The world of online gambling is innovative, exciting, incredibly entertaining and even life-changing for a lucky bunch of people. But it wasn’t always that way. It’s hard to imagine a world without online gambling, but online casinos are actually fairly new and haven’t been around for all that long.
In the time that they have been around, they’ve revolutionised the way gambling takes place and who takes part in it. It’s also safe to say that online casinos aren’t going anywhere soon and seem to have a remarkable future ahead of them.
Let’s discover how online gambling came to be, where the industry is at now and what the future has in store.
Online gambling hasn’t been around for very long—just over two decades. Back in the mid-90s an act to permit gambling online was passed. Shortly after, the world’s first online casino saw the light of day. That would be InterCasino, which launched in 1996. Before the end of the year, the internet was home to 15 gambling websites. By the end of 1997, more than 200 websites were in existence.
The rest, as they say, is history. Since the inception of InterCasino and the online casinos that followed, billions of dollars have been payed out to winners & many rules & regulations have been put in place to govern the act of online gambling. InterCasino is still operational today and has undergone many a makeover in order to remain relevant.
In the short time that the online casino arena has been operational, it has grown at a simply staggering and unprecedented rate. Which brings us to the state of online casinos today. Ready to find out just how much the landscape of online gambling has changed?
Because there are so many safe online casinos Canada and the rest of the world has to offer, it’s not surprising that online gambling is hugely popular. With millions, if not billions, of players hailing from all corners of the world. The global online gambling market is currently valued at an estimated $46 billion.
Today, the industry is fiercely competitive. Once you see how much money is involved, you’ll understand why the online casino arena is so cut-throat. The biggest online gambling companies include the following:
- 888 Holdings PLC: Registered in Gibraltar and listed with the London Stock Exchange, this company employs 1,310 people & has a market cap of $1,15 billion
- William Hill PLC: Registered in Gibraltar and listed with the London Stock Exchange, this company employs more than 16,000 people & has a market cap of $2,388 billion
- Kindred Group PLC: Registered in Malta and listed with the Stockholm Stock Exchange, this company employs 1,357 people & has a market cap of $26,426 billion
- Paddy Power Betfair: Registered in Dublin and listed with the London Stock Exchange, this company employs 7,640 people & has a market cap of $5,95 billion
- GVC Holdings PLC: Registered in the Isle of Man and listed with the London Stock Exchange, this company employs 2,599 people & has a market cap of $4,985 billion
The industry is set to grow at a staggering rate and is forecasted to have a global market value of $94 billion by 2024. Why is this the case? There are many contributing factors that are supporting the growth of online casinos. The most prominent ones include:
- Software developers are cashing in on the popularity of online casinos and are developing new technologies such as virtual reality & AI
- More people have access to the internet and more than 3.5 billion people own SmartPhones & mobile devices
- People are stressed today more than ever before which means that people are looking for fun outlets as well as the potential to make money
- Online casinos offer visitors more convenience in terms of payment methods—including cryptocurrencies—pay out options, a safe gambling environment and so much more
- More people are embracing technology and a digital way of life is becoming the norm, especially for the younger generations
In order to appreciate online casinos for what they are, and get an idea of what lies ahead, one must look to the past to inform the future. We hope we’ve done that today. What did you think of today’s article? Will you be joining online casinos for the exciting ride? Let us know in the comments section down below.