Gambling and Casinos have been around for centuries. Historically speaking, gambling houses have played an integral part in the social and cultural makeup of a plethora of societies of varied periods. Gambling houses are one of the most adaptable businesses in history. In the present age, as technology advances,online casinos have emerged. Now, being more accessible than ever, it forms a prominent source of entertainment for millions around the world.
Origin
With the internet came an unprecedented mass of untapped markets for industries. Of course, Casinos were not the ones to step back from it. While gambling has been a centuries-old tradition, online gambling rose to fame only in the mid-’90s’ following closely at the steps of the internet itself. The first recorded online casino was a site called The Gaming Club by Microgaming, launched in 1994. This happened right after the first-time license for online gaming was issued in the small Caribbean Island countries of Antigua and Barbuda. Another important name in the online casino business is Cryptologic which launched Intercasino in 1996. The online casino industry has grown immensely since its inception, and there are over 3000.
Challenges
Despite the steady rise in popularity, online gaming was not well received in most countries. Many countries such as India, Australia, Germany, and the USA imposed strict regulations and, in some cases, even banned online gaming for the welfare of the citizens. But these are not the only challenges faced by the industry. Aggressive competition has always been an integral part of what drove it. Although, as the technology develops, they are not just competing against other companies but also against other industries.
The video gaming industry proposes a grave threat. Video games come with higher complexity of graphics and a much more engaging style. The online casino industry has to fight against them to produce quality work to compete with these other industries. But we see proof of them exceeding their ask by producing roulette look alike. There are other obvious problems that they have to deal with, like cryptocurrency. Cryptocurrencies are very volatile and are not transparent, which goes against the very basis of gambling. It allows for easy cheating and thus, despite great vigilance, costs the companies a lot of money. People also form so-called clans that work together constantly, forming a network that allows them to increase their chances of winning. The main problem with dealing with clans is that they are challenging to track down.
