Online wagering only began in the 1990s, but it didn’t take really miss it to become a multi-million dollar business. The catalyst for the explosion in online gaming came in 1994, when the government of Antigua Barbuda, an area nation in the Caribbean, passed a law allowing online casinos to use from their country.
Naturally, many people saw this as a massive opportunity, and two of these, Andrew and Mark Rivkin, formed an organization called Cryptologic to create software enabling safe handling of finances in online gambling with till-then unequalled encryption practices. Another big company was formed in 1994 too: Microgaming.
Cryptologic and Microgaming were both leading companies as afar as gaming technology. Cryptologic was to produce a fully operational gaming platform with electronic money account management. By the finish of 1996, InterCasino was up and operational on the net – one of the very first online casinos. It wasn’t a long time before online casinos were a multi-million dollar industry. Shortly after so it stepped up to being truly a multi-billion dollar industry.
In 1997, Microgaming released Cash Splash, the initial online progressive slots game. At this time, players from the US were a large chunk of the web betting population, and this fact drew the attention of Senator John Kyl (R-AZ), who started drafting various legislative bills to prevent folks from gambling online. The initial of the, the Internet Gambling Prohibition Act, dominobet didn’t pass, and Americans continued their love affair with online
Other world players coming on board the internet casino train during the late 1990s included Argentina, and UK territories Gibralter and Isle of Man, which began online sports betting sites. By 2001, the British Channel Islands legalized online betting, and later that year, there was a press to legalize internet wagering in the UK as a whole.
In 2005, the UK Gambling Act was approved, and it had been a boon for the internet casino industry. What the law states created the UK Gambling Commission to oversee all enforcement of regulations in licensing online gaming sites, preventing underage gambling and ensuring software fairness accreditation and reporting of monthly payout percentages. The Commission also investigates and prosecutes illegal gambling and basically is just a very comprehensive online wagering regulatory agency. The UK’s internet wagering oversight has become considered a model for other countries that are looking to regulate online gambling.
In October 2006, US legislators tried to legislate an end to betting online by American citizens with the Unlawful Internet Gambling Enforcement Act. Then-Senate Majority Leader Bill Frist (R-TN), attached the bill to a “must-pass” bill on Port Security directed at combating global terrorism, claiming that online wagering proceeds were utilized by offshore companies to fund terrorism. But just before enforcement of the act was to get into place, new legislation was written allowing US citizens to participate in online gaming. Although it has passed from committee, there is no guess as to when or when it will be passed by the House and Senate. Which means that currently, US online gamblers exist in a gray part of what the law states, though public sentiment is growing behind full legalization of online gambling in the US.