Internet Gambling History
The internet gambling history only began in the 1990s when the Internet or World Wide Web came into existence. The first online casino began operations in 1995 offering 18 online games, and ever since there has been a constant boom in the industry. Online gaming has caught on like wild fire and even today it is one activity, which continues to be prosperous with the number of online players growing by the day. Though it is true that online gambling in the US has had its own issues with the enforcement gambling law, which was imposed, but if history taught us anything about gambling, it is that it always endured, and weathered every storm that came by.
In the beginning it was Antigua and Barbuda, which became a catalyst for the online gambling industry in 1994. The same year Antigua passed the law that made it a legal jurisdiction allowing it to issue gambling licenses. This led to many online gambling companies having their base in Antigua with the objective to use their license. Microgaming the pioneer in casino software was instrumental in the first online casino being opened up, and ever since there has been no looking back. Cryptologic soon followed suit and offered a huge number of online games and added spice to the whole gaming experience.
The first online casino offered 18 various games and online admittance to the National Indian Lottery. The online gaming industry revenues in 1991997 were $1 billion, with $600 million coming in from the U.S. alone. The revenues tripled in 2001 with more than $3 billion worldwide, tripling again by 2004 with $8.2 billion and reached $15 billion by 2006.
In 2003 an organization called the eCOGRA (eCommerce and online gaming regulation and assurance) was founded in order to ensure a safe, reliable and trustworthy gaming experience to every player. Today eCOGRA monitors and certifies over a hundred online gambling sites, and is regarded a benchmark for the industry. 2003 also gave rise to the popularity of poker and the WSOP. It was all going well for the poker world in the US when 2006 September, brought the news of the UIGEA which made it difficult for US players to freely gamble. This was at the time when President Bush held office and in October of the same year the law was implemented. Till date this issue remains unresolved and is likely to get settled by June 2010.
The UIGEA had its repercussions and the first of it was the downfall of online gambling company stocks. Party Gaming, operator of Party Poker, went down 56 percent, 888 holdings dropped 27 percent and Sporting bet’s stocks fell by 56 percent. This was devastating and it took a while before the impact was less felt. Barney Frank and his team are now on the job and once the UIGEA is overturned and online gambling regulated, the country’s economy would really look up after a long drawn brawl.