Online Gambling is Approved

Now that online gambling was approved, new opportunities began to emerge and before you know it, Microgaming, which is one of the world's largest and oldest software developers is born from a quiet town in the Isle of Man. Microgaming set about developing the software necessary for games. The gaming software provider, Cryptologic was founded soon afterwards. Cryptologic provided the much needed software to ensure that online transactions were safe and secure. With two software developers going at it to develop the first fully operational online casino, it was only a matter of time before the world would see its first fully operational online casino.

First Online Casino

Many seem to believe that Intercasino which took its first real money wager in 1996 was the first ever online casino but some reports also state that a Microgaming powered online casino called Gaming Club took its first real money wager way back in October 1995. I swing towards Intercasino being the first based purely on the number of sources that believe that this online casino was certainly the first.

Canada Jumps On The Band Wagon

In 1996, Canada quickly jumped the band wagon by forming the Kahnawake Gaming Commission that regulates online gambling from the Mohawk territory Kahnawake. The licenses issued by the Kahnawake Gaming Commission also ensured that all the online casinos operating from this jurisdiction operated fairly and transparently.

1998, Troubled Waters For The Online Gambling Industry

The next few years was a particularly tough time for the online gambling industry as there were many limitations and connection problems due to slow internet speeds. A bigger enemy was pushing hard, namely US Senator Jon Kyl from Arizona as he introduced the Internet Gambling Prohibition Act which was designed to make it illegal for any company to offer a gambling product to a US Citizen. This bill failed to pass. In spite of these setbacks, Business Research and consulting firm Frost & Sullivan report that the online gambling industry generated $834.5 million dollars in 1998. 1998 was also the launch of the worlds first progressive jackpot, Cash Splash designed by Microgaming.

The Rise Of Poker

Poker suddenly started to rise in popularity and Planet Poker was the first online poker room and opened its servers on the 1 st of January 1998. Party Poker soon followed and soon became the world's largest online poker room. Its parent company Party Gaming was one of the first online gambling companies to be listed on the London Stock Exchange in 2005.

 

Uncertain Legal Climate

eCOGRA (eCommerce and Online Gambling Regulation and Assurance) is set up to establish standards and make online gambling safer for players. 2006 was a very uncertain year legally for the online gambling industry as the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed. This made all major publicly listed online casinos to restrict accepting any US residents. However, this was later relaxed on further inspection of the UIGEA and to this day many online casinos accept wagers from US residents from some states. To this day, no online casino or poker room has been charged for anything related to online gambling. Across the pond in Europe, the European Union permitted companies to continue offering online gambling to residents of all member states of the EU.

The Future

The online casino industry has expanded unbelieveably in a short space of time and this already multi-billion dollar industry is set to double in just a few years mainly due to advances in technology and the new phenomenon that is mobile phone gambling thanks to recent mergers and deals with software providers such as Cryptologic's buyout of cellphone provider, Mikoshi studios.

15 Years and Counting, Where Will They Be?

Despite setbacks and legislative issues, the online gambling industry remains strong so far. It remains to be seen if the industry will live on as many independent providers or become controlled by a few multinational corporations.

 

Home | About | Reviews | Guides | Articles | Contact
Copyright © 2009 Gaming Guru | All Rights Reserved
Need Help? Gamblers Annonymous | Gamcare

Disclaimer : The information that I present on this site is through my experience in these online casinos and is tailored to help YOU make an informed decision to choosing the right online casino. Please ensure that you adhere to all the casinos terms and conditions and I will not be held responsible for any losses you incur. Gambling should be fun. Know yor limits