The Biggest Changes In The Gaming Industry In The Last Decade

Did you know that the online casino industry is celebrating its 27th birthday this year? In just two decades, a multi-billion dollar industry has formed, isn’t that incredible? Online casinos popped up like mushrooms all of a sudden and actually, it’s not really surprising since the history of casinos in general is very old. So, before we get into the biggest changes of the iGaming industry in the last decade, let’s take a quick look at the development of land-based casinos.

The Beginnings | Where Modern Gambling Was Born

The first land-based casino was founded in Venice in 1638 and had the name “Ridotto.” It enjoyed great popularity and soon after casinos were also established in the Netherlands and France. The gambling business soon flourished throughout Europe, apart from interruptions such as the French Revolution or the two world wars. Of course, casinos did not stop and made all the way to the American continent, and since Nevada and Las Vegas legalized gambling in 1931, an impressive casino landscape developed there.

Gambling sites online have come a long way, so obviously, one wonders how they managed to become so successful. When did the first online casinos come into existence in the first place and what was their historical development?

The Switch | Good-Bye Real Casinos and Welcome Internet Casino Haven

The development of online gambling is closely linked to that of the Internet, because even in the early days of the Internet, casino games were one of the first topics. The Internet literally opened worlds and spread rapidly. Decisive for this, was the availability of stable and fast connections and their low fee, because thanks to flat rates, you didn’t have to worry about data speed and costs. Thus, it is no wonder that virtual gambling experienced a huge boost and development in the mid-90s.

Antigua and Barbuda, small island states in the Caribbean, which legalized online gambling, are considered pioneers. They enacted the Free Trade and Processing Zones Act in 1994, a law that allows gambling licenses to be issued. In the same year, the now well-known software developer Microgaming opened its doors on the Isle of Man and was one of the first developers and providers of online software. Microgaming started as a small company with a focus specifically on iGaming.

However, another important component was missing to fully use the games in an online casino, it was the ability to securely conduct financial transactions over the Internet. The security software company Cryptologic, founded in Ireland in 1995, developed the first eCash applications for online gambling.

By 1996, there were 15 providers offering gambling online and it was already obvious that the popularity of gambling on the Internet was growing. The Canadians realized that the time had come for a global licensing regime. Therefore, they established the Kahnawake Gaming Commission, which created laws to ensure that licensed casino operators complied with regulations and fulfilled their responsibilities.

The number of casinos worldwide and even online casinos Chile grew rapidly, reaching about 200 in 1997 and 700 in 1998. In addition to the casino websites, the first poker rooms were opened in 1998. One of the first online poker rooms was Planetpoker.

Seven years after the launch of the first online casinos, in 2001, over 8 million customers are active worldwide. In the same year, the Isle of Man, Alderney and Gibraltar countries started issuing iGaming licenses.

The Golden Era | The Biggest Changes in the Last Decade

The worldwide annual turnover of online casinos reached about 21 billion dollars in 2008, thus starting the biggest changes throughout these last ten years. First things first, with the emergence of smartphones and tablets, online casinos naturally developed corresponding apps with casino and poker games. This meant that players were no longer tied to their computers and could gamble wherever they wanted.

In 2010, there were more than 860 online casinos and the development of the software and the popularity of these sites was unstoppable. Europe in particular has always supported online casinos. The United States on the other hand is still somewhat reluctant and to this day does not allow online websites within their jurisdiction. The majority of online casinos are licensed in Canada, Malta, Curaçao, Gibraltar, and the United Kingdom.

Meanwhile, online casinos reach a wide audience, provide a huge range of games and promotions, always have updated software and guarantee security in transactions and customer data. The gambling sites allow customers to exchange information with other players in real-time chats, and live casinos provide a real-life casino experience with real dealers. Besides, independent regulatory institutions are making ever more precise guidelines, which ensure a fair and safe gaming experience. In short, online casinos have been absolutely socially acceptable for a long time.

The development of gambling sites has been a very fast one, which is of course also due to the demand. It has now become clear that their development is mainly based on three events: firstly, the Internet, which is the main development factor, secondly, the blossoming of gaming software and, last but not least, the emergence of the first legislation for online gambling.

What’s Next? | How the Future May Bring

As you can see, we are in the midst of a gambling bonanza and there have never been as many changes as we have experienced over the last ten years.

In the last five years alone, live dealer games, mobile sites and apps, and dozens of new payment methods such as cryptocurrencies have completely changed what we had before. But is there more to come or have we reached the end of the great technological innovations?

As it turns out, this is just the beginning, as we will soon be able to count on virtual reality casino games and much more. Keep in mind that this industry does not want to continue to carry the bad gambling reputation, but wants to become authentic gaming experiences. That is why the biggest changes are yet to come, and we will be here to tell you all about it.

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