Betting is one of the most popular forms of entertainment. There are no end of ways that people bet and betters have always been a part of human culture since the beginning of time. In fact, betting has been around for so long it’s hard to imagine life without it!
There are many different types of bets that can be made on all manner of sporting and non-sporting events. But what about online betting? What will the future hold for this form of entertainment? Will it remain as popular as it is today or will it wither away?
The rise and fall of online gambling is well documented and there are plenty of articles and books out there that cover this topic in detail. However, I think it is worth looking at the past, present and future of online betting just to get an idea of where we might be going with the industry.
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In the early days of the Internet, the idea of betting was often frowned upon by both the public and authorities alike. People had concerns about the morality of placing money on outcomes that were not entirely certain. As well as this, there was a fear that the Internet could be used for illegal activities like gambling. It became clear that if the Internet was to become truly mainstream then there would need to be some regulation.
This led to the first attempts at regulating online gambling. In 1994, a group of companies called the American Wire Transfer Association (AWTA) proposed an industry standard for online banking. This included setting up a code of conduct that outlined how players should behave when they placed their bets.
These codes of conduct were not universally accepted, but they did lay down the basic principles that would be followed in the years ahead. They included things like:
– All bets must be open and available to everyone
– Bets cannot be fixed
– No player or bookmaker can demand additional consideration from another player or bookie
– The odds cannot be manipulated
– The outcome of any event cannot change between being entered into the system and the conclusion of the event
– Any player or bookmaker can enter into a wagering transaction only once per day per account
It was also decided that the outcome of a game would be determined by a random number generator rather than by an actual live umpire. This decision was met with much controversy and criticism at the time but eventually proved to be correct.
A decade later, the AWTA published its final report which laid out the reasons why the industry had failed to take off in the way that had been predicted back in 1994. It concluded by saying that the industry needed more stringent rules, better education and more transparency.
As you might expect, these changes didn’t happen overnight. The industry took several years to make significant progress before the government finally threw its weight behind it. It was only after the passing of the Unlawful Internet Gambling Enforcement Act (UIGEA) in 2006 that things really started moving forward.
The law put strict regulations in place regarding online gambling. It required any company operating an online casino or sportsbook to obtain a license from the US Department of Justice. These licenses were granted by the National Indian Gaming Commission (NIGC).
Since then, many new companies have come onto the scene and the industry has grown considerably. While the industry is still not as big as it once was, it is now firmly established as a legitimate business.
While there is every chance that online betting could disappear from our lives completely, it would be foolish to say that it won’t continue to exist. In fact, many experts believe that the growth of online gambling is set to accelerate.
The reason is simple. If you’re a gambler you don’t want to waste your time or money on games that you feel have little or no chance of winning. With online casinos, you don’t even have to leave the house to play. You can do it from anywhere in the world.
Of course, many people prefer to stick to traditional betting methods. That’s fine. Many people enjoy seeing the results of their bets, whether they win or lose. Others simply love the thrill of gambling and find it exciting to risk money on something they know nothing about.
No matter who you are, you’ll be able to find a betting site that suits your needs. But for those people who want to bet in the comfort of their own home, the sky is the limit.
What does the future hold?
One thing is for sure – the future of online betting is bright. It may not be as glamorous or exciting as it once was, but it doesn’t mean that it isn’t still very profitable.