History of the Online Gambling Industry

Gambling has existed thousands of years ago. We, as human beings, have the natural instinct to survive so in order to do this, we need to take the risks or gamble and hope to achieve victory in return. Gambling existed in many forms. People usually gamble on who will get the largest land or who will win the war. People use coins and dices to decide on their fate and these basic notions had led to the development of casino gambling, which is very popular nowadays. With the popularity of casino gambling taking its toll for several decades now, people have learned to adapt to such popularity. Today, casino gambling has embarked on a new journey and this is to share the excitement of casino gambling to the entire world.

The Beginnings of Online Casino Industry

It all started in 1994 at a small island in Antigua and Barbuda. This was the same year when the legalization of online gambling was passed in Antigua. Because of Antigua and Barbuda, internet gambling has moved on to the next generation and continues to soar high up to this present date. Prior to the launching of the first online casino, gaming software were developed. Microgaming is the first gaming software provider that was used to power online casinos. Cryptologic, an online security software company, made the necessary steps to make online gaming safe and secure as possible.

The online casino industry definitely didn’t have a convenient start, the industries tackled issues on legality and addiction to gambling. A lot of people never really like the idea of gambling online so they promoted anti-gambling campaigns to battle its approval.

Online Casino Industry “The Present Time”

The internet definitely made great contributions to the development of online gambling. With the evolution of technology, people can enjoy their favorite casino game anytime, anywhere. But many people, especially US officials, seriously detest the legalization of online gambling. Despite the legality issues, many people still want to become part of the online gambling industry. Today, the online gambling industry is definitely on the verge of becoming one of the biggest profitable industries in the world. Online casinos continue to increase in number and various programs to promote online gambling like tournaments and World Series have already been set to provide only the best for every player. The online gambling industry is definitely here to stay and it will continue to surpass all obstacles and rise stronger than ever.

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Tools You Need When Starting Your Own Gambling Website

There is a wealth of information on the internet about gambling and betting. How to start a gambling website, what do people bet on, is a betting exchange better than a sports book or casino website, or do users prefer betting online rather than betting offline? What is lacking in many of these posts is not the information they provide on starting a gambling website, but rather exactly where to start. So Where do you start, you ask? and how do you start? Would you require funding when thinking of starting your own gambling website? Are there legal pitfalls in running an online sports book or casino gambling website?

Asking these questions is only a tip of the iceberg in knowing exactly what you are getting yourself into in running a betting exchange or any of the other gambling websites, but knowing the answers will better your chance or odds in running a successful online gambling site. So where do you start? You can search and search around the world wide web and gather all the information (highly recommended) on starting your own casino, running a proper betting exchange, or on providing a fair online sports book atmosphere to your users, but knowing exactly how to use this information is key in running your outfit.

Before we get into how to use the information you gather properly, you may want to visit some of these places if you have not already done so: gambling forums, casino pages, sports website, news pages on gambling, pages on the “internet gambling regulation act” and how it will affect your online website, laws governing gambling and paying close attention to the dates the country each specific information pertains to and so on.

By now you must be thinking this is a bit to extreme. But ask yourself this: do you know what each gambler want, do you know what will make them use your site over the next Joe website. Simply put you need to know the things that will drive advertisers, sponsors to your site (funding) and most importantly what will drive users to your site. You can have the best house on the block but if not one knows about your house or you, well you get the picture.

If you have visited the suggested headings listed above and read up a bit more on gambling and the laws governing online sports book, casinos, poker rooms and betting exchanges and still wish to continue then read on my friend, you have gotten over the first hurdle. Now that we have you thinking outside the box and have a better understanding on what’s in store for you lets tackle the first and very most important question you would first need answered “Is gambling legal”.

Now this is the most important because if you are thinking of conducting or running a gambling website in a country, city, state, province, town, what ever it may be and its not legal. Like monopoly you will be fined or worst you will go directly to jail. Sorry boys and girls but we need to make one thing clear here being online business doesn’t mean a thing to the government and the authorities. You will need to register a business or acquire a business license (not the same as a gambling license), you will need hosting and you will need a bank account to hold the money generated from your sports book, betting exchange, poker or casino website. So finding out if gambling is legal where will be running your business is extremely important.

