Blockchain Is Changing the Face Online Gambling
A little over a year ago, the title of this piece would be a question rather than a factual statement because then, blockchain was nothing more than a buzzword that accompanied bitcoin, the revolutionary and very valuable digital currency that everyone was talking about. Fortunately, the situation is quite different now with a lot more people having a deeper understanding of what blockchain technology really is and how it is set to revolutionize a number of things – for this, we have the digital currency frenzy to thank.
While there are so many sectors that will be able to leverage the power of blockchain to improve for the better, in this particular case we are more interested in what it can do, or rather what it is already doing for the online gaming industry.
Online gaming is a booming business that continues to grow by the day, all thanks to the exciting nature of the casino games and the rapid developments in communication technology that have improved the way people access online services. As popular as they may be, there are often concerns and complaints about unfairness in the online casino industry that is brought about by 1-15 percent house edge imposed on gamblers, and foul play. To solve these problems, the industry turned to blockchain technology and so far, the results have been very promising.
Embracing Decentralization
Decentralization is one of the core features that blockchain technology brings to online casinos, and means that the online casinos not require third parties to verify data thus eliminating the possibility of data manipulation by the casino operators and deployment of gambling bots by investors.
On the same note, decentralized casinos are way better at protecting funds since they (the funds) are stored in blockchain smart contracts rather than in the system as it is with traditional casinos. As such, casino investors and operators can not fraud or treat their customers unfairly.
Furthermore, there is the added advantage of transparency in the games that are offered by blockchain-powered online casinos – all information is available to the public and this improves on both trust and transparency.
Secure, Fast and Anonymous Transactions
It goes without saying that making deposits and withdrawals at most traditional online casinos can be a pain due to the long transaction processing periods as well as the unreliability of some banking options. Also, players are often required to provide personal information alongside card information before their transaction can be verified. Not only is this tedious, frustrating and, quite frankly, annoying but is also very risky.
Thanks to blockchain technology, online gamblers no longer have to go through these tedious processes to make deposits or withdrawals to their online casino accounts. It is also safer and way faster than traditional banking methods since no third party is involved and the players are not required to provide card details or any other sensitive personal information.
Why Hasn’t It Blown Up Yet?
Other than the massive improvements that we have just mentioned above, blockchain brings a lot more to the table along with AI as far as online gambling is concerned. These include convenience, accessibility, and exposure to wider markets. So, if all these advantages have been proven to be true, then why isn’t blockchain taking over the industry?
Well, in a way, they are. It is just happening a lot slower than anyone had imagined and one of the primary causes of this is the volatility of cryptocurrencies. Even though digital currencies, more so Bitcoin, and blockchain technology are totally separate entities, many people view them as one and the same thing. Members of the online gambling community are quite picky when it comes to choosing casinos to play at and many blockchain casinos are not appealing enough – at least not yet.
Considering the number of online casinos that leverage blockchain technology, it is safe to say that it is no longer about whether the two can fit and work together but whether more people can finally come to the realization of what the technology has to offer. In essence, the key is education and public emancipation from the idea that blockchain is not ready.
Augmenting Global Online Gambling Development
A September 2018 study by Report Buyer has revealed that the increasing popularity of Bitcoin and other cryptocurrencies is partly going to help in advancing the development of the global gambling industry – obviously, blockchain technology is in the mix, a sign that maybe its time to go a step further with blockchain casinos.
Titled “Gambling Market - Global Outlook and Forecast 2018-2023”, the study highlights the fact that the gambling industry is increasingly leveraging blockchain technology and digital currencies as it looks for more opportunities to expand. This extends beyond offering fast and reliable means of payment at the casinos to involve more implicit applications that are meant to ensure trust, convenience, and transparency.
“The rapid popularity and increasing number of live casinos will help in the development of the global gambling market during the forecast period. These live casinos have the presence of live dealers and run like a real land-based casino. The rise in e-sport competitions in the form of video gaming or pro-gaming or professional video gaming is driving the growth of the global gambling market. These competitions are multiplayer, and RTS, FPS, and MOBA are the most popular games in the global market. These events are often broadcasted live worldwide using streaming platforms such as YouTube and Twitch,” reads the study.
If any of these findings are anything to go by, which is the case in my humble opinion, then we are certainly very close to finally being able to play at any online casino without worrying about being treated unfairly, losing our money or even getting scammed. The technology is certainly not perfect at this point in time and it probably will never be but the tradeoffs certainly make it a better deal than what you would find in a traditional online casino. Many companies are already working on improving the technology and with more and more casino operators embracing the technology some of the player concerns will be a thing of the past.
