If you were to list the most civilization-defining inventions or things that drastically changed our lives, you would definitely add the Internet to that list. Even if the technology wasn’t a massive hit when it became available, once it transitioned from dial-up access, more businesses started to go digital.
Online casino businesses had a similar trajectory. The first online casino became available in the mid-90s’, but the gamblers showed little interest in this site. Just a few years later, the great rise of the iGaming industry began, and more casino sites began to pop up. Here we will go over a brief history or development of the online casino market in the US, and then make some predictions regarding its future.
Online Gambling History
Gambling has always been a controversial topic for discussion, even before going online. Casinos have often been associated with criminal activity and gambling addiction had a strong negative impact on family lives in the US. This is why laws were mainly used to suppress the advancement of this industry and keep it in check.
So, shortly after 1996 when the first online casino wager was made, Kahnawake Gaming Commission came into existence. The role of this commission was to issue gaming licenses for online gambling parlors. This regulatory body basically made online gambling possible, as it demonstrated that this activity can be regulated. By the end of 1997, over 200 sites were registered and acquired a license for operation.
Ban on Casino Payments
Unfortunately, this did not last for too long. Starting from the year 2006 it became illegal to deposit or withdraw money from gambling sites. In other words, gambling online was not illegal, the law imposed restrictions on payment processing, thereby simply disabling users from playing. So, the sites either started to close down or simply deny US players a chance to play casino games.
Luckily, this is no longer the case. Payment operators and online casinos implemented their own KYC policies that allow them to due diligence payments effectively. In other words, it’s foolish to destroy a whole branch of entertainment, just because a small percentage of users want to use it to launder money. The payment processing can take more time, but at the end of the day, casinos can continue to work which is what’s truly important.
All of these struggles actually helped casinos become a safer place, and users no longer have to second guess their decisions when playing with licensed operators. There are laws in place that online operators need to adhere to, and these laws are mostly there to ensure user safety. You can find a list of online casinos USA platforms that are fully licensed, and safe to transact with. You can claim bonuses, play your favorite games, and place bets on sports, without fear of being scammed.
In the year 2020, the online gambling market in the US was valued at over 2 billion dollars, and its growth projection indicated that it would increase by 17% in the next 5 years. The restrictions imposed to fight COVID-19 have definitely played a role here because online casino traffic was at an all-time high all over the world. Not only that but the land-based institutions were closed, so for many gambling enthusiasts, online casinos were their only choice.
This once again increased the threat of online fraud, as there is a fresh batch of new users who didn’t play before. So, to avoid encounters with shady operators players should visit playsafeus.com and find out where it is perfectly safe to play during the pandemic, or in general. Playing with an illegal foreign operator isn’t necessarily going to result in you losing money, but it’s less reliable to do business with a site that cannot be held accountable by a regulatory body.
In addition to being highly profitable, online casinos are actually businesses that are not adversely affected by the pandemics. This is why many governments see potential in online casinos, as a chance for tax revenue that can help their economy recover. As a result, we are seeing more and more states, like Illinois, re-evaluating their position on the issue of online gambling. There are several states that will likely legalize online gambling in the near future, which means there will be new US operators that are fully regulated. In other words, the pandemic increased the growth rate of this industry in the US.
This was a short overview of online gambling history in the US, and some speculation on how it will develop in the future. We should also mention that game developers are experimenting with the newly available tech. So, we might see some VR casino games available on these sites. We already have fully virtual casinos on PC and consoles, so a more immersive online game would definitely be interesting.