There is a huge influx of new online casinos that are using the blockchain along with smart contracts to change the face of gambling. These platforms are superior to the present model due to enabling new ways to make money and better chances of winning. The traditional casino operators are facing the same challenges that the DVD industry faced when streaming became mainstream and the ones that do not embrace crypto will be left behind.
How Smart Contracts Are Revolutionizing Gambling
The graphics, gameplay, and software over the last 20 years in the online gambling space has improved greatly but it has not fundamentally changed the way that casinos operate. The house edge on all games has roughly stayed the same along with all the processes required to set up a successful platform. The blockchain and smart contracts have spun things on their head as it changes the structure to provide many benefits to players along with adding transparency never been seen before in the betting market.
Presently the model for setting up an online casino restricts many entrepreneurs from entering the market due to the vast costs. It is estimated that a minimum capital requirement is $100,000 and there is no guarantee of success. The reason why these costs are so high is due to the human element required to run a gambling platform along with the license and regulatory costs.
New ICO gambling companies such as FunFair.io are transforming the industry due to their propriety smart connect technology eliminating the requirements for human operators along with license and regulatory costs. All betting transactions are confirmed by the blockchain and payouts happen autonomously. Due to the fact of 100% accuracy achieved by blockchain transactions they license and regulatory requirements is included in the code protocol.
The sports betting market is also under threat due to smart contract and the blockchain. New sportsbooks Wagerr.com and CashBet.com are changing the industry thanks to a revolutionary way to place bets and get rewarded by taking part in the community. Gambling companies for too long have been ripping off players and these two companies are going to put a stop to that. Even if a player does not place a bet but holds onto the platforms coin they will make money as revenues are shared with all those taking part. Due to the technology enabling peer to peer betting along with been fully automated it means these platforms can offer greater odds due to the reduced operational costs.
Conclusion
It is early days but the speed at which developments in the gambling space are happening; expect to see vast changes in the industry over the next five years. With zero house edges on the way along with free money rewards for taking part in the communities, it will not take long before this becomes the mainstream way to place bets and the companies that do not embrace it will be joining the DVD companies on the bonfire.
