May 13, 2020
From early beginnings in 1976, when Fortune Coin Company first introduced the video slot machine, it was clear that Casinos were headed for a tech revolution. Microgaming, a casino slot developing company from the Isle of Man, developed the first casino software in 1994, secured by the aptly named Cryptologic, which was then an online security software company. This partnership made it viable to have safe online transactions leading to the first online casino.
However, it wasn’t until 2003 that a company called Playtech blurred the lines between brick-and-mortar casinos and the virtual world by introducing the first live dealer online casino – thanks to the arrival of fast internet and continuous relaxation of the regulatory environment. Since then, casinos and online gaming have continued to grow, creating an annual economic impact of $261 billion, contributing $41 billion in taxes and supporting over 1.8 million jobs in the US alone. These are annual figures released by the American Gaming Association and only for the US domestic market.
On a global scale, the industry is on a growth trajectory with global online wagers estimated to hit the $1-trillion mark by the year 2021. For perspective, this is just over 1% of the total world GDP. There is also increased traffic to online gaming sites since 2014, with an estimated