Online Casinos first started appearing in the year 1994 and the industry has witnessed steady growth since then. With people gaining faith in conducting online transactions securely, the industry in the last 5 years has experienced exponential growth and the trend continues. In its infancy, only play money was used by the industry leaders meant purely for entertainment purposes. In the year 1995, a company called Cryptologic developed the first secure online transaction software for the online gambling industry and the technology has improved by leaps and bounds since then and consumer confidence has been on the rise ever since. The first real money transaction was conducted by Intercasino in 1996. Sites like Oddspedia check if the providers have valid licenses.
Antigua Barbuda became among the first countries to sanction online gambling and remained a hotspot for online gambling licenses for companies around the world, particularly the United States for sports betting. The United States did attempt to pass legislation to prevent online gambling with the “Internet Gambling Prohibition Act”, but the bill failed to pass. By 1998, the online gambling industry posted revenues of $834.5 million.
Looking at the tremendous growth continuously being posted by the online gambling industry, more and more countries wanted a piece of this pie and started granted licenses to online gambling outfit from around the globe with attractive tax-saving benefits. Lasseter’s Online was the first to go online with their online casino in Australia in the early part of the year 1999 and became the first online gaming service to introduce interactive gaming experience with multi-player live chat option. Towards the end of the same year, Australia alone had nearly 700 online gambling companies operating through licenses granted by the government of Australia. This growth seemed like an “uncontrolled growth” and the Australian Government passed legislation called the “Interactive Gambling Moratorium Act” to curb this trend the following year (2000). This act made it illegal for any online gambling company to operate if they had not obtained a license to operate in/via Australia before May 2000. The spin-off of this legislation was a massive shutdown of Online Gambling companies operating in and through Australia, leaving Lasseter’s Online with a complete monopoly in Australia as it was the only company that remained with a valid operating license by the end of the year 2000. Gibraltar and Isle of Man became the pioneers in Europe to be joining the Online Gambling Party in the same year.
As online casinos and sports betting services were gaining popularity, the money earned from these services was multiplying fast. In the year 2001, an online gambler racked up $414,119 winning the jackpot playing online slots. This was the largest reported earning to date and was a telltale sign of things to come in the years ahead. The first million-dollar winner came about in 2002 playing progressive slots at Captain Cook’s Casino.
With any internet popular internet-based money-making trend, scammers from around the globe attempted to derail the online casinos and sports betting sites. Some casinos hired scammers to lure people to their site through well-designed marketing and bonus earning schemes. While the technology around the online gambling industry was developing at a lightning pace, so were the algorithms involved in collecting user data and trends. There are several ways you can get scammed by an online gambling outfit and the following are the three most common ways you can get scammed into losing your money gambling online but do not worry, there are ways to protect yourself from these common scamming trends.
Affiliate programs like any other online hotcakes were the first type scams to be introduced in the industry based on network marketing models. Introduce a friend and get a cut off their earnings, earnings being the operative word here. Invite more friends and earn more money without spending a penny yourself. Casino owners have total control over the gaming algorithms where they are designed to ensure each player loses more money than they have earned. Always refrain from playing on these sites.
Code-breaking winning schemes are another way to entice gullible players to lose their money. You will get an invitation from a person telling you that he/she has figured out a system to have you win always through their incredible mathematical capabilities using some code or software. Then the person will forward you a link or several links where you can apply this newfound code. They run affiliate programs with these links and bank off you losing all your money eventually.
God Mode is a technique commonly used by dishonest gambling sites. The casino owners closely monitor winning trends and habits of each player and if a player is winning more than he/she is losing just by chance or certain habit, the owners design custom algorithms to ensure the player ends up losing money.
The introduction of high-speed internet (2003-to date) completely changed the online gambling industry and players now can play using live video streaming to play with dealers and other players from around the globe in real-time. Until the year 1999, only chat boxes were used to communicate with players and dealers. Online transactions were multiplying uncontrollably and a need for a regulatory body became imperative to monitor internet-based financial transactions and scams being used by unlicensed sites. In the year 2003, the House of Representatives in the United States passed a bill banning all internet-based financial transactions for all companies and eCOGRA(eCommerce and Online Gambling Regulation and Assurance) which was established to regulate strict safety and security standards for member sites.
When thinking about online gambling, always check if the site your visit is registered with eCOGRA in order to avoid possible scams and unfair playing practices by site owners. Here is a quick link to one of the more reliable and popular gambling sites https://rizk.com/fi/casino-games. Happy Online Gambling!