Online gambling is regarded as one of the most lucrative businesses in the Internet, raking in almost billions of dollars in revenue annually. The industry has had sites with both good and rough times in its history.
It all started in 1994 in the tiny island of Antigua and Barbuda. It was the benchmark for online gambling business as a legalizing game of law over the internet has been passed. Now, online gambling companies that have set their license can legally operate a virtual gambling business.
With this major development, Pioneer Microgaming in distributing online casino software even before the first online casino became fully operational. It has resulted in a number of Internet gambling sites entering the business. CryptoLogic has provided the necessary boost for secured online transactions. In 1995, InterCasino became the pioneer online casino.
InterCasino has provided people with 18 various games as well as Internet connection to the National Indian Lottery. Since it has become fully operational, online gambling sites have steadily increased its revenue. In the United States alone, figures have increased to a billion dollar mark and online gambling is still expected to bring more benefits to the places where the Internet gambling is legal.
To provide gamblers with an arena set to play in, an organization called eCOGRA (eCommerce and online gambling regulation and insurance) was launched in 2003. eCOGRA’s job is to set regulations, to oversee and provide certification samples of several sites that serve as a pioneer in the industry.
Everything went well for most of the online gambling sites initially, however, the various attempts to block the ongoing operation of virtual gambling sites were already being initiated. An invoice was already being initiated in the US Congress seeking to make bank and credit card transactions at Internet gambling companies by unauthorized local residents. It was a fatal blow to an otherwise upward way for the online gambling industry. On the thirtieth day of September in 2006, the US Congress ratified an invoice making payments through credit cards or banks to illegal online gambling companies. President George W. Bush signed it in law on October 13, 2006.
With the passage of a new law, the online gambling industry considers it as an important stumbling block that considers that online gambling in the United States makes up about fifty percent of entire industry revenue. However, it is expected that the Internet gambling can recover and get back on its feet.