How Blockchain Helps Gambling Business Grow

Blockchain, News, Opinion | May 3, 2021 By:

People have always gambled: in primitive caves by the light of a fire, watching the trembling shadows on the walls; at the fair, he called to the shouts of onlookers in the crowded crowd; on interstate steamers that allow the population to drink prohibited drinks in order to avoid the wrath of the authorities; during a lunch break in the office, choosing a lot on the smartphone screen and placing a bet.

Really easy and simple access to almost any gambling appeared with the advent of the Internet and the global network. Now, in order to risk money, try to outsmart your luck and try your luck, you don’t need to go to a special institution or look for a bookmaker’s office – just open a browser and follow the link. After all, there is a great variety of casinos to choose from – from large ones like CasinoChan Australia, or completely new ones, opened last year.

Advantages and Disadvantages of Online Casino

Online gambling has undeniable advantages:

  • ease of user access to games;
  • lower costs for launching projects for entrepreneurs;
  • a wider variety of games and services within one site;
  • there is no limit on the number of players simultaneously;
  • иetting and winning are easier.

However, online gambling is not without its drawbacks:

  • lack of the atmosphere of the gambling hall, specially created by the owners of traditional casinos;
  • there is no contact with other players and staff of gambling establishments, which is necessary for many users;
  • distrust on the part of players (often not unfounded) to the algorithms of online casinos, suspicion of foul play;
  • possible difficulties when using bank accounts to pay for games;
  • often transfers to a wallet or account of gambling sites and in the opposite direction (to users) can lead to the appearance of additional and very high commissions.

Blockchain  in Online Casino

The use of blockchain and cryptocurrency technologies in online gambling can reduce some of the negative effects, and many online casinos, for example, are betting on blockchain implementation. For example, cryptocurrency transfers for the most part take place outside the field of vision of the vigilant security services of financial and credit institutions, which means they have less risk of causing suspicion and subsequent blocking.

The system of betting and paying out winnings on the blockchain can make the entire process of money flow in a casino transparent and deprive users of doubts about the guaranteed transfer of funds due or about leaving funds for their intended purpose.

For cryptocurrencies, the borders between states and the geographical position of the parties to the transaction, in principle, do not matter – in contrast to traditional payment instruments. This means that completely transparent and unambiguous tariffs and commissions can be used in online casinos, which will not change and will not surprise users when making a payment.

The use of smart contracts when making monetary transactions can enrich the functionality of a gambling establishment and make it even more transparent, provided that any user can check all the conditions and algorithms.

Potentially, the latter can also remove one of the main obstacles of the online gambling industry – users’ distrust of programs running somewhere out there on servers completely controlled by their owners, and allowing them to tip the bowl in their favor with one click of the mouse. A significant number of online casinos work this way, and players do not have any tools to check it.

The use of all the advantages of decentralized and cryptographic technologies can contribute to the emergence of such a gaming service, in which mistrust will be completely ruled out. Fortunately, to implement this idea, almost nothing is needed to invent: cryptocurrencies, blockchains, smart contract platforms, and DAOs exist, have wide functionality, and are open to everyone.