8 Ways Blockchain is Changing the Gambling Industry

Last updated on July 17th, 2018 at 06:19 pm

Instead of raised eyebrows and questioning looks, the words “blockchain technology” are being met with a hint of recognition and understanding nowadays. As it continues to gain a larger foothold in a web-based world, blockchain technology delivers beneficial changes with an unconventional air of excitement and anticipation. One of its newest frontiers is the gambling industry, an arena fueled with an outdated selection of online casino payment methods that has been hampered by the accompanying lack of trust this creates. Here are eight unique ways that blockchain technology is going to transform the gambling industry for the better – not only for players but also for owners as well.

1. Ease of Cryptocurrency Payments

Thanks to blockchain technology, online casino payment options now include making deposits and withdrawals using cryptocurrency. As the number of bitcoin casinos continues to expand, so does the opportunity to use digital currency as a means of making deposits for game play and withdrawing funds from a player’s winnings. A few of the more notable bitcoin casinos include Bitstarz Vegas Crest, and Extreme Casino. While all of these casinos accept bitcoin for banking purposes, some of them also accept ethereum, litecoin, dodgecoin, and bitcoin cash, further opening up the possibilities when it comes to online casino payment methods.

Another side benefit the use of blockchain technology creates is the ability to save on overhead costs since banks are not involved with transactions involving cryptocurrency. Regulatory restrictions also fade into the background, an advantageous circumstance for players originating from many locations.

2. Confidence and Trust

Rather than sharing deposit and withdrawal transactions with banking entities, bitcoin casinos utilize blockchain smart contracts to validate member participation within a public forum that cannot be manipulated. This is a win-win situation for both gamblers and online casinos. Both sides can trust in the transparency of all transactions, allowing them to embrace the confidence that this type of scenario inherently creates.

3. Anonymous Payments

While it is good practice to regulate casinos and their activity, the need to provide personal information, including financial details is often off-putting for members. However, when a gambling location incorporates cyrptocurrency into their array of online casino payment methods, it embraces the kind of anonymity that many players appreciate. Bitcoin casinos eliminate the need to provide bank account numbers and identifying information that provides hackers with all they need to bleed a player dry. With cryptocurrency, members avoid having to submit sensitive data in order to validate their identity, so hackers simply cannot access these details.

4. Less Fraud

By now, nearly everyone has heard of website hacking and the fraud that it enables. With blockchain technology in place, bitcoin casinos are not at the mercy of fraudulent activity, preventing the type of loses that can tank an online gambling venue within days. Plus, members are no longer at risk of having their deposits or winnings secretly stolen from them, since the system automatically determines who gets what and when.

5. Convenient and Accessible

The technology offered by blockchain creates an even playing field for gamblers originating from all corners of the globe. Its decentralized platform promotes the use of a digital currency that is widely accepted and subjected to few, if any, restrictions. The use of cryptocurrency also delivers the convenience of fast and easy deposits as well as quick withdrawals, doing away with long wait times that offer only the unpleasantness of wondering when and if your payment is going to come through at all. On the flip side of this issue, online casinos also benefit since all transactions using cryptocurrency are irreversible.

6. Smaller Overhead Costs

One of the less user-friendly aspects of choosing to gamble is the fact that casinos are going to take a percentage share of the winnings to help guarantee their ability to pay all of their employees a fair wage while also generating sufficient profits to appease shareholders. Fortunately, bitcoin casinos operate at a smaller overall cost due to their use of digital currencies and tokens. Lower costs equate to smaller house percentages and higher numbers for take-home winnings for gambling members.

7. The Birth of Online Casino Tokens

Another development created by the popularity of blockchain smart contracts is the increase in the use of cryptocurrency-backed digital tokens. The only downside of casino-specific tokens is that the player must use them at the online gambling venue where they were purchased. Edgeless, Zero Edge, and FunFair are a few of the existing casinos using tokens for online casino payment methods.

8. Enhanced Ability to Predict

Opening the doors to a decentralized platform, blockchain technology influences the gambling industry in many ways, not the least of which involves generating predictions. This industry utilizes betting data to generate predictions that are currently though to deliver an enhanced capability in determining the outcome of any betting scenario.

Blockchain technology has the ability to bring a higher level of fairness in game play, profitability in wagering, and simplicity in payment options to the gambling industry than any other opportunity today. This is true, particularly in the area of online casino payment methods, where players have been at a severe disadvantage from the beginning. As bitcoin casinos embrace this technology, they are leveling the playing field for casino members, shareholders, and owners in unprecedented ways that only promise to create even more fun and excitement for everyone involved.