To give you a better picture of things 9/10 planning to run a gambling website have had to opt for an offshore operation. Why you ask? Well that obvious of course. In places like Costa Rica there are laws in place for gambling, but there are no law against online gambling neither is there a need for a gambling license (more on gambling license later), but you will again have to do your research, if you are serious about running a sports book or any of the other gambling websites, prepare yourself to gather information. Here is Tip #1 – Speak to a Lawyer (a reputable one if you can) they will shed a LOT of light on your situation and point you in the right direction.

So this brings us to our next question, licensing, and no its not your drivers license. A gambling license is required to run a betting exchange, sports book, casino, poker or any other gambling website most of the time but not always. This is why again you will need to do your research. But you know what they say, when in doubt get one. That was a joke Joe. If you are really unsure speak to that lawyer friend that you spoke to in tip #1 about this and any other documents you may need to complete this process, ask your local gambling or gaming authorities/associations in the jurisdiction where you plan to run your online gambling website for advise. So remember a gambling license is recommended but may not be required. Tip #2 Visit the local gambling authorities.

By now you should have gathered enough information to get you on the right track and keep you out of jail or worst a state prison.

Let us touch on a few more key areas on running your own gambling website. You will need some (the more the better) research and marketing to be done. But haven’t you already gathered enough of your own research? No Joe. That was just information gathering, getting your feet wet, getting to know how the industry thinks. Don’t assume anything. There are rules to every game, and yes there are rules to running an online business and especially a sports book, betting exchange, poker room or casino. Just because you know a little about running a website, the rules and strategies change for each business, and you will definitely need to know about these rules if you are even dreaming of becoming successful in the online gaming and gambling industry. This doesn’t mean visiting all those forums and readings were for nothing, they will definitely help when you are ready to run your advertising and marketing campaign, you will be more than glad that you did.

If you have not already done a business and/or marketing plan this will more than likely lead to the development of one. Getting to know your target market, trends, location, gender, users’ habits, wants and dislikes etc will all help you to become better aware of your strategies and help in your success. So hire a reputable marketing company or speak with a friend or someone in the marketing field that can shed a bit more light on your exact situation and point you in a better direction. You don’t want to find out the hard way that the market you were targeting does not care much for gambling. Tip #3 Get proper research done.

This brings us to our next area of interest “staff or team”. From your information gathering and research you must have realized that ever if you may want to make this a one man show you will need a team or some sort of staff. Now a team does not mean you have to hire on a full time staff. Even big time giants like Microsoft, IBM, Logitech contracts out from time to time. It just means you will need a little more than just yourself in certain areas. Even if you know the gambling world it would be wise to contract some professionals in key areas (even if its for a little while) to show you some hidden places you have not yet covered. You would definitely need a technical someone or a development company that will be able to handle any problems you may encounter, updates you may need for your website, programming you might require, designs you may want to give you that look and feel to set you apart from your competition etc. You will most likely need a bookie, bookmaker, (maybe more than one) who knows about bookmaking to set, update, prepare events, lines and odds on your sports book, casino, betting exchange or poker website. So a team or individual staff is definitely a must, but can be inexpensive if you plan properly and consider contracting. Tip #4 Put together a proper team.

Now we’ve touched a bit on your website, but what sort of website or software will you require. The next on our list will be Software. First ask yourself what sort of gambling website will this be; A full Casino, poker, Betting Exchange, sports book or better yet why not all? This is where your research and information gathering comes into play, review ask questions, speak to your lawyer, and make a solid decision. What are the risk factors, who are my competitors, where do you get my line feeds from? Those are all questions that should have been included in your research and answered by now.

After that is settled it is now time to choose a development company that specializes in online gaming (more specific online gambling). Most if not all would already have products readily available that have been tested and will usually do modifications to fit your needs, it is usually more cost effective than having a website developed and put together from beginning to end. Software can range in prices, expect to pay between EUR 10,000 EUR to EUR 60,000 EUR. Some places of interest may be: Playtech (Rated for their Casino software), E-Prompt C’s BetMore – BetMore Software (Rated for its betting exchange & sports book software), Microgaming (Rated for their poker software). Tip #5 Get good software.

