How Online Gambling Benefits from Blockchain Technology
The iGaming industry worth is set to exceed US$50 billion in 2018, according to SuperData Research. To ensure that all shortcomings are addressed and that this growth will be maintained over the next years, operators and investors should use the blockchain technology.
Using the blockchain technology enables for an efficient way for operators to show that their games are legitimate. This also gives players a way to verify the authenticity. But on top of these, the said technology also improves payments. These are some of the ways the iGaming industry can benefit from integrating the blockchain technology into the market.
Trust and Transparency in iGaming
Trust is an important asset among iGaming operators. Without it, players will choose not to deposit their money to their online casinos. Many legitimate operators have found it hard to build trust among new players because of the rise of rogue casinos. There is an estimate of 1.4 million fake online gambling sites made every month.
Blockchain-powered casino platforms such as FunFair and DAO.Casino offer transparency by utilizing the technology to its applications. The codes for every game are viewable to the public where anyone can audit it. It is also virtually impossible for any hacker or cheats to alter the code. Additionally, it removes any chance of censorship or interference from a third party.
If someone were to submit a game that aims to only cheat a player out of their money, they will attract attention from keen-eyed players who can warn the public.
| Read More: FunFair Targets UKGC License & Attends ICE 2018
Automated and Convenient Payments
Many traditional casinos have adopted Bitcoin and other cryptocurrencies as one of their payment options. Some of these casinos, however, put a payment on hold for a significant amount of time when a player requests to withdraw their bankroll. Others might just confiscate players’ bankroll should they violate a certain rule within the casino.
To solve this shortcoming, Blockchain casinos make use of the Smart Contract concept from the Ethereum network. A Smart Contract is automatically resolved if one or more of its conditions are cleared. Blockchain platforms make use of Smart Contracts to its transaction. There is no middleman who has to check and approve each transaction. This allows players to make deposits and withdrawals seamlessly.
Operators and software providers of the platform also benefit from the integration of Smart Contract into transactions. Contributors will get a fair share of the profit from customers who play on the platform.
Providers can also avoid having to acquire a license in order to distribute their software to the market. Game makers benefit from the automation of the platform. They usually receive their earnings by offering their software to brand operators. With a Blockchain casino, they can directly receive their earnings straight from the people who play their games.
Smart Contract in an online gambling platform can help create a healthy ecosystem than a traditional casino platform. The transparency and automation of the platform ensure that everyone benefits.