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The World's First Virtual Online Casino
Internet Casinos, Inc. opened its doors officially on August 18, 1995. It offered 18 different casino games and online access to the National Indian Lottery. In the spring of 1996, operating an active sports book with plans to launch an online casino as well, Interactive Gaming & Communications Corp. (SBET) launched as a publicly traded company listed on the NASDAQ Bulletin Board. It accepted sports wagers phoned in to Antigua on a toll free line via satellite. The government of Liechtenstein soon opened an online international lottery featuring six different languages, including Chinese, and several other internet companies followed with their own online casinos in the coming months. Most of these companies were located offshore and away from the U.S. to operate with full legal status and licenses within their host countries. ICI was sanctioned by the Turks and Caicos Islands and WagerNet operated in Belize. Bettors could either send cash through one of the companies offering secure payment systems for the internet or open an offshore account, a requirement for Americans at ICI's site. While bets could be as low as a nickel (€0.6c) for certain slot machines or go into thousands of dollars, the actual economics involved were excellent. It might cost as much as $300 (€202) million to build a new resort casino which would employ thousands, but ICI's virtual casino was developed for only $1.5 (€1) million and employed 17 individuals. Warren B. Eugene, ICI's founder, said that his "house cut" averaged about 24%, versus the typical U.S. casino house take, which ranges between 8% to 16% of each dollar wagered. In its first year with 800 telephone lines, Interactive Gaming & Communications' Sports International handled $48 (€32) million in wagers. In 2002, a report from the U.S. General Accounting Office showed that the income from worldwide internet gambling surpassed four billion dollars and predicted it would surpass $5 (€3.3) billion in 2003. Operator John Anderson's online casino made about $50 (€33.6) million in one year, as much as some big Las Vegas casinos and more than most internet companies. Analysts estimated its 2002 revenue at about $200 (€134.4) million and said the company was one of the biggest casinos in the fast-growing online gaming industry. The company soon had seven million customers, 300,000 of which were returning customers. With low operating costs and no time or space limits, it had "Lots of cash flow, no distribution, and no real estate." Anderson said, "It's the perfect business."
Internet Casinos, Inc. opened its doors officially on August 18, 1995. It offered 18 different casino games and online access to the National Indian Lottery. In the spring of 1996, operating an active sports book with plans to launch an online casino as well, Interactive Gaming & Communications Corp. (SBET) launched as a publicly traded company listed on the NASDAQ Bulletin Board. It accepted sports wagers phoned in to Antigua on a toll free line via satellite. The government of Liechtenstein soon opened an online international lottery featuring six different languages, including Chinese, and several other internet companies followed with their own online casinos in the coming months. Most of these companies were located offshore and away from the U.S. to operate with full legal status and licenses within their host countries. ICI was sanctioned by the Turks and Caicos Islands and WagerNet operated in Belize. Bettors could either send cash through one of the companies offering secure payment systems for the internet or open an offshore account, a requirement for Americans at ICI's site. While bets could be as low as a nickel (€0.6c) for certain slot machines or go into thousands of dollars, the actual economics involved were excellent. It might cost as much as $300 (€202) million to build a new resort casino which would employ thousands, but ICI's virtual casino was developed for only $1.5 (€1) million and employed 17 individuals. Warren B. Eugene, ICI's founder, said that his "house cut" averaged about 24%, versus the typical U.S. casino house take, which ranges between 8% to 16% of each dollar wagered. In its first year with 800 telephone lines, Interactive Gaming & Communications' Sports International handled $48 (€32) million in wagers. In 2002, a report from the U.S. General Accounting Office showed that the income from worldwide internet gambling surpassed four billion dollars and predicted it would surpass $5 (€3.3) billion in 2003. Operator John Anderson's online casino made about $50 (€33.6) million in one year, as much as some big Las Vegas casinos and more than most internet companies. Analysts estimated its 2002 revenue at about $200 (€134.4) million and said the company was one of the biggest casinos in the fast-growing online gaming industry. The company soon had seven million customers, 300,000 of which were returning customers. With low operating costs and no time or space limits, it had "Lots of cash flow, no distribution, and no real estate." Anderson said, "It's the perfect business."
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