Glossary - Gambling

Online or Internet gambling is a type of casino and betting activities held on online platforms. The range of online gambling varies from casino games such as :

  • online slots

  • poker

  • keno

  • baccarat

  • blackjack

  • poker

and live betting for a horse race, various sports leagues, and more. The first time when online gambling venue started and the general public used it was for Liechtenstein Lottery in 1994. Currently, it is widely known and used by millions of people. It is estimated that the worth of this industry is around $40 billion per year.

History of Gambling

The first known online casino was created in 1994. It happened after Barbuda and Antigua passed the law on Free Trade and Processing. That allowed casinos to get a license when they would like to open an online casino parlor. The first fully functional casino software was developed afterward by Microgaming. It is the software development company based in the Isle of Man. The casino was able to conduct secure transactions through Crypto Logic’s special software. That led to the growth of online gaming. In 1996 the number of active online casinos was only fifteen. Though, in the following years, that number began to constantly raise and reached 200 in 1997.

Licensing and Legality

Most of the countries have a ban on online gambling activities. Though there are still multiple states in the US, some provinces in Canada, along with Caribbean countries and European Union countries which allows it. In those legal markets, in order to offer gamble services, online the organizations need to have a legitimate license; organizations like the United Kingdom Gambling Commission or Pennsylvania Gaming Control Board are designed to assure the legality of those entities. Some of the markets are considered as tax heavens when it comes to online gaming and casinos. Some of them are Malta, Alderney, Macau, and Gibraltar. In 2018 the European Union banned Macau from the list.