Blockchains impact in the online gambling industry

Have you ever asked yourself how Blockchain might change the way we gamble online? Blockchain won´t create a new type of gambling, but it will create a new platform. Customer will be able to get access in a complete new way. We will show you how Blockchain will affect the online gambling industry and the casino sites.

Blockchain changes the payment method

Blockchain will change the method of payment. There are some sites exclusively accepting cryptocurrencies. Therefore, you have reduced fees and there are no transactions associated with gambling. For example, you can reduce transaction costs, licensing fees, regulatory compliance costs, payment to merchants, and taxes. As a result, you can make more profit because your costs getting lower.

Blockchain eliminates player accounts

With Blockchain we can eliminate the use of player accounts. We will have unique URLs and we can use them to deposit funds. Therefore, you will receive payouts immediately after you won, rather than deposit into an online gambling account. Because of not keeping the funds in an online gambling account, you do not have the risk that the site will be hacked. In addition, the gambling operator doesn´t need to manage and protect your funds and account.

Blockchain secures a fair game

Blockchain also opens new ways to verify gamblers and ensures that games are fair. Therefore, the code used to determine gambling outcomes is now transparent. So once, you launched it, the system works automatically. You can also ask sites for summaries about all players’ history. For example, you can analyze Bitcoin transactions and see if something is not right. Therefore, Blockchain ensures that gambling is fair to players.

Blockchain prevents cheating

So with Blockchain you can now gamble on a decentralized platform like Ethereum that runs Smart Contacts. It works like a digital contract that contains a few lines of code. The Smart Contract is not changeable and doesn’t need a third party. So nobody can change the agreement or the outcome.

Blockchain creates new gambling markets

Not everyone in the world has access to the traditional banking systems. It is therefore not possible for these people to gamble online. So you could use cryptocurrencies as vouchers from retail markets, similar to a pre-paid gift cards. You can then use them to gamble on online platforms. This creates a complete new market for the gambling industry.

Blockchain verifies your identity

Most gambling companies want to store your personal information in their systems. However, identifying yourself every time is an inefficient process and boring. You can store your personal information one time in the Blockchain. Every time you need to verify your identity, you can link to your Blockchain ID. This makes the verification process much faster. This would also overcome issues of users having to share their private data, such as when using a Facebook login to access a third-party site. So you can share the data with companies, but only provide the information needed for each purpose. This can boost trust and reduce fraud related to excess data being shared with companies online. This could allow gambling operators to verify customer’s identity quick, cheap, and easy, without relying on third parties and long wait-times.

If you want to learn more about how Blockchain will change our industries, click here.