19 Feb 2019 is the best year to start your online casino business. Here’s why
If you are someone who has been sitting on the fences for the last few years trying to make up your mind about whether you should make your entry into the online gambling industry business, it is time you jumped into the ring and threw in your hat. It’s time to know about the history of Online Gambling industry.
Read the following industry insights that will give you all the required knowledge about the past, present, and future trends in the iGaming industry.
The History of Online Gambling
To dig deep into History of Online Gambling Industry let us know when the first online casino went live. It is in 1994 when Barbuda and Antigua passed the Free Trade and Processing Act which granted licenses to companies who wished to offer gambling services via online casinos. InterCasino was the first casino to be approved.
In 1995, online security software provider Cryptologic developed several methods to ensure safe and secure online transactions.
Gambling websites that catered to online players increased from 15 in 1996 to more than 200. A report from Frost & Sullivan published in 1998 showed that the online gambling revenues of $834 million and this indicated that online gambling was here to stay. Planet Poker introduced the first online version of Texas Hold’em.
Steadily the innovations started flowing in one after the other. The first internet poker room was launched in January 1998 and in 1999 multi-player gaming was introduced. This enabled online players to chat, interact and gamble in an interactive online environment.
In the 2000s, the popularity of online games increased and on the negative side studies revealed the results of excessive gambling and related risk. However, from 2010 onwards till date, online gambling has become much regulated and legislation has been put in place today.
Present scenario of the business
Enough of History of Online Gambling Industry. Let us know the present scenario of the online gambling industry. According to the online Gambling Market – Global Outlook and Forecast 2018-2023 report, vendors are poised to generate higher revenues in the global market due to the advent of cost-effective mobile applications across the UK, US, Italy, China, and SAR countries.
This will be further mobilized by the changes in lifestyle, improvement of living conditions, raising awareness of the latest technologies and the tendency to make high-ticket spends.
Increase in per capita income and in the number of dual-income households are also predicted to help propel the global gambling market.
State monopolies have been on the wane in the last few years in most parts of the world and especially Europe while there has been a rise in the number of gambling-friendly regulations. This translates to new opportunities in hitherto unexplored areas.
The report estimates that the global gambling market is expected to generate revenues of more than $74 billion by 2023 while growing at a CAGR of approximately 10% during 2017-2023.
And it does not end there. Technavio’s (a technology research and advisory company) report on the online gambling market identifies three emerging market trends as the future drivers of the online gambling industry. They are:
Bitcoins are increasingly used as currency
Dollars, euros, and pounds have disadvantages in the sense that they are subject to market fluctuations but bitcoin currency is becoming more popular as it is free from the control of central markets and they also help to maintain the anonymity of an individual while enabling transactions more securely.
The rise of social gambling
To protect against gambling addiction, the government in various parts of the world have restricted the use of social media for gambling purpose. Thus, businesses are focusing on the use of gambling apps and games that use virtual money to protect gamers from wagering real money online.
Tech innovations in the online gambling world
With the improvement in internet connectivity and mobile data networks, device agnostic gaming has become possible. Similarly, the advent of augmented reality (AR) and virtual reality (VR) is becoming popular in the online gambling market.
Yearly analyses of the industry with the bar chart
If you still need more convincing, this year on year growth of the industry should be enough to convince you about the growth potential of the industry.
As highlighted above, the performance of the online gambling industry in the last decade and the predictions for at least the next five years should be reason enough to give you the necessary confidence to start your online gambling ventures without any further delay. Grab your own slice of this $74 billion dollar industry.
How can Chippy help you
Chippy Software is an iGaming software provider for casino games and affiliation platforms. Chippy Software is also the leading supplier for iGaming Back Office technology resolutions for all gaming industry businesses. Chippy Software has more than 13 years of experience in the online gambling industry. Chippy software can help you set up cost-effective, secure and fast white label solutions and turnkey solutions for all your online gambling business needs. In short, they can give you everything required to get your business off the ground. Explore our services page to know more.
An online casino business can be a tough prospect to open and sustain but there is no reason why you can’t do it. The results are there for you to see as the industry is growing year after year. The easiest way to get started in the industry for you could be a white label solution like the one provided by Chippy software which will save time and legal hassles associated with going down the individual route which might be less costly but involves more technical and legal know-how on your part.