The online gambling industry is huge and growing rapidly, it is expected to reach $81 billion by 2024. The unprecedented growth is attributed to advances in technology, increased use of mobile devices, internet penetration and a wide range of payment methods.
Another factor contributing to the growth of the online casino industry is the introduction of blockchain technology around the world. Many online casino companies are now adopting holistic methods to develop and use blockchain technology in, for example, gambling.
Increasing transparency
One of the major issues affecting online casinos is the lack of trust between players and the house. Players don’t know what’s going on behind the game interface, even if it’s a reputable online casino.
Some casinos intentionally hide their data, including game results, winnings, and payout information. The house will always win.
Blockchain can restore the transparency of the online gambling industry that many people have dreamed of. This is a very transparent system that captures all the actions of players on the platform.
You can be sure that you will always see the results of the game, the number of bets you have made, your winnings and information about casino payouts.
Maintaining anonymity
Blockchain technology is also effective in hiding the identity of players. It provides players with a wallet address that they can use to fund their wallets. Many crypto casinos already provide this service.
Removing geographic restrictions
Blockchain technology removes the geographic restrictions faced by gamblers. With this technology, you do not need to, for example, go to a casino or gambling club.
You can play from the comfort of your home, playing your favorite games and making online payments with the swipe of a finger on your smart devices.
Fair games
Players playing online casino games based on software, such as slots and blackjack, are usually concerned about the reliability of the results of the game. To solve this problem, the blockchain gambling industry has developed a phenomenon called Provably Fair, which guarantees the integrity and fairness of every game.
This is achieved by getting the seed from both the casino and the player. It then generates game results using cryptography, which ensures that every game is authentically fair.
Efficient withdrawal process
One of the main issues with using conventional betting platforms is the withdrawal process. Usually you wait at least 24 hours for the operator to process the withdrawal. You then wait another 1 to 5 business days for the payment provider to deposit the funds.
Blockchain betting platforms allow you to withdraw funds instantly. You can expect your winnings to reach your personal wallet within minutes, which is not possible with traditional gambling. You can participate in any online casino game without worrying about funds or cash flow.
These are just some of the benefits of blockchain technology in the online gambling industry. This technology has provided many other transformative solutions to the challenges the industry is facing.
