The advent of the internet fundamentally transformed gambling by enabling remote play. Over the past few decades, online betting has progressed from basic casino copies to sophisticated cryptocurrency-based platforms.
Launch of First Online Casinos
In 1994, Antigua and Barbuda passed the Free Trade and Processing Zone Act, allowing licenses for interactive casinos. This paved the way for the first online gambling sites in the mid-1990s, including JustCasino. These mimicked land-based establishments but with primitive graphics and limited game selection.
The first sportsbook, Intertops, took the first real-money online wager in January 1996 on the Super Bowl. Soon after, major players like Bet365 entered the market. These early online betting sites laid the groundwork for the industry’s exponential growth.
Rise of Offshore and Mobile Betting
By 1998, nearly 700 gambling sites existed worldwide. However, US restrictions on payments to these “offshore” sites impeded growth until the early 2000s when alternative payment methods became available.Check if BetWinner is legal and safe to use in your area by visiting BetWinner.
The advent of smartphones with internet connectivity accelerated the transition to remote betting. Mobile sports betting surged in popularity from 2010 onward. As platforms optimized sites for handheld devices, over 50% of sports bets will be placed via phones by 2020.
Emergence of Daily Fantasy Sports
A subtler shift also played out in the late 2000s with daily fantasy sports (DFS). Platforms like FanDuel and DraftKings built user engagement by compressing the traditional season-long fantasy model into single days or contests.
DFS dodged gambling restrictions by arguing it involved more skill than just chance. The format benefited from social sharing and achieved mainstream popularity before regulators intervened, forcing geo-blocking from 2019 onward.
Market Size
Globally, bettors wagered an estimated $59.6 billion online in 2020 across sportsbooks, 3d slots, poker, and bingo sites. Crypto betting specifically accounted for $192 million in 2020 but will likely balloon with blockchain’s increasing role.
Trend Toward Blockchain Platforms
Cryptocurrency betting sites leverage the blockchain’s transparency, automation, and security. Bitcoin emerged as a payment method on older platforms from 2014 onward. Soon dedicated crypto casinos launched, accepting bets in digital tokens instead of fiat money.
These blockchain betting sites minimize fees and withdrawal times while protecting player funds outside banker control. The provable fairness of games running on smart contract algorithms also reduces corruption risk relative to standard online gambling platforms.
Today, well over 50 crypto gambling platforms exist with over 5,000 casino games, betting markets, lotteries, and more according to reports. Gambling remains among the most common uses for cryptocurrency. Major coins like Ethereum facilitate these transactions.
Various new paradigms also emerged, like “play to earn” models that incentivize gameplay, platform ownership elements, and decentralized metaverse casinos. These showcase how blockchain technology can transform betting to center more on player agency, transparency, and provable fairness.
Key Benefits of Crypto Gambling
- Minimized fees and quick withdrawals
- Enhanced transparency through blockchain tracking
- Provable fairness via smart contract games
- Player funds secured outside banking control
- New participation incentives like “play to earn”
- Player-owned metaverse and platform features
Outlook
Online betting continues to shift toward internet-native formats. Crypto gambling offers one route toward purpose-built platforms for remote users demanding transparency and provable fairness. Integrating immersive technologies like VR and persistent crypto-economies will likely take the sector even further beyond traditionally conceived gambling.
Ultimately internet connectivity laid the groundwork for betting’s evolution while blockchain offers solutions to better serve digitally-native players. The foundations and tools now exist for online wagering to responsibly meet surging interactive demand for amusement and entertainment.