Throughout the past decade, the online gambling has made tremendous and noteworthy growths in many different aspects. The online gambling industry began in 1994 when the government of Antigua Barbuda passed the Free Trade and Processing Zone Act which made online casinos possible. Today, many online casinos still operate under this legislation from 1994. In this article, we will present to you the major events that took place in the history of online gambling, from its beginnings with the passing of this act in 1994.
In 1994, the same year that the law was passed, Microgaming was founded. Microgaming is one of the online gambling industry's biggest software developers and suppliers. In 1995, following the founding of Microgaming, a company designed to develop software packages that could process transactions securely was founded, taking strides for the safety and security of online casinos. In 1996, Boss Specialtidningar AB began developing a system for online casino operations. At the same time, Microgaming began concentrating on the development of online casino technology, and Intercasino began operations to accept real money for wager. They claim to be the first casino to do so.
In the year 1998, Microgaming launches the first online progressive jackpot slot, which was named Cash Splash. For those of you who don't know, a progressive jackpot slot is a game in which the jackpot increases by a small sum each game. This was a huge advance for online slots. That same year, the Internet Gambling Prohibition Act was introduced in the United States, but the bill did not pass. In 1998 alone the gaming industry generated a whopping $834.5 million in revenue.
The first Australian-licensed online casino, Lasseter's, went online in 1999. This was the first in what would be a long string of Aussie casinos. There are estimates that in that year approximately 700 internet casinos were taking bets online. Also in 1999, new gaming software became available. The software allowed multi-player functionality, allowing multiple players to both play together and chat with each other while playing the online game.
In 2000, Gibraltar and the Isle of Man began to offer online sports betting licenses. Many of the online casinos you see today are licensed in Gibraltar. By 2001, up to 8 million people were estimated to have gambled online using real money. Additionally, it became legal for online casinos with licenses to operate out of Nevada.
In 2002, the first win of over $1 million dollars in an online casino jackpot occurred. The winner of the large sum was playing a progressive slot game at Captain Cooks Casino when he won.
In 2003, eCOGRA (eCommerce and Online Gambling Regulation and Assurance) was established. The aim of eCOGRA is to regulate strict security and safety guidelines for member casino sites. One of the telling ways to check if a casino is reputable these days is to check for the eCOGRA seal of approval, just like Royal Vegas Casino.