Online gambling, which includes playing slots and betting on sports events, is a popular form of entertainment in many countries. With the expansion of technology and the Internet, this activity has moved online, where platforms like Indibet cricketbook began to appear. This industry is called iGaming, and its success depends on bringing the casino experience directly to the player through web technologies.
What does iGaming mean
The term iGaming can mean different things depending on the context. Specifically, it can refer to placing online bets using electronic means to predict the outcome of games of chance. This type of iGaming is sometimes called online gambling. It is included within the larger category of gambling activities, including sports betting, casino games, bingo, card games, sweepstakes, and lottery games. The “i” in iGaming stands for “internet.”
IGaming refers to a diverse industry covering various online sectors and their related entities. An example is a game provider that creates software for online casinos. This type of company falls under the umbrella of iGaming and gambling software platform developers, who belong to the group of iGaming software suppliers.
Some games of chance rely on luck or random number generators, such as online casinos, sports betting, lotteries, and bingo. On the other hand, there are games of skill like card games (poker, blackjack, bridge), chess, and backgammon, where the outcome mostly depends on the player’s mental abilities rather than luck. Including games of skill within the broader definition in the iGaming industry is a topic of debate that often surfaces at iGaming events.
History
Since its beginning, the online gambling industry has experienced significant growth due to urbanization, technological advancements, and the widespread use of the Internet worldwide. We outline the major events that have influenced the development of the iGaming industry.
In 1994, the Caribbean nation of Antigua and Barbuda passed the Free Trade & Processing Zone Act, allowing companies to obtain licenses to open online casinos. Two years later, in 1996, the KGC was established to license online casinos globally. Initially, there were only 15 gambling sites, but within a year, the number increased to 200.
In 1997, the online gambling industry faced legislative scrutiny resulting in the passing of the Internet Gambling Prohibition Act in 2006. This Act made it illegal to advertise and provide gambling services publicly. However, the Act was repealed and reviewed recently, allowing US states to dictate their regulations for online gambling.
In 2005, the UK government passed the Gambling Act, which established the Gambling Commission to regulate all forms of gambling. This allowed gambling sites to operate legally.
Conclusion
iGaming is a rapidly growing industry that covers various sectors and entities related to online gaming. It encompasses games of chance, such as sports betting and casinos, as well as those of skill, like card games and chess. Although there are debates surrounding the inclusion of games of skill within iGaming, its success depends on bringing an engaging casino experience directly to players through web technologies.
Since its inception in 1994 with Antigua & Barbuda’s Free Trade & Processing Zone Act, the industry has grown exponentially due to technological advancements and worldwide internet accessibility. With new regulations being put into place by governments worldwide, this trend will likely continue for many years.
