Gambling is probably one of the best-regulated industries out there. However, the gambling market is poised for transformations as customers always seek new, more convenient opportunities to play.
With blockchain technology slowly creeping into every industry, it’s expected to connect on a deeper level with the gambling industry in the coming years. Blockchain technology has the potential to revolutionize online gambling and bring back the trust and transparency consumers deserve.
The main concern with conventional casinos is that data such as winnings, payouts, and gaming results are partly concealed or deliberately hidden from the players. The integration of blockchain technology into the gambling market will put an end to these concerns and many other problems that online gaming establishments have been facing since the explosion of the gambling industry on the internet.
Let’s explore how blockchain technology will transform the gambling community.
Trust and Transparency
The online gambling industry is projected to reach $81.71 billion in 2022. The European gambling market is estimated to be around $15 billion, according to the infographic below by Stefan’s list.
In Australia, gambling is huge, and it’s estimated that 3.1 billion people engage in online gambling on a monthly basis. However, more than 1 million fake websites are created every month, and innocent players are the main victims of these atrocious elements.
For such a big industry, transparency is of the utmost importance, and consumers should be able to play the games knowing sites are trustworthy and honest.
There have been some documented cases of casinos using tricks and frauds to steal from its customers right before their very eyes. For example, one of the biggest online poker sites was involved in a cheating scandal of epic proportions – the Absolute Poker fraud.
Allegedly, one of the part-owners of Absolute Poker has been cheating and stealing millions of dollars from the customers. Luckily, some players did some incredible detective work and managed to get to the bottom of the whole scam. The U.S Department of Justice ratified the payment to the players affected by the fraud.
So yes; the gambling industry is vast, but it’s not flawless. The decentralized nature of blockchain technology would be a practical solution as it means that all the game’s features would have to be verified by users themselves.
Also, it would remove the operators’ ability to manipulate with back-end gaming mechanisms to gain advantage themselves.
By introducing blockchain technology, casinos will ensure fairness of the game and enable the customers to play with confidence. Blockchain smart contracts verify records of each transaction on a shared ledger and therefore provide greater transparency to the gambling industry.
New Payment Methods
Casino players are becoming more comfortable with using cryptocurrencies as a form of payment. Players are keen to play in crypto casinos because they can gamble online anonymously, and it’s usually not required of them to provide any documents whatsoever.
Furthermore, blockchain can eliminate costly intermediaries such as banks, which means that the costs related to casino withdrawals and deposits will be significantly reduced.
In the world where more than 50% of the world’s population isn’t allowed to play online casino games, gambling enthusiasts end up suffering because they have to resort to services provided by illegal operators. Blockchain provides a decentralized platform that allows for easy trade all across the globe. All you need is a stable internet connection.
Also, withdrawals via conventional casinos take forever, and in most cases, withdrawal has a daily limit. In crypto casinos, withdrawal is quick and there are no limits.