Well that should be it. But lets not forget the last and one of the most important on our list “Financing”. Sports book, betting exchange, poker, and casino websites are by far the most expensive business operations you can ever run, and this does not change the facts for an online operation. You do not need a building, but you will need hosting, you do not need slot machines but you will need software, you do not need cashiers but you will need payment merchants and/or gateways. Speak to your lawyer, speak with your marketing and research team, they will give you pointers to get funding, you will definitely require money to run this business constantly, so find sponsors, investors that will partner with you unless of course you have the cash and is willing to use your own money, Here is a hint you will need more than just EUR 500K EUR. Tip #6 Get funding.

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A to B Sports Betting Definitions

Abandoned: the sports game or part of is not carried out. Example sentence: A Tornado caused the Football match to be abandoned.

Action: a wager on a gambling event. Example sentence: I have action on the Atlanta and Chicago game.

Accumulator: a multiple wager that involves selecting two or more games. The more games selected the higher the potential winnings however to win the wager all the selected games must win. Example sentence: I was so close to winning my accumulator but my 3rd pick lost by one goal.

Ajax: slang term used in the UK to explain the betting tax. Example sentence: The Government has an Ajax on betting.

Arbitrage: to bet on both participating teams in a match and make a profit regardless of the outcome because of the variation of odds. Example sentence: Arbitrage is the practice of finding favorable odds for both teams and then placing a wager on them both in such a way that guarantees you make money regardless of the match winner.

ATS: against the spread. It is the opposite of betting with the spread and involves taking points when placing a bet (e.g. -4). Example sentence: I have wagered on the Indianapolis Colts to win against the spread of -4, in other words I only win if the Colts score more than 4 points.

Bad beat: is when the opposition has a slim chance of winning the match so you back the other team and lose. Example sentence: It was a really bad beat as the most unlikely of teams to win overcame the other team that was heavily favored to win.

Backed: a team that has the majority of support from bettors. Example sentence: A lot of gamblers have backed the Dallas Stars.

Bankroll: is a set amount of money you have put aside for gambling purposes. Example sentence: I established a bankroll of $500 to gamble with at Las Vegas next weekend.

Beef: a disagreement over the outcome of a wager. Example sentence: The Sportsbook is saying I lost but I have beef because I know I won the bet.

Beard: some bettors like to keep their identity hidden so they employ other people to gamble on their behalf. Example sentence: I don’t want to be directly associated with gambling so I hired a beard.

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Insight Into the Online Gambling – Definition

The online gambling definition is a general term used to describe gambling by means of the internet. However, in the instance of an online gambling definition in the legal aspect it can be clearly stated that it has been neglected. Gambling in itself can take many forms and online gambling is simply one of them. Therefore, the world of online gambling basically is derived from a wide selection of cultures, which started with the playing of cards or dice games.

Due to western society’s influences on the online gambling definition it has evolved into an economic definition. This refers to the wagering of money or something of material value for an event where the outcome is unknown, with the expectation of winning a large sum of money. When an individual decides to gamble online there are three main variables, which are as follows, the amount of money being wagered, predictability and the psychological aspects.

The first variable related to the online gambling definition is the amount of money being wagered. This simply means the total sum of money that the individual is willing to bet. When this is being done the individual should be sensible because even though they are playing with the intention of winning they should leave room for the possibility of losing. So this sum of money should be within their budget, so in the event of losing they would not be in financial trouble, as this problem is common among gamblers.

The second variable related to the online gambling definition is predictability. This variable would determine the frequency of success. In order to workout the predictability it is as follows, the frequency of success times the payout minus the amount wagered equals the expected value. Therefore, this variable would be based upon the skills of the gambler as it would determine if they are successful or not.

The third variable related to the online gambling definition is the psychological aspect. The majority of individuals’ use online gambling as a form of either recreation or as a method of obtaining extra cash, however, an individual may become addicted without even realizing it. This is based on the phenomena of negative reinforcement phenomena which is where gamblers continue to gamble even though they are on a losing streak hoping they will win it all back on the next hand. Several casinos and race tracks use the term gaming to make it sound friendly and more appealing, but the danger is still present. In closing, it can be clearly seen that even though gambling can be a good source of recreation or extra income you have to be careful because like everything in life there are negative aspects as well as positive.

