It began in 2005. The Parliament passed the Gambling Act 2005, and the online betting industry as we know it was born. This was the single piece of legislation that changed everything. The laws were clarified, regulatory bodies were formed, and companies were licensed to operate in the UK. These laws protect the people, curb the criminal element, and allow fairness in the industry. Quality companies could offer the public services they wanted to provide convenience and entertainment.
Online Gambling is Big Business
It is estimated that 17% of the population gamble online. Last year more than £5.3 billion was spent in the UK market alone. Financial institutions consider the industry favorably. While this industry is still not included with figures used to calculate the consumer price indexes for an area, it is considered in the same category as other recreational products. As for investment worth, online gaming companies are valued just like video game systems, sporting equipment, sporting goods, toys, hobbies, and other forms of recreation. This is a significant step in the financial world, especially in a world where sports are so important.
Boundaries are Broken
For the first time in history, people are not restricted to their own countries regarding the lotteries they wish to wager on. This is a relief to them and, in some ways, a big help. With online lottery betting, a person in the UK could place a bet on a US Powerball lottery if they chose to. For example, with the Lottoland online lottery, a person in Africa can play the Irish lottery or the EuroMegamillions.
When someone bets on a lottery online, they place a “fixed-odds” bet. This means they are betting with the vendor and not the national lottery. They are betting on the outcome of the lottery. It looks the same and plays the same. The rules are the same, and the results are the same when the official draw comes in. If the correct numbers are chosen, they win. The money is deposited into their account.
This is a plus for the economy in the countries and cities where they live. That is where they will spend the money they win. Without the online lottery industry, they never would have been able to release that kind of money into their local economy.
Ecosystems
Mobile betting has been in place in the United Kingdom for a while. There is a solid ecosystem in place for processing deposits and withdrawals online. Banks are accustomed to processing payments for online gambling facilities and offer many payment options to choose from. Some of the options include:
- Major credit cards
- Debit cards
- Cash transfers
- Pay Pal
- Neteller
- Skrill
- CashApp
Note: there are different options for different countries and various banks. Most of the processes are instant or take only a few minutes.
What’s Coming?
Some of the coming technology has already begun showing up. Things like cryptocurrency betting and virtual reality combined with AI in certain games are popping up more. But there will be much more sophisticated things on the horizon. Watch for IoT, which stands for “Internet of Things.” This technology is being introduced in several home products now. It is when something usually not associated with the internet talks to the internet for you. For example, your refrigerator senses it is getting low and reports to your program that it needs to be refilled. As it develops, it will get more specific.
Jump that ahead to the slots and casino games you enjoy playing. When technology connects to the games you like and personalizes them to your style, they will become games that you will enjoy without frustration. Your style will become a powerhouse. You could become unstoppable. How serious are the manufacturers about this technology? It has already broken the threshold of $100bn in revenue.
Conclusion
There is no doubt online lottery, gaming, casino, and betting industries are here to stay. The amount of money they generate makes it almost impossible to see a future that is not considered mainstream e-commerce. They employ a considerable number of people globally. They pour billions of dollars into the worldwide economy, and they are a significant player in the future of technology. Millions of people seek this form of entertainment weekly, and most play several times per month.
Further, opening this industry to people who can experience the fun while at home protects many of the population. It cuts down on the people who travel on the roads after playing and enjoying alcohol without realizing they may not be in the best condition to drive. People play from their computer or smart device when they can have a clear mind and convenient. We recommend trying online betting for yourself. Only then will you understand the benefits firsthand. In our opinion, this industry will be mainstream in short order.
