Premillennialists usually take this verse to refer to aliteral binding of Satan during an earthly millennium in the future. I used tohold to this view, but I am now convinced that this is incorrect. Let meexplain.

First of all, I believe that the thousand years refer tothe current Gospel age. I will not take time to explain this, but WilliamHendriksen,—in his book More thanConquerors (pp. 184–5),—has shown rather conclusively that there is astriking parallel between Revelation 11–14 on the one hand and Revelation 20 onthe other hand. Both segments divide history into the birth of Christ andending with the second coming of Christ in judgment. In other words, Revelation20 does not cover a future period, as commonly assumed. I would highlyrecommend you to read the book.

abussos) must be symbolic.Satan is a spirit being; how could he be shut up in a hole, bottomless orotherwise? Thus even the verbs: “cast,” “shut,” “seal,” “loosed,” mustalso be understood symbolically. Is there any reason then why we should nottake the thousand years symbolically? But the point I wish to highlight here isthat the passage must be referring not to a physical binding, but to arestriction of activity or a curtailing of power.

Thirdly, the casting out and binding of Satan is notmentioned only in this passage. When the seventy disciples of the Lord returnedafter their preaching tour, they reported to the Lord saying, “Lord, even thedevils are subject unto us through thy name” (Lk 10:17). Notice the Lord’sreply: “I beheld Satan as lightning fall from heaven” (Lk 10:18). Did the Lordmean to say that he saw Satan visibly falling like lightning from the sky?Quite obviously not; Satan is a spirit being. The Lord must again be usingsymbolic language. What does He mean but that Satan was cast down inorder that the preaching of the Gospel might not be hindered? When thedisciples reported back to the Lord, they sounded almost boastful, and the Lordhad to remind them that it was because God had cast Satan down.

In another passage, the Pharisees accused the Lord of castingout demons by the power of Beelzebub (Mk 3:22). Among the Lord’s statements inresponse, He said: “No man can enter into a strong man’s house, and spoil hisgoods, except he will first bind the strong man; and then he will spoilhis house” (Mk 3:27). Now, the word rendered ‘bind’ (Greek: deô) is exactly the same word rendered‘bound’ in Revelation 20:2. What does the Lord mean by spoiling Satan’s house,but the advance of the Gospel in the world, which was in a certain sense underthe dominion of Satan? Remember how Satan, who is called “the prince of thisworld” (Jn 12:31), had offered Christ all the kingdoms of the world if He wouldbow down to worship him (Mt 4:8–9)? Does this not explain what Revelation 20:3mean by the binding of Satan so that “he should deceive the nations no more”?Is this not also what the Lord was referring to when He said: “… I will buildmy church; and the gates of hell shall not prevail against it” (Mt 16:18b)?Satan, who hitherto had blinded the nations so that they walk in their ownways, would be prevented from doing so during the Gospel era until towards theend when he shall be loosed for a season.

We may say that the binding of Satan begun when the Lordtriumphed over him in the temptation in the wilderness. This binding ismanifested in the advance of the Gospel in the beginning of the Lord’sministry; and it was sealed in the Lord’s death and resurrection. This is whyafter the Lord’s triumphal entry into Jerusalem for His death, a voice fromheaven declared: “Now is the judgment of this world: now shall the prince ofthis world be cast out” (Jn 12:31; cf. Col 2:15).

Now, it may be asked: “If Satan is presently cast out andbound, why is it we still see millions of people and even nations blinded bySatan and held captive in false religion?” We may answer in two ways: first, wemust believe in the doctrine of sovereign election, and realise that God has noreason to prevent Satan from blinding any who may be reprobate.  Calvin has well said:

Christ, by dying, conquered Satan,who had the “power of death,” (Heb 2:14), and triumphed over all his forces, tothe end that they might not harm the Church,… God does not allow Satan to ruleover the souls of believers, but gives over only the impious andunbelievers,—whom he deigns not to regard as members of his own flock,—to begoverned by him (ICR 1.14.18).

But more importantly, secondly, we must remember that thebinding of Satan is relative to the preaching of the Gospel. The Church has aresponsibility! If we are sitting quiet and complacent, could it be that it isnot that Satan is not bound, but simply that we are not trying hard enough topreach the Gospel or to be witnesses for Christ?

Satanis already bound. May the Lord grant us, before Satan is loosed again for a season,that we be ever zealously preaching and witnessing for the Lord Jesus Christ.