Gambling has been around for centuries, dating all the way back to ancient China. For centuries, it was seen as a way to make money and get rich quickly, with games of chance such as baccarat and roulette being popular among many cultures throughout history. As the world became more industrialized, gambling began to take on a more professional form with casinos popping up in cities across the globe.
With the rise of the internet in the 1990s, online gambling took off in an unprecedented way. Online casinos offered players access to games without having to travel to a physical location, and many found success by playing online. At its peak, online gambling was estimated to be worth over $50 billion globally.
However, not all countries saw this industry positively and numerous governments began introducing legislation to regulate or even outright ban online gambling sites. This decrease in access caused a major drop-off in revenues for many gaming companies and they soon saw their profits plummeting.
One example of this is in the United States where the passing of the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 made it illegal for banks and other financial institutions from processing payments related to online gaming sites, causing hundreds of providers to shut down their operations entirely.
In recent years though, there have been signs of life returning to the industry as several states have begun legalizing forms of online gambling again. In 2021 alone, five US states have legalized some form of sports betting with more expected in the near future. This shift could see many former sites re-emerge as providers look for ways to capitalize on these new opportunities.
What’s clear is that despite tough times for some parts of this industry, gambling remains one of the most popular pastimes worldwide and it looks set to remain that way into the foreseeable future.
