The Evolution of Online Betting

The rapid development of electronic technologies at the end of the 20th century turned the betting world upside down. From land-based bookmaker’s offices to accepting bets over the phone, betting was moving more and more online every year.

As a result, by 2014 offline betting accounted for no more than 10% of the global gambling market turnover. At the same time, sports betting accounted for more than half of the online market. 

A key year for the betting world was 1994 when the World Trade Organization (WTO) granted the small island nation of Antigua and Barbuda the right to issue offshore licenses for online betting. The first to receive such a license was BC InterTops, based at the time in Austria. 

This step is associated with the name of Simon Noble, the executive director of BC InterTops. In 1994, he headed the company’s online division.

It took his team about a year to develop and launch the world’s first online betting procession. Web technologies were in their infancy at that time, so such a quick realization of BC on the Internet can be considered a “small feat”.

Online Betting

The first online bet was made in 1996. It was accepted by Intertops, which received a license for online betting from Antigua and Barbuda, a small Caribbean island country.

In 1994, being an offshore zone, this country received the right to issue such licenses from the WTO. Later on, other betting companies preferred to base themselves offshore because of tax benefits.

By 2001, the volume of the online sports betting market exceeded two billion dollars, and the number of players reached eight million.

In 2002, bettors could make live bets for the first time.  As the digital era progressed, bets on cricket underwent a revolutionary journey that added a new dimension of excitement to the game.

The Mobile Application for Online Betting

The already familiar US bookmaker InterTops pioneered creating a separate mobile application for sports betting. It was realized using WAP technology in 2000. This made InterTops the world’s first BC with a mobile betting resource.

Almost every self-respecting bookmaker had a mobile version of the site within a few years. This had a positive impact on the volume of the online betting market.

Now, the clients of BC are not tied to a stationary computer at home or in the office, and with the help of a gadget can make a bet anywhere where there is internet. 

Online Betting Market Volumes

In its first six years of online operation, InterTops attracted 500,000 customers who made 20 million bets. Many other bookmakers followed suit. 

The growth rate of the online gaming market was rapid. In 2010, its global volume was estimated at 23.4 billion euros; five years later, this figure increased one and a half times to 34.8 billion euros. By the end of 2018, the figure had already risen to 45.1 billion euros. 

At the same time, online betting remains the leader, accounting for 50.7% of the market (revenue for 2018 – 22.9 billion euros). 

The Rise of Online Cricket Betting

Due to its vast appeal, cricket has emerged as a top sport in the digital wagering market with the expansion of online sports betting.

The enthusiasm that cricket fans have for the game worldwide has been perfectly matched by the accessibility and convenience of use offered by digital platforms. For example, you can try 1xbet ipl betting to get a taste of that amazing sport.

Test Cricket Betting Strategies

This is crucial when placing an online Test wager, particularly if you’re betting in-play. Put another way, you shouldn’t jump too quickly into an underdog squad that is performing quite well.

In the harsh scrutiny of Test cricket, the team with superior five-day credentials will nearly invariably find a way to rally when the resolve of the outsiders begins to waver.

Conclusion

In addition to revolutionizing the betting industry as we enter the digital era, the shift from offline to online betting has allowed millions of sports fans to engage with their preferred teams in ways that were unimaginable only a few decades ago.

Cricket seems very much alive in the digital realm. The popularity of online cricket betting is proof of the dynamic interaction that exists between technology and the enthusiasm of sports.

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