To be simple, iGaming is online gambling (’i’ refers to the Internet). Precisely, iGaming represents all forms of gambling that require payments for wagers via the Internet, award monetary prizes and determine winners by chance. iGaming is a burgeoning industry that is still an infant.
The beginning of iGaming is earlier than we think. Initially, it was remote gambling not via the Internet, but through phone calls. In 1994, Antigua and Barbuda, a small Caribbean nation, allowed U.S bookmakers to accept phone bets on sports by creating a 'free trade zone’. In the same year, the previous leading software developer Microgaming developed the first gambling-optimized software. The remote way of wagering was boosted when Internet access expanded into workplaces and private residences. Internet-based gambling opened a new realm of gaming. In 1995 there were few gambling sites such as Gaming Club, but they offered no real money-wagering games. A real money gambling site was introduced one year later, called InterCasino. The industry had rapidly grown. The revenue of iGaming was estimated at $2.2b in 2000, and around 1,800 sites were operated in 2002 [1].
Virtually mediated casino games introduced a new standard of astonishing convenience and proximity for gaming. New sites and various forms of gambling have been added each year. iGaming is increasingly recognized by policymakers, and many of them are making (or considering making) the business legalized. The outstanding markets are the USA, Canada, and the EU. Amid the pandemic, the lockdown of the land-based casinos facilitated further rapid progress with regard to legalization.
You may have heard the “the gambling industry has no recession” story. Indeed, the industry tends to be less impacted by the economic crisis. It showed a not-bad performance during the last two downturns, in 2009 and 2015. According to the UK Governance, the number of casino visitors slightly increased during the depression in 2009. The market revenue of the USA decreased a bit, but it was really small compared to other industries.
When people are prohibited from on-site gaming, they find a way for it. Since the lockdown took effect, the demand for iGaming has been soaring.
The last crypto winter was 2018-2019.
Let’s use Satoshidice as an example because it is one of the popular iGaming dApps. Tracking one (qz9c…ruw) of the wallets it has, the amount of betting wagers sent to the wallet was;
2017: 4,134 BCH ($4.8m, reflecting the price back then) 2018: 5,960 BCH ($7.8m) 2019: 4,516 BCH ($1.8m) 2020: 7,094 BCH ($2.8m)
Even though a bigger amount of BCH was sent in 2020 than in previous years, the value of the wager was bigger in 2017 and in 2018 considering the price of Bitcoin Cash. Surprisingly, people have enjoyed Satoshidice no matter how the BCH price went up and how the market situation was bad.
When the market is bull, more money comes into the industry.
WGMI in this winter too.
The reasons for continuously lucrative range from addicted gamblers and individuals seeking relief from recession hardships, but the main one is the human basic want toward pursuing thrill and pleasure. It is proved by the fact that gambling dates back to the Palaeolithic period, the Old Stone Age, before written history. Many historical remains show that gambling is a universal phenomenon across human history as it has been in almost all cultures and in every period. Gambling occurred anywhere! It was in China approximately 4,000 years ago, Crete in 1800 BC, Egypt in 1600 BC, India in 1000 BC, Hittites in 4000 BC, and Arabian societies 2,000 years ago. Greeks and Romans loved the token or coin-tossed games [2]. Mesopotamians and ancient Egyptians created primitive gambling paraphernalia such as dice with bones [3]. Gambling is inextricably linked with the history of humanity. Now you know what iGaming is, its history, and its performance capacity. We are on the same page now. The long story tells why LV Studio confidently believes that Lotto.Vegas Resort will be a user-based gaming platform once the games are released. Plus, Lotto.Vegas is providing a new paradigm that introduces a generational leap in visual fidelity and integration with blockchain.
Internet Gambling: Past, Present and Future, Robert T. Wood and Robert J. Williams (2007)
Gambling Cultures: Studies in History and Interpretation, Jan McMillen (2005)
Roll the Bones: The History of Gambling, David G. Schwartz (2006)
You can go on a Las Vegas excursion from the comfort of your own home, without purchasing any expensive hardware. It all happens right inside the browser that you already use.
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