Blockchain technology and cryptocurrencies, in general, are set to have an effect on virtually every industry. One of the sectors that seem to be the most promising is the online gambling industry. Let’s take look at how the blockchain is set to transform the industry and what it means for casino operators and players. We’ll also explore the exact reasons is having these effects on the online gambling industry.
One benefit of cryptocurrencies is that anyone can use them to play. There’s no question as to whether or not your country’s currency will be accepted by the site, though some gambling sites require players to buy their tokens to play on the gambling platform. And you don’t have to pay currency conversion fees either.
The overall cost of financial transactions drops since casinos and players don’t have to process transactions through banks. Another point in favour of the blockchain is that most cash outs are instantly sent. You have far faster access to your funds. No need to wait until you’ve accumulated enough to make a minimum withdrawal, either. This faster access to cash encourages many players to keep playing, giving casinos a business case to shift to the blockchain.
Traditional online gaming sites require you to make deposits via a credit or debit card. You have to provide other personal information as well. The verification process can be tedious, and it is risky since there is a possibility that the online casino is a front for identity thieves. A clear benefit for players using cryptocurrency is that they gain anonymity. You don’t have to provide a credit card number or bank account details to play. Your personal information is private, too. In most cases, you only need an address from which the deposit is sent, and winnings will be deposited.
Crypto casinos will become increasingly popular and there are online casinos that are already using the technology to power their platforms. One , in particular, is not only using their own proprietary blockchain but releasing their own tokens too. They support a range of cryptocurrencies and host their own in-house blockchain games, which allows them to bypass somewhat outdated legacy software providers.
Security is a major issue for the gambling industry, both for players and online casino operators. Players may try to defraud the casino operator through deposit and withdrawal schemes. Some hackers may exploit a vulnerability in the casino’s system and use a back door to access funds.
Blockchain solves this by securing the transaction through a public ledger. The blockchain is transparent, which makes it nearly impossible to manipulate the system. And winnings are sent and calculated automatically, all thanks to technology.
The increased safety, security, and trust for all involved explains why blockchain technology is being rapidly adopted by the online gambling industry. Faster transactions and lower overall costs simply add to the reasons why the gaming industry cannot afford to ignore blockchain.