Internet popularization significantly influenced the gambling industry: casino and bookmakers’ profits grew due to online players. Blockchain technology is a new word in the gambling business. Many gambling projects begin to accept bets in cryptocurrencies, but in order to unlock the potential of technology, this is not enough. To understand why, we will look at modern forms of gambling and betting on the example of two platforms with full blockchain integration.
Typical online casinos and betting platforms are characterized by the same problems – non-transparency, geographical restrictions of payments and the need to trust the site owners, who can falsify the results or keep the winnings.
Blockchain is the technology that solves these problems in various industries.
The introduction of blockchain payments and rates in cryptocurrencies by gambling platforms is the first and conditionally simple way to approach the problems above. If the platform pays out winnings in cryptocurrencies, it doesn’t matter which state borders the payment should go through. In addition, the blockchain payment, which is carried out by a smart contract after the fulfillment of specific conditions, such as dropping out the necessary sector on the roulette, will automatically work without the participation of the platform operator.
But this does not solve the problem of manipulation of the results, the operator can still transfer any data to the smart contract. The solution is a more complete integration of an online casino or betting platform with a blockchain.
Online casinos and betting platforms work differently: in a casino, users play against an institution, on a betting platform – with each other. This affects how blockchain integration works for these types of projects.
The Internet has brought more profit to gambling establishments and bookmakers and has opened access to new markets. Players were able to make bets without leaving home. On the other hand, among the numerous gambling and betting platforms in the network, more scams and more unfair earnings appeared.
Blockchain technology is a solution to the problem of trust in online casinos and bookmakers. The player can verify the integrity of the institution, and platform operators – to provide mathematically irrefutable evidence of fair work. Thanks to cryptocurrency payments through decentralized systems, both players and institutions save money on transfer fees and minimize dependence on centralized banking systems and their limitations.
There are still many projects on the market that accept cryptocurrency deposits, but use old technologies for conducting games and taking into account rates. This is a half-measure that helps in attracting new players, but does not provide the most important advantages inherent in projects with full blockchain integration: protection against fraud and transparency. The future is real blockchain casinos and blockchain bookmakers.
KYCbench, your reliable KYC partner
GDPR & ISO/IEC 27001:2013 compliant
Please contact KYCbench today, the most reliable ID verification processor at: email@example.com