Payment mechanisms online gambling

Online Gambling History

It was called the Free Trade and Processing Act and it was drawn up and passed by Antigua and Barbuda in 1994. This act was the first step in establishing a place in the digital world for players to go in order to gamble online. It was a type of licensing system and the first of its kind.

Before this time, there were software developers such as CryptoLogic and Micrograming who had developed gaming software that ran on computers, but they were not the types of games that players were able to play in an online space. This passing of this law was also what helped to make the world of online gambling safe for both players and the companies who provided the games. It wasn’t long before online operators had to consider the payment mechanisms online gambling had to provide.

In 1996, the Kahnawake Gaming Commission was brought about to further regulate the online gaming space of the Mohawk Territory of Hahnawake. They also issued licenses to online casinos all over the world in order to make further make the world of online gambling safer for players and operators. As the world of online gambling grew, going from a handful of websites in the mid nineteen nineties to hundreds of websites in the late nineteen nineties, the amount of money generated from these establishments also grew. In the late nineties, total revenue had reached nearly one billion US dollars per year. This forced casinos to re-look at the payment mechanisms online gambling must provide because of the large amounts of money moving through and being paid out of their casinos.

It was at this time that the United States government stepped in and introduced the Internet Gambling Prohibition Act of 1999. This would make it so companies could not make available any online gambling games to citizens of the United States. Luckily for avid online gamblers and online casino operators, this bill did not pass.

Fast forward to more recent times and it is estimated that the online gambling space sees over twenty five billion dollars of revenue generated every single year.

Types of Online Gambling  

Today, there are a myriad of online gambling games that players can enjoy as the practice continues to be one of the largest revenue generators in the online space. One of the most popular online casino games is poker. With the advent of the internet and its widespread availability, many people are able to access and participate in online tournaments and rooms where players can play against real people for real money. There are often fees associated with these tournaments that allow casinos to easily make their investments back. Other popular types of games include the casino favourites of roulette, blackjack and slots. For those interested in spots, sports betting involves the player trying to predict the outcome of matches in different types of sports. There is also bingo and several different types of lottery available to the player.

Payment Mechanisms Online Gambling

There are many payment mechanisms online gambling provides for the players who frequent casinos. The most common payment mechanisms online gambling casinos offer are in the form of eCheck, major credit cards such as Visa and Mastercard, Instadebit, PayPal and debit cards. There are many others, and a player can find them on each individual casino’s site.