At a time when casinos were a thing of the 90s, the industry now is mainly digital. One of the fastest-growing markets, especially when everyone or the other has access over the mobile internet, online casinos and gambling merged with blockchain is changing the name of the game.
It is said that taking risks is often a human nature. Gambling sure is fun and can provide escapism from the mundanes of life. On the other hand, its critiques often highlights the addictions and the frauds that it can bring.
House cut-rates, higher fees, commissions charged by the payment systems are some of the no factors when it comes to gambling online. Largely a cross-border activity bringing in tax revenues from international borders, the industry is highly divisive too.
Gambling sites are believed to turn the odds in their favour. Cited as one of the unfair and higher fraudulent industries, casinos are anyway going to bring in more revenues if you are going to lose more than you win.
There are cases where winning players have to wait days, weeks or even months to receive their payments. Lucky people are simply not good enough for their business- some players are blocked from using their site again if they win big.
Moreover, even receiving winning deposits can be difficult as gambling institutions are no favorites of banks. Some have experienced getting their bank accounts closed when making deposits in online gambling. People often have to use shady methods as they cannot pay through their debits/credit cards.
Blockchain In Gambling or Gambling in Blockchain?
Enter blockchain. How can it help with all the above-mentioned woes?
First of all, blockchain technology will be able to record and store betting histories, games, plus the amounts won and paid out.
Building everything on a smart contract makes sure that every game is a direct interaction, or even between a player and a smart contract from cutting out ties from the house to managing money. Moreover, players are able to add their own games or events. One need not rely on a centralized system that casinos usually run.
A further edge of blockchain over the gambling industry includes easier cross border payments. Money is instantly transferred through the incorporation of cryptocurrencies as a payment method. No excuses.
Players can finally verify if the whole system was a ‘set-up’ or a fair game, once they have access to the transaction history. ‘Trust’ one of the biggest profit-killer in the gambling industry can finally be addressed through blockchain.
Casinos usually manipulate the random number generator into deceiving the players off. Cases of fraud casinos running faulty ‘randomness’ checks can also be checked through blockchain. Every spin, roll of the can be tested while playing through- fair play control (FPC).
Carried out through the SHA-256 algorithm, you can compare betting history on the blockchain through the verification code generated of a bet. You can even look into the code in verifying it yourself as many of the developers publish the source codes of their projects.
888TRON – A decentralized casino run on TRON smart contracts, it is one of the most popular dapps on the TRON blockchain. Over more than 40% of the transactions happen through it. It has more than 2000 games from slots to dice to blackjack and poker, found usually in casino.
CasinoFair– Running on Ethereum, CasinoFair accepts a number of cryptocurrencies getting exchanged to the native FUN tokens of the platform. It has casual games to games found in casinos such as baccarat, poker, slots, roulette, and the classic blackjack.
EarnBet– This decentralized casino is based on the EOS blockchain. Requires an EOS username over registration. Players can play games like dice, crash, blackjack, and hilo. One of the notable features is that a unique random number is generated for every bet based on the bet’s id.
With blockchain, the gambling industry can be a fairer place with lower costs while preventing risks. Casinos moving over blockchain doesn’t mean casino owners will be low on money. Owners can take a small fee while providing what users really need- honesty as well as transparency. That itself can add many players in the market itself who are hesitant about the gambling industry.