Online gambling refers to various kinds of gambling activity taking place on the internet. They include online casinos, virtual poker and sports betting. Hence, it is also known as ‘internet gambling’ or ‘gambling amongst internet users.
The world’s first pussy888 site was used for issuing tickets to the Liechtenstein International Lottery in October 1994. In the same year, the Caribbean countries of Antigua and Barbuda passed the Free Trade and Processing Act to permit licenses for internet casinos.
The game gained admiration during the 1990s when the 15 websites in the year 1996 soared to 200 in the next year. Following this expansion, the Kahnawake Gaming Commissions was set up to regulate online gaming activity. Consequently, in 1998, the first virtual poker room was launched. Owing to such popularity, multiplayer internet gambling came out in 1999 to help mimic the scenarios of a real-life casino by enabling players to interact with each other.
The online gaming market became a cut-throat world in the 2000s as many new businesses kept popping up. This led to evolved offers, inflated bonuses and progressive jackpots. Further, themed slots and live casinos pulled more and more people into gambling. Worldwide tournaments were organized to pool in money from different parts of the world. Most of the games became mobile, allowing people to play anywhere regardless of time and place.
Forms of online gambling
The web has made way for new gaming sites to come up regularly. However, gambling can be sorted into few categories, namely-
- Horse race betting
- Sports betting
- Online Casinos
Transaction of funds
The transfer of money happens via credit card, debit card, net banking or cryptocurrencies. Generally, the players transmit funds to respective accounts, place bets and play the games. One can directly cash out the winnings to the credit or debit card used to make the purchase. According to research, the industry is now worth $ 40 billion annually. While several countries have a ban in place for online gambling, many states of the US, Europe, the Caribbean and Canada permit it.
Poker and mobile casinos are at the centre of the gaming world as they offer flexibility and significant amounts of money. However, India is missing out on this booming of work that can add value to the nation’s economy. It can create hundreds of jobs for the ever-increasing youth and generate tax revenue for the country.