The Growth Of Online Gambling
Online gambling is becoming more and more popular, year on year. It has grown substantially since its birth in 1994, but even more phenomenally over the last 10 years or so. How exactly did online gambling get to where it is today? Let’s take a look at how online gambling began and how quickly it’s growing:
The Birth Of Online Gambling
The Free Trade and Processing Zone Act passed in 1994, allowing offshore licenses for online betting operators. Intertops.com was the first online sports book. A Finnish man first used it to place a wager on a match between Tottenham Hotspur and Hereford Utd. The first online betting facility in the U.K. was actually created by William Hill in 1998. The revenues in 1998 topped $830 million in the USA. Since 2005, the online gambling market has trebled. Annually, the online gambling market is expected to grow up to 5%. In 2009, money wagered on online sports betting exceeded $50 billion.
Mobile Gambling and Apps
Since the early days, the number of online betting options and casino games grew (and still grows) almost daily, with people opting to play them due to their convenience and stability. The launch and popularity of smartphones is thought to have played a big part in the popularity of online gambling, what with betting mobile apps and other ways of gambling using them.
One form of online gambling that is growing fastest, is sports betting. This is especially true in the U.K. The sports betting market has grown 79% between 2009 and 2013, becoming worth billions more in the process. Much of this is due to online gambling. Going into a betting shop and placing your bets/playing your games can take time. Thanks to the speed of mobile internet, using mobile phones to place a bet is becoming more appealing. No need to be near a betting shop to do it. You can even make live sports betting on your mobile during a game, which is far more convenient than being inside a betting shop during a game. Around 372,000 people use their mobiles to gamble on betting apps. In 2013, a customer expenditure of £2.3 billion in the U.K was recorded on sports betting alone. More than £1 billion of those bets came from football related wagers. In 2013, William Hill reported that mobile wagering had grown 115%. Nearly 50% of Paddy Power’s online revenue came from mobile betting in the same year.
Alternative Bets and Wagers
Gambling online isn’t just used on sports and gaming, however. In 2012, gamblers bet a total of $2.4 million on the sex, name, weight, and even the hair color of Prince William and the Duchess of Cambridge’s baby. Bets are usually also placed on contestants in celebrity game shows, presidential elections, and just about anything else you can think of.
Online Gambling Scams
In 2015, Bet365 got more online searches than Nike (9 million searches), with 11.1 million searches. There are online gambling scams to be aware of, however, with fixed games, and even real life fixed games. In 2013, Europal suspected the fixing of 380 European football matches. North Korea makes $1 billion a year with illegal online gaming scams.
Due to the popularity of online gambling, some offline betting establishments, such as William Hill, are struggling. However, they haven’t all shut down, as predicted in 2000. You can find more interesting stats looking at the infographic on https://www.latestbettingsites.co.uk/.
The Future Of Online Gambling
Online gambling grows each year, but what is the future expected to hold? Wearable tech is being created right now, whether that’s Snapchat enabled sunglasses or watches that act in the same way as a smartphone. Wearable tech and virtual reality are expected to be incorporated into online gambling in the future. Online 3D experiences are expected to be created for gamblers, using things like virtual reality headgear.
Geolocation is set to be another big step forward in the online gambling industry. This will focus on using the gambler’s location to offer them a more streamlined, personalized service. It’ll also help to stop hackers in their tracks.
As the online gambling industry continues to thrive, we can also expect more interaction with friends as we play games and make our bets. Facebook, Twitter, and other social platforms are used by billions of people each and every day. The introduction of more social online gambling platforms should be expected to emerge in the next few years.