play games of chance for money or some other stake, or to take a risk in order to gain some advantage.

Here are the top 8 answers we received:

Vacation:

Las Vegas in the last 10 years has become a popular place to bring the family. Las Vegas has many attractions for family fun. And in the evening after the kids go to sleep there is also plenty of adult entertainment.

To win and become rich:

Of all the people interviewed these people seemed to be the least crazy. They came to the casino with hopes of getting rich and being able to quit there jobs and live the good life, but they also know that the chances are good they would all have to get up Monday morning and return to work.

Money problems:

it seems there are many people who believe they can fix there money problems with gambling. Most of the people who claimed that money problems were the reason for them gambling lost more money gambling then they originally owed and had they not gambled would not have been so bad off according to them. Of this group none said they had managed to win the money they needed.

A great place to hold a wedding:

Apparently having a wedding at some of the larger casinos is Las Vegas or Atlantic City is becoming popular, apparently the casinos will give you an excellent price on the wedding hall and rooms for your guests, of course they do this with the knowledge that the guests will spend money in the casino so giving a good rate n the wedding is in there best interest

This is how they make a living:

I found that these people and the ones who had money problems were extremely different. These people at least knew how to gamble, most of them had many years experience and some were regular tournament players with at least 1 win under there belts.

For a bachelor party:

The number of people that gave this response makes it very clear that going to a casino for a bachelor party if definitely gaining in popularity.

To get out of the house:

I noticed almost all of the people in his category were all males and were all married for more them 10 years and had kids. They said they like to come to the casino on average about once a month stay for a few hours, play some games and then head home.

To have fun:

These people had the right idea, but I could not believe how low on the list they scored. Having fun should be the number 1 reason to gamble. They only wanted to have some fun take a little trip to the Casino, have some free drinks, play some games and if they win, good and if not that’s OK also. These people came down with a certain amount they could lose and not be upset or broke and they stick to it. These people all seemed to be reaching there goal not one of them was complaining about how close they came to hitting big or what if they had just done this or that.