Online gambling is wagering on the outcome of an event or game using the internet. Wagering is done using something of value usually money. The most common forms of gambling are poker, sports betting, lotteries and casino games like blackjack or roulette. Online gambling is faster than regular gambling. This is because there is no interaction between players and dealers.
Online gambling started in 1994. The Free Trade passed in 1994 allowed licenses to be granted for online casinos. The first fully functioning software was developed by Microgaming a UK based Software Company and later secured by the development of cryptologic by Antigua and Barbuda. Multiplayer online gambling was introduced in 1998.
UK National lottery was started in 1994. It is operated by the Camelot group. 70% of UK adults regularly play this. The first international Bingo site went online in 1998.
The growth of online gambling
Online gambling became very popular, and the number of websites rose from 15 in 1996 to 200 in 1997. Statistics show and predict a continuous increase in his form of gambling. It is expected to reach 51.96 billion US $ in 2018 which is more than double the value of 2009. In 2024 it is supposed to arrive 96.89 billion US $. Mobile networking and rapid growth of internet features and apps also contribute to the increase in online gambling.
Europe is the most significant market in the world. More than 80 nations have legalised online gambling. This includes Australia, New Zealand, Denmark, Finland, France and some provinces of Canada. Gambling is illegal in Singapore and China. In the USA only three states permit online gambling. Regarding revenue, Europe holds the leading share in global online gambling. The UK leads closely followed by Malta. Massive restriction in the US is the reason for weak growth there.
The considerable revenue has encouraged other countries to join. Betting in the Asia Pacific is expected to increase.
Money for online gambling is through credit card, electronic cheque and other electronic money services. American banks prohibit the use of credit cards for gambling purposes.
The popularity of online gambling
Online gambling is growing because it is easily accessible. There is no need to travel. There are no restrictions on time, and it can be done alone. Also, there are many kinds of games, and everyone can find something that appeals to their interest. All these factors have ensured that online gambling is here to stay.
Addiction to online gambling
Any form of gambling can lead to addiction. In online gambling, players lose sight of reality. They are unable to associate abstract numbers on screen with fact. Online losses do not seem to be a real monetary loss. Pathogenic gambling was first recognised as a clinical disorder in 1980. One in five online gamblers has been found to be pathogenic gamblers.
There are no product safety standards and regulations to follow. Players play at their own risk. It has become an everyday activity for teens and young adults. Are you interested in more topics regarding gambling you can find them at the front page HERE. Thanks for reading and welcome back!