This year, the online gambling market is expected to generate a growth rate of 13.2% at $66.7 billion from last year’s $58.9 billion. If you cannot visualize how big $66.7 billion is, try thinking about the most successful video streaming platform, Youtube. Youtube has two billion monthly logged-in users, with people uploading 500 hours of video every minute. It earns about $15 billion annually – now multiply that income to four.
This growth is mainly attributed to the worldwide lockdown that forced traditional gamblers and even new participants to engage in them. The market is made up of revenues from remote online gaming enterprises like online sports betting, bingo, casino, charity lotteries, and poker games.
Traditional vs. Online Gambling
Most internet gambling sites do not pay taxes to their countries. When they do, they usually pay lower fees than traditional land-based establishments. For instance, the Antigua in the Caribbean Islands houses 536 gambling sites, the most number in the world, but were only required to pay 3% of their revenues.
Unlike traditional casinos, most internet gambling sites were owned and operated by small, virtually unknown companies. In a conventional set-up, casino owners spend at least a hundred million dollars constructing the building, processing permits, hiring employees, and paying operating costs. The low-cost system of online casinos make the business extremely profitable and can offer higher pay-offs to winners.
History of Online Gambling
Gambling has existed far back to the Roman Empire and was then adapted to western casinos and is now accessible to every internet-ready device worldwide.
The first online gambling started in the 1990s, while the first online casino, InterCasino, was established in 1994. This year was when Antigua and Barbuda passed the Free Trade & Processing Act that allows organizations to acquire licenses in opening online casinos. In 1997, internet gambling websites had increased from 15 to over 200 sites. A year later, business researcher Frost and Sullivan reported that the market had exceeded $830 million in revenue.
A significant setback happened in 2006 when the US Congress passed the Unlawful Internet Gambling Enforcement Act (UIGEA). The act inhibits US citizens from depositing and withdrawing funds to and from a gambling website. Most websites then refused catering to American players except for some Poker establishments. In 2011, the US government hunted and seized down PokerStars, Full Tilt Poker, and Absolute Poker, in an event later known as the “Black Friday” in the online gambling community.
Today, online gambling has become very competitive, especially in Europe. Europeans recognized internet gambling as a right of every legal adult. Meanwhile, the online gambling industry started lobbying US politicians to lift the ban predicting a brighter future for US gamblers.
The Basics of Online Gambling
Gambling sites facilitate online gamblings. These sites use various applications that allow you to play games, make a bet, and cash out your winnings. There are three things required to start gambling: a device with internet access, an account (you can open one on every website), and money. Be sure to check out great options like togel online terpercaya.
In opening an account, some websites would require you to deposit your betting money initially. There are many methods in doing this, such as using debit/credit cards or loading up your e-wallet. Be careful, though, as many phishing websites pose as gambling sites and will steal your data.
The Random Number Generator
The Random Number Generator (RNG) is the most important thing to remember in every online gambling game, except for sports betting. The RNG is a computer program that generates random numbers, which will determine the game’s outcome. The program basically lists and cycles the numbers thousands of times per second. When you hit “deal” in a blackjack game, for example, the program stops on whatever number it was during that time.
The rules of every game vary, but the basic premise is not different from traditional gambling: place a bet, play the game, and win or lose the money. The game venue has two options. One is to download software, and two is to navigate through a real-time applet on the internet.
Sports betting is the simplest form of online gambling, which requires users to make bets on athletic competitions or even political races. A typical sports betting website will have a list of different sports covered. The site will also display odds and lines and other options for stakes and waging.