With the popularity of online gambling, it is hard to imagine that this industry is fairly new. It has taken the world by storm. It is the answer to most casino players’ prayers. It was first introduced in the early 1990s when gambling online was legalized by the Caribbean government, so it’s not surprising why most online casinos are licensed in the Caribbean’s.
The first casino was introduced online in 1994. It was licensed in Antigua, Barbuda and was operating under the Free Trade Processing Zone Act. This online casino was the Cryptologic. Thereafter, it eventually began to create online gambling software.
Various countries follow Caribbean’s example. One of the forerunners of online gambling is Canada. The Canadian government also adopted a positive but regulative attitude toward online gambling. They began to give licenses to online casinos; and in order to ensure that online practices are transparent, the government established the Kanhawake Gaming Commission.
The legalization of online gambling signaled the development of this industry online. New technologies were introduced and used by online casinos. Software developers like Microgaming and Starnet Communication introduced programs that made gambling online even more real and interesting. Over the years, there were notable advancements in the online gambling technology until it was obvious that online casinos have become a threat to land-based casinos.
Governments were then forced to take a stand. They were either for or against online gambling. There were countries like the United States and Germany that adopted a negative stance and accordingly banned online gambling. And there were countries that took a more cautious response. The British government adopted a restrictive attitude toward this form of gambling, but it did not altogether ban the practice.
Despise the banning of online gambling in many countries, online casinos continue to carry on their usual businesses. Although there are casinos that have banned players from countries like the United States, there are still numerous casinos that accept US players. In fact, they have even adopted deposit methods to facilitate the transfer of funds of US players. These casinos can afford to accept US players because they are not under the jurisdiction of the countries that banned online gambling.
There is still no general consensus about online gambling. The countries or jurisdictions that gave their approval have criticized the United States and other countries for their negative view. In one instance, the World Trade Organization, itself, had ruled in favor of the Caribbean government and against the United States government. The WTO ruled that the United States, in banning online gambling, had violated the GATS or the General Agreement on Trade and Services.
Nowadays, there are more than five hundred online casinos. Admittedly, most of them operate illegally. Still, the online gambling industry has firmly established itself as a huge online industry. It has grown in leaps and bounds since the first casino came out in 1994. It is now a billion-dollar worth of industry.