How Can Blockchain Technology Revolutionize the Gambling Industry

Blockchain Technology Revolutionize the Gambling Industry

Blockchain is the new emerging technology in the gambling and betting business. Today industries from almost every sector, starting from academics to finance to retail, are deciphering the various benefits that blockchain technology can bring into for their betterment. Yet even, with the advent of the internet, playing online poker and bitcoin games have become a lot easier, without the need to visit a casino or a gambling club physically.

Online gambling is a flourishing industry with its own set of bottlenecks. Implementing blockchain technology can eliminate these bottlenecks and bring in more transparency in the industry. Innovative development is the utmost important factor that can drive the online gambling industry and today the most advanced and innovative technology is the blockchain. How blockchain technology is gradually taking over the gambling and betting industry is explained below.

Keeping the Transparency Factor Intact

Truth has always been a key issue in gambling and online casinos. Gamblers expect fairness in the calculation of odds and protection of their money along with the protection of personal data. The attributes of blockchain technology have the robust potential to resolve these issues that the modern-day gambling industries are facing. Being a decentralized technology, it removes the centralized control that brings in legitimacy in the gambling industry. Certain details like the payouts, winning frequencies, etc. are not revealed to the gamblers and also, they are not open to the public, which results in the lack of trust. However, with the help of Blockchain, this problem can be solved. Blockchain technology is a distributed ledger where everyone in the system can have access to every information. Thus, integrating Blockchain technology with online casinos can ensure an overall transparent system.

With the implementation of blockchain technology in the gambling industry, much-needed transparency across the online industry would be delivered, along with the verified and permanent records that cannot be manipulated. With blockchain technology, the gamblers would be able to place bets with transparency. They will also be able to gauge that the odds for each bet are generated fairly, which will, in turn, produce fair results.

Eliminating Geographical Restrictions

With the advent of technology, the world has become a narrow place. Likewise, the innovative technology of blockchain eliminates the geographical restrictions that the gamblers face. There is no need to visit a casino or a gambling club; one can enjoy the cozy corners of their homes and play the betting games and make the payments online by a single swipe on their smart devices.

House Edge

This term is familiar with the brick and mortar casinos, where the winner needs to pay an average share to the casino owner, so whatever he wins, a good portion of the winning amount goes to the casino owner. This is a serious bottleneck in the emerging gambling industry, where the gamblers are looking for a better alternative where their winning amounts remain exclusively theirs without the need to pay anything to the casino owner. This problem is solved by the blockchain technology and cryptocurrencies as the winning amount gets directly credited to the account of the winners.

Maintains Anonymity

Some gamblers who don’t want to reveal their identities in public, prefer online casinos. When the gambler initiates a payment through the existing electronic payments transfer involving his bank accounts, all his personal details that are linked to his bank account come in the forefront, which he did not want to actually. However, integrating blockchain technology and cryptocurrencies can eliminate these issues. If he uses cryptocurrencies and the online casino also accepting crypto payments, then this problem can be solved. The gambler can make the payments using a hid crypto wallet where he does not have to reveal any of his personal details for making any payments. Also, the use of cryptocurrencies relieves the players to wait for the long processing times that the banks take to initiate the payments. Even sometimes, there are bank charges involved, which are eliminated with the integration of blockchain technology to the online casinos.

Accessibility

Blockchain eliminates the issues related to accessibility that the conventional gambling industry faces. Blockchain integrated gambling allows the complete withdrawal of the winning amount in just a few minutes, which cannot be done in conventional gambling. This ensures that the gamblers can easily take part in online gaming without worrying about the money.

Therefore, blockchain and its inherent innovative attributes are changing the fabric of the online gambling industry. Blockchain technology has given a highly disruptive solution to the problems faced by the gambling and betting industry.

ABOUT THE AUTHOR

Kurt Grindstaff

Kurt Grindstaff joined FinanceLong as a Managing Editor. He curates latest happenings of finance world and stock market updates. He covers a range of economic, financial, business and market updates. In the past, he was freelance news writer for some well-known digital publications.

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