Online gambling is a growing trend and is now more comfortable than ever before. With online gambling you can play any game you like, wherever you are. It also provides companies with a cost-effective solution and a faster ROI than traditional gambling. However, it can’t be considered a substitute for real-world casinos.
Invention of gambling
The origin of gambling is not entirely clear. It has been around for at least 5,000 years, although casinos themselves are much more recent. However, the game itself has an incredibly long history, and has helped raise the mighty and bring down the weak. During the 17th century, the first casino opened in Venice, and soon after more followed. By the end of the century, the classic table games were popular and modern video slots had been invented, setting the stage for online casinos.
It is believed that the ancient Egyptians credited the god Thoth with the invention of gambling. As the god of knowledge, science, and libraries, Thoth also created the calendar. In fact, the ancient Egyptians had a very similar version of roulette, where the player would spin a stone disk and bet on the spot where the ball would land.
Legalization of gambling after the Great Depression
After the Great Depression, the anti-gambling mood changed. Financial distress caused by the stock market crash of 1929 fueled a desire to stimulate the economy, and legalized gambling was seen as a positive step toward economic recovery. After the Depression, Massachusetts became the first state to decriminalize bingo, and by the 1950s, eleven other states had legalized gambling, usually for charitable purposes. Legalization of gambling shifted attitudes toward gambling and increased the acceptance of this popular activity.
The legalization of gambling coincided with a widespread crackdown on illegal gambling. During the Great Depression, illegal gambling was rampant. Reform candidates swept into office in Chicago and New York, and they pushed out the notorious “Big” Bill Thompson. Newsreels of Mayor La Guardia pushing slot machines played on theater screens, and District Attorney Thomas Dewey launched an aggressive campaign against gambling mobsters.
Growth of online gambling
In recent years, there have been significant increases in the number of people who are betting online. In the US, this industry is estimated to generate one fifth of total gambling revenue. Studies suggest that this figure could double by 2023. Various factors contribute to the growth of this industry. These include the growth of eSports, which has become a major draw for online gamblers.
One of the major factors slowing the growth of online gambling is problem gambling. This type of gambling is highly addictive and often involves risks for vulnerable individuals. Unfortunately, many gambling websites do little to protect vulnerable individuals. To combat this, governments are stepping in. Some countries have banned online gambling completely. However, the market is still growing despite the current challenges.
Advancement of technology is also contributing to the growth of online casinos. New technologies like virtual reality and blockchain have opened up new opportunities for online casinos. Blockchain technology is also allowing many companies to incorporate this technology into their gambling business, which improves user experience and builds customer loyalty.