The first online nettcasino came to surface in 1994. While many countries restrict or completely ban gambling of any sort – including online – it is legal in many states in the US, most countries in the European Union, some provinces in Canada, and few nations in the Caribbean. Here is a brief history from the moment it started until it becomes one of the world’s biggest multi-billion dollar industries.
- 1994: Antigua and Barbuda – a small country in the West Indies – was the first to legalize online casinos. With the Free Trade & Processing Act, it practically allows organizations to open online casinos. InterCasino would be the first online casino to open and mark the start of online gambling. An online security company called CryptoLogic developed methods to conduct secure financial transactions.
- 1996: Kahnawake Gaming Commissionwas established. Its main purpose was to make sure that all licensed online gambling companies operate in fair and transparent manner. The commission is based in Kahnawake Mohawk Territory of Quebec, Canada. It also issues permit to international online poker rooms and casinos.
- 1998: basically throughout the late 1990s, online casinos gained popularity to the point where it was worth around $830 million in 1998. At the same year, multiplayer online gambling was born. In the following year, the Internet Gambling Prohibition was introduced as a bill in the U.S. Senate. It was meant to restrict companies from offering online gambling products to any U.S. citizen, but it did not pass.
- 2000: the federal government of Australia banned all online gambling companies to operate unless they have been licensed and operating since before May 2000. As a result, Lasseter’s Online became the online legal online casino running its business in Australia, yet it cannot take any bet from any Australian citizen.
- 2008: worldwide gambling revenue was estimated at $21 billion worldwide.
- 2016: the industry was worth more than $45 billion and predicted to reach over $56 billion in the next several years.
Thanks to rapid development in technology and stricter rules, players can now use even more secure payment method. Only choose licensed online casino that ensures fair play and easy withdrawal process.