Value of the Online Casino Industry
Online gambling as a whole industry is worth $45 billion a year and continues to grow by 11% per year. Here’s where it gets interesting, the land-based casino industry generates around $300 billion a year, that’s six times more than the online gambling industry. However, two things need to be noted, land casinos have been around longer, and online casinos don’t accept players from the U.S. That makes for a huge market that’s missed.
First slot machine
The first true slot machine was invented by a car mechanic named Charles Fey in 1887. Fey noticed that his customers got very bored while waiting for him to finish vehicle repairs. Fey invented a machine with three spinning reels containing five symbols; horseshoes, diamonds, spades, hearts, and a Liberty Bell, which also gave the machine its name. By reducing the symbols from fifty cards to five symbols, Fey simplified the machine enough to allow an automatic payout system. In his Liberty Bell slot machine, three bells in a row produced the biggest payoff, ten nickels (50¢).
The Founder of FedEx Saved the Company by Gambling in Vegas
Here’s an inspiring story for aspiring gamblers and small business owners: the founder of FedEx saved his floundering company by gambling in Vegas, earning $27,000 in blackjack! The company only had $5,000 in its coffers when Frederick Smith decided to fly to Vegas in 1973 and risk it all. Though this isn’t a good investment or business advice in general, Smith’s gamble paid off, allowing the company to last long enough to raise $11 million and eventually earn its first profits in 1976.