Online casinos are extremely popular when it comes to gambling; these virtual casinos represent the same thing as traditional casinos but are much more convenient and enable gamblers to gamble through the internet.
With the 1994 Antigua and Barbuda Free Trade and processing activities, that allowed licenses to be granted to organizations that allowed them to open online or virtual casinos. Before that, however, the first functioning gambling software was created by Micro gaming and Isle of Man-based Company.
This virtual gambling software was choired secure at the time, with virtual locks and safeguards developed by CryptoLogic, an online software security company. Because of this security, safe transactions become viable in the game, and this became the first, fully functioning online casino.
In the late 1990s however, online gambling was quite popular; with the internet coming into the limelight, the internet’s love for gambling drove an increase in virtual gambling websites from just 15 websites in 1996 to over 200 in 1997.
Frost & Sullivan published a report that the revenue generated from gambling had already exceeded $830 Million in 1998 which is a massive amount considering the fact that one there were far fewer players at the time and the internet was far less common
In the same year, online poker was also introduced to the world, and the first online poker rooms were created. During 1999 however, there an Internet Gambling Prohibition Act which meant that online gambling was not going to be legal to any United States citizen; however, this did not pass, and the first interactive and multiplayer gambling was created which allowed people to gamble, chat and interact with each other through the internet.
From 1996 to 2001, the number of estimated people that had participated in the online gambling scene had increased dramatically to over 8 Million people, and the growth would not see any stops.
While there were difficulties with constant lawsuits and other legal hindrances, the online gambling scene was predominant on the internet and had gained great popularity already.
Many of the online poker companies which operated out of the island nation of Antigua and Barbuda traded on various stock exchanges; in specific, the London Stock Exchange. Antigua met the British regulatory standards and has been whitelisted in the UK and is allowed advertisements in the UK.
On 19th June 2007, Antigua and Barbuda filed a claim with the World Trade Organization for $3.4 Billion against the USA in trade sanctions. Their lawsuit asked for the ability to suspend its enforcement of United States Copyrights and Patents.
4 Years ago, on 28th January, the WTO allowed Antigua and Bermuda to monetize and exploit the US copyrights as compensation for the US’ actions with the country planning to form a legal body or statutory body to operate, manage and own the platform to be created for the monetization and also the exploitation of the suspension of American IP rights.
At the end of the day, Online Casinos and virtual gambling are as old as the internet itself and have been subjected to tons of scrutiny in the past. However, their rise is still ongoing and doesn’t seem to stop.