Amid the host of things that got transformed with advent of technology and internet, is also the way individuals gamble. The traditional form of gambling took the face of Online Gambling as soon as internet was introduced in 1994 across the globe. Online Gambling, which is popularly termed as internet gambling, is simply the practice of gambling involving internet technology.
Online Gambling that currently exists in the form of video lottery terminals, scratchcards, keno commonly, made way in the 20th century—changing the whole face of gambling. The advent of Online Gambling increased betting and the size of money involved.
From about 5 internet gaming sites launched in 1994, the number rose rapidly to 15 in next three years. Gambling, played using internet was first legalised in Antigua and Barbuda in 1994 by way of the Free Trade and Processing Act. Under this Act, online Casinos were allowed licences to start business.
This was followed by development of an online security software company which boosted safe monetary transactions and online trading. Soon in 1996, the Kahnawake Gaming Commission, the regulatory body for poker rooms and online casinos, was constituted to ensure fair trade in gambling sector.
The multiplayer Online Gambling was introduced in 1999 and proved to be another leap in the field of online gaming. It allowed online chatting and interaction between the players involved in Online Gambling.
Online Gambling soon became popular and legal in other countries like Australia, UK, Canada, Germany, France and few others. Online Gambling, however, is banned and prohibited in India.
Online Gambling currently exists in forms of online poker, casinos, sports betting, bingo and lotteries. In online poker, players play against each other individually and not in groups and make use of cards. It is based on the cash based structure.
Sports betting, as the name suggests, involves betting over the outcome of the sports and deciding a winning amount. The bid amount is commonly termed as wager.
Online Casinos, meanwhile, involve a number of games including roulette, blackjack, pachinko and baccarat. These games are played in groups called house and involve huge volumes of money.
Online lotteries are mostly regulated by the local governments. This is done to avoid frauds as these involve huge monetary transactions. Earlier, some private lotteries existed in a few countries. However, these gradually perished due to strict government regulations. Other simple forms of Online Gambling include mobile gambling and pre-deposit wagering.
Since Online Gambling involves low investments (as no physical casino or space required), can prove to be a prime source of income for gamblers. The profit margins and bonuses involved in Online Gambling are often much higher than the average monthly incomes of the players.
The Online Gambling market, currently, is worth 13.8 million USDs. The revenue earned worldwide through online casinos alone is estimated at 12 billion USDs.
Forex, a form of buying and selling foreign exchange on the basis of market value of currencies, is often counted among the list Online Gambling types. However, the debate is still continued. Many experts state that forex cannot be called gambling as it involves serious business investments and long-term earnings. There are other theories that state that forex can be perceived as a huge money spinner and hence be categorised as one form of Online Gambling.