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Money Management in Online Gambling

Money management is an important aspect of online gambling. Since, there are innumerable risks involved in the field of casino gambling, one needs to be careful. In fact, it has emerged as one of the most bantered term in this domain. Moreover, without money, no matter how indomitable the player is, he does not stand a chance. But then, managing money over here is not that easy as it sounds. One needs to have

* Strategy
* Patience
* Self control

The term “money management” has different interpretations for different gamblers. For some, it means the bankroll management for increasing one’s longevity at the table but for others, it’s a certain kind of betting strategy which decreases the edge of house advantage. Numerous books and articles for casino games have been inked for this subject. But most of the times, all of them reveal the same theories and tactics. At times, for those players who are about to set their first foot forward, these articles act as warnings rather than guides. So, here is a very fundamental revelation of the need of money management and the tricks to adopt for it. Need of money management

“Who cares?” Even those who are filthy rich cannot afford to think so, in terms of online gambling, which has mercilessly devastated thousand of gamblers. No doubt, online gambling is an addiction, but at the same time, intelligence and wise betting aid in extra income.

Unlike lottery, no one transforms into a millionaire within a single night, at online gambling. It’s more similar to stock exchange and sports betting. Luck cannot be the only aid to depend upon. Moreover, defeating the housing advantage is quite tricky. After all, in online gambling there are no opponents who can be scrutinized, followed and tricked. Every game is a new challenge. Ignorance and lack of proper money management have led to stupendous failures for outstanding gamblers. For those, who had adopted online gambling as their only profession, this failure has doomed them to utmost degree of bankruptcy. Generally, gamblers donot indentify the grave consequences, which occur after the incessant losses.

Gamblers might not win a losing bet by having more money but they definitely can play for longer bets, thereby compensating their earlier loses. With money, the online gamblers also have the sense of security and thus, they can delve into more risk cycles.

But before starting with any online casino game, the gamblers should know the following answers.

* The amount that can be spent before calling off the game: The gamblers should only bet as much as they can afford to lose. It takes only a second to transform into a panicked gambler, who is engrossed in recouping losses by taking wild odds.
* The amount that can be accepted before calling off the game: Logging off from the casino site as a winner, too, demands self control. One has to be reasonable enough to prevent oneself from further paroxysms of temptations.

This is the most basic fundamental of money management. Until and unless, these two basic judgments are not made by the gambler, in advance, he might end up losing all his financial assets. Understanding constancy of house edge

The entire concept that betting system can affect the house advantage is mere fallacy. It’s similar to making the payment of mortgage o double basis rather than per month. This will in no way affect the interest. In the same manner, doubling the amount of a single bet and escaping one bet, might not make a lot of difference. The fundamentals of money management

The entire aim of money management strategies and techniques is to enhance the earnings of the online casino player. This also works for lessening the house advantage for the online players, without increasing the risk cycles.

But at the same time, here are a few facts which justify losses in spite of flawless usage of money management.

* The strategy does not make you the indisputable winner of every table or card game. It just maximizes your winnings and reduces your loss.
* Bad play of bad luck cannot be compensated by the usage of flawless management strategies.
* Always remember that the House Advantage has ample strategies to wear out the gamblers who might have been using goal based money management strategies.

Some disastrous additions to managing strategies

* Double after losing bets: Few casino experts believe that this might, somehow, lessen your losses. But then, if main trouble initiates when the number of lost bets increases. No doubt, such big losses cannot be recovered.
* Double after winning bets: This is also known as let-it-ride technique. This strategy confirms that the biggest loss occurs at player’s highest bet, which indeed is not an intelligent decision.

Some important tips for money management are as follows

* Do not invest your entire bank roll for just one session of online gambling. It’s advisable to divide one’s bankroll on the basis of gambling sessions. This prevents the obsessive addition of tomorrow’s money into today’s investment.
* The entire winning goal should be set up, as to how much, is the maximum necessity to win in a particular gamble. In case, the player has impressive winning, he should set aside his winnings and divided bankroll for the day, so that maximum earnings can be assured.
* A predetermined percentage for increase should be set in advance for every bet. This strategy is known as method of progressive winning.
* Do not increase the bet amount when one has been recently nabbed with losses.
* Be disciplined. It’s the most crucial and important part of proper money management.
* Select the advantageous gambling opportunities, be it, recognizing the odd bets, playing conditions or game rules.
* Winning streaks do not occur every day. So one should not end the rare magical moment by quitting the hands.

The unfortunate sin in Online Gambling, is the aimless pursuit of chasing one’s losses. This baseless hope means that the next bet might lead to the winning streak and the lost money can be recovered in one go. Winning or losing is not in one’s hand, but definitely limiting one’s respective losses is.

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