The art of uncertainty is called Gambling. It is a process of playing where the outcomes are not known and you wager something valuable, mostly money. Even though gambling is highly risky, it is still a very popular game because of the rush it offers to the players. Gambling is a very old sport but its charm still continues to allure people. From ancient times, where the cards were played to present when the medium has turned digital, technology made the gambling industry is worth more than $100 billion dollars.
Let us take a look at how technology has helped this game evolve –
Timeline of Gambling as an Industry
- 1790’s – Harry Ogden was the first known person to have made a profit from bookmaking. He analyzed the field and studied the history of the horses in the field and laid odds on each horse rather than the conventional bets.
- 1845 – Public games of cards with money as wager was restricted and all types of gambling shifted in the racetracks and got compelled. This restriction opened up the door for bookies to come up with new ideas and enter into new businesses using the loopholes.
- 1961 – Within a span of 6 months after legalizing the betting industry, the number of shops rose to 10,000. Betting shops were legalized in May and a staggering 10,000 shops opened within the first 6 months.
- 1986 – With the inventions of technology like televisions, betting stores got more popularity as they can now attract large people who previously couldn’t afford to go-to tracks. Along with them, ‘fruit machines’ or fixed-odds betting terminals and computer-generated racing courses were also installed. Technology now worked as a tool for information and enjoyment.
- 1998 – With the rise of the internet, firms involved in bookmaking realized the potential of the internet. Companies like Betfair and Betdaq launched online poker sites and bingo.
- 2012 – The online gambling market saw a rise of 80% from 2008 in the revenue which was now estimated at $4 billion
- 2015 – After 3 years, it was now estimated at $41.4 billion.
How have mobiles & apps changed the face of betting
The rise of the internet and the accessibility of mobile phones have revolutionized many industries. Today, you will hardly find a market that is sustaining without having a digital footprint. The gambling industry comes under the shadows too. 2012 witnessed a rise of 75% in the mobile gaming industry and due to the increase in the affordability of mobiles, it was predicted that there will be a further rise of 84% in the next 2 years.
The end reports of 2017 state that more than 165 million people use mobile phones to visit mobile casino apps or websites to place bets or buy lottery tickets. The amount of bets placed through phones is said to hit $100 billion. with 164 million people using mobile devices to visit a mobile casino, place a bet or purchase a lottery ticket. 2018 saw further growth of 40% in the mobile gambling industry. According to our source, India is now seeing huge growth in online gambling. where playing with real money on your mobile device seems to lead the way.
This proved to be a crucial factor as people could now bet and gamble sitting in their homes. But with this access, how do the bookmakers make sure that the shops are still relevant?
Technology and the betting shop
While the mobile gambling industry provides a constant challenge to the shops and stores, there are certain advantages that the stores offer which you can’t get inside your home. Stores are installing touch screen machines so that gamblers can socialize as well as enjoy the convenience of technology. Moreover, the stores rely on the social aspect of betting which mobile gambling cannot replace even with the chats.
Bookmakers offer a number of services to the gamblers and the variety of the games available is much more than one will find on his phone. Stores are updating themselves to provide maximum customer satisfaction and create an atmosphere that cannot be experienced from the screen.
Technology has made gambling accessible and way more convenient which has ultimately increased the user experience and the market has grown exponentially. It will be interesting to see what the market and technology have in store for the customers.