There have always been issues with the trust of the gambling industry, especially with the emergence of online casino technologies that raised concerns regarding the fairness of the random number generator, protection of your money or privacy.
Why is the blockchain so popular?
The new emerging technology in the gambling and betting industry is the blockchain. Most industries of today, starting from finance all the way to academics, are already implementing blockchain technologies that help them develop their businesses faster and safer than ever. “You should know by now that Bitcoin and Ethereum are accepted as payment methods for online casinos, which makes any gambler happier, because the payments are both instant and anonymous. Here is a website where you can find all of that. Some of them have special deals for using cryptocurrency for deposits, which you shouldn’t miss out on, especially if you’re already familiarized with the subject.” But how does the future look for the relationship between crypto and the gambling business? Let’s find out!
Blockchain technology has become so popular because it is decentralized, which mean you no longer have to worry about centralized control and the privacy is way better because it is based on the principle of anonymity.
The blockchain technology is the best solution for the greatest issues that both gamblers and casino operators have faced since they moved the industry to the online environment.
If we take into consideration that online casinos make up over 25% of the total gambling revenue, and they forecasted a $50 billion in revenue for 2020, solving the main issues of the industry is definitely a priority, since it will ease the expansion process of the business.
How can the gambling industry benefit from the adoption of cryptocurrencies?
Progress is being made to develop specially catered blockchain technology for the gambling industry, which would deliver permanent and verified records on a distributed ledger that can’t be by external parties, attribute that provides the mandatory transparency in the online industry.
With the use of the decentralized ledger, the gamblers will be placing bets knowing that there is full transparency in where their bets are going and that the odds and results for the bet were generated fairly, based on the agreement between the operator and the issuer of the gambling license.
Digital contracts between gamblers and online casinos could remove any concerns regarding the gambling industry respecting the promise of instant payouts through the removal of the man in the middle – the banking institutions that delay the transactions, especially if there is a dispute happening. Ethereum’s blockchain technology is capable of delivering smart contracts for gambling through their advanced platform.
Another important player is Zero Edge, who developed a cryptocurrency designed for online gambling. Their coin, Zerocoin was released with the sole purpose of providing gamblers 0% house edge casino games and sports betting. Zero Edge is also building a platform for developing the online games of the future. This no house edge protocol gives everyone equal odds against the house, but they also provide the Zerocoin holders the potential to increase their revenues, resulted from the increase of the value of the coin. This will occur as the demand will increase and more online casino will adopt the Zero Edge blockchain technology.
The future looks bright for Zero Edge, as they address the key issue that any online gambler faces on a daily basis – no transparency and slow payment processing and no random number fairness check. This can all change with the use of Ethereum’s blockchain where all games are verifiable, and the smart contracts that will ensure no delays or additional fees will ever occur.
Additionally, the blockchain protocol will allow Zerocoin holders to verify their identity without providing any personal information other that the fact that the deposits and withdrawals happened. This means complete privacy is possible and is closer than you might think.
How long will it take until the blockchain technology is fully regulated?
In spite of the potential challenges that online casinos might encounter with the emerging blockchain technology, they can’t ignore it, especially since their business is technology-based. Financial experts predict that over the next decade, the cryptocurrency revolution will happen, and it will transform most industries, the gambling one included. With fairness and transparency as key parts of the technology’s nature, the online gambling industry will bloom, as long as they manage the regulatory issues involved with the introduction of the blockchain. With that being said, some countries are already adopting laws that allow casino operators to legally accept crypto and they are attempting to use the blockchain to audit, monitor and record parts of the supply chain, like the players, the casino games, and the operators.
The future is now for the gambling industry and more and more users are looking for casinos that accept cryptocurrencies, because it’s way easier and secure to collect your earnings. Casino operators are also looking forward for the regulation of the blockchain technologies, as they will avoid cash handling commissions and banking charges, which will lead to higher profits and more consumer trust.