Blockchain technology is slowly creeping into every industry, and in the coming years, its presence will be felt like never before. One of the sector that this technology is expected to connect with to a deeper level is the gambling industry.
Various types of cryptocurrencies are now taking a substantive position in the financial ocean. They’ve penetrated numerous areas of our lives.If you say the word ‘cryptocurrency’ and most people automatically think of bitcoin. Despite there being thousands of cryptocurrencies now on the market, bitcoin remains the one most people are familiar with. That is not necessarily a bad idea from a technology perspective. After all, it is bitcoin’s blockchain that really gave birth to crypto.
With an estimated 1.4 million fake websites being created every month, any successful online gambling site is at risk of being spoofed by hackers looking to take advantage of unsuspecting players.Though the majority of online gambling sites are reputable, the industry lacks an effective means for a player to verify the reliability of a site.
Let’s explore how Blockchain technology will disrupt the gambling industry:
- Transparency and Trust:
One of the biggest problem that the gambling industry is encountering is transparency. Certain details like winning frequencies, payouts, results are not revealed to the players and are not open to the public. This leads to lack of trust, but with the help of Blockchain, we can resolve this problem. The Blockchain is a distributed ledger where information is visible to all the people in the system. Intgretaing Blockchain with online casinos we can ensure creating a transparent system.
- Reduce Fraud:
Since blockchain provides open access to the winning amount, any user can check this information. Thus, gamblers can be sure that the casino is not a fraudster, and they will get their winnings.Verifying transactions or trades over a network ensures that no single player holds any kind of advantage at any stage of the gambling process. This allows greater resilience against fraud and prevents manipulation of records in the ‘chain’.Blockchain can help us regain trust. With its open source technology, it is possible to verify every transaction made and ensure players that no fraudulent activity can harm their games.
- Pay with Cryptocurrency:
Accepting cryptocurrency creates an opportunity for players to venture way beyond there regulatory jurisdictions since crypto is no dependent on regulated payment services. In addition, Blockchain technology will significantly reduce costs associated with withdrawals and deposits to casinos since it eliminates intermediaries such as banks.
- Increase Accessibility:
In today’s world where most locations prohibit betting, gambling enthusiasts end up suffering. They suffer simply because most of them resolve to services offered by illegal bookmakers.In case, online casinos continue to providea lot of options, variety and accessibility whilst investing in social media advertising, expect to see an increase in gambling participation by females and younger people in the next few years.Crypto transactions will as well benefit operators since payments are irreversible, thus eliminating issues to do with fraud and non-payment.
Online gambling is one of the most promising industries in today’s world. However, gamblers are subject to regulatory restrictions and exposed to fraud and dishonesty from other players as well as disreputable operators. Furthermore, relying on third-parties often results to unfair games and monetary transactions. Nevertheless, there is hope. As you can see in this post, Blockchain technology has a huge potential to revolutionize the gambling industry for players, operators as well as regulators. Maybe you should stick around to see what next this technology has to offer. Call iPayTotal now for more details.