The internet has greatly changed our lives and the way we do many different things, and these shifts have rippled through many business models and forced businesses to either adapt or be left behind.
A good example is Apple iTunes, which changed the music industry from focusing on albums to singles which cost only 99c each. The same goes for Amazon which allowed users to receive books, CDs and other items shipped, followed by the Kindle which allowed ebooks to be directly downloaded.
Blockbuster video has gone out of business due to video streaming services like Netflix, while travel agents have been affected by online travel sites like Skyscanner, Priceline, Expedia and Hipmunk.
As technology continues to march on, the amount of industries affected by the internet has been expanding. One of these is the online gambling and casino industry. Globally, iGaming or online gaming has now grown into a multi-billion dollar industry, especially in Europe.
While in the past the industry mainly attracted young men, the demographics have increased and expanded to include both older age groups and women. In fact, female shares of internet users between the ages of 16 to 75 has increased by more than 80% in Europe.
When it comes to the online gambling industry in the US, the industry has seen many fits and starts, especially with Congress which stepped in with new laws which were aimed at putting and end to online gaming. But some states have begun legalizing online gambling intrastate, including Delaware, New Jersey and Nevada which launched in 2013 and legislation has also been introduced in Pennsylvania, Mississippi, Massachusetts, Louisiana, Iowa, Illinois, Hawaii, Colorado, and California.
Its predicted that the online gambling industry in New Jersey will generate approximately $252 million in gambling revenue in 2015, and up to $463 million by 2017. Forecasters are also expecting the US to earn more than $7.4 billion by the same year which will represent approximately 30% of the entire global online gambling market.
Of course, not everyone is happy with this idea, and established businesses are being hit by the internet, hoping that Congress can do something about the threat to their profits. In fact, the Coalition to Stop Internet Gambling is currently hiring consultants and lobbyists with the aim of pressuring congress into outlawing competition from these websites.
The group is painting a rather scary picture of online gaming and completely ignoring the potential benefits of tax revenue and jobs available. The Coalition to Stop Online Gaming is also pointing at the potential for increases in gambling addition, although the Harvard Medical School has produced research papers refuting this and saying that there is a lack of evidence supporting the claim.
As the industry continues to grow, there are more and more websites which boast a huge range of the best games from around the world. For a great option visit siteNetbet to see an example of the online gambling industry in action.
