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How Provably Fair Blockchain Technology is Changing the Casino Industry

By Special Guest
Tony Samboras
July 12, 2018


This year has seen thousands of new online casinos release blockchain games that offer a new way to gamble for punters. One of the biggest breakthroughs this tech has brought to the gaming industry is provably fair gambling games. It means that gamblers can be 100% certain that the odds on offer are set in stone along with no outside manipulation been possible. Everything works autonomously on the network and the code is open source so that all elements can be inspected. There are many ways that bitcoin and the blockchain are improving along with transforming one of the oldest industries into something else new and fair. Below are the main factors that are been impacted at online casinos by cryptocurrency tech.

#1: Casino Profit Margins

It is extremely expensive to set up and run your own online casino as there are so many different costs that are associated with this business type. Regulation is one of the biggest costs along with staffing to handle the transactions along with customer care. It means that casinos have to have a house edge that is large enough to cover all of these costs. Blockchain casinos work differently as all the process are carried out by code without the requirement of staff. The license can be included in the protocol which eliminates the charges for this. It means that smart contract casinos can offer a better house edge as they do not have the traditional costs associated with online casinos.

#2: Complete Transparency

There have been and are still a number of online casinos that are out to rip off players. This has damaged the trust in the industry and caused many serious problems to players that have used them. The new era of blockchain gambling platforms brings a new level of transparency to the sector which is helping to repair the damage done and put trust back into gaming.

 #3: Decentralised Gambling

It is not possible to gamble in all parts of the world due to laws and restrictions of certain countries. The blockchain gets around this problem by providing a decentralized way for gamblers to bet anonymously meaning that anyone can now place a bet using bitcoin and other cryptocurrencies. There are no requirements to register at the sites and they do not use private information as a requirement to start betting.

Conclusion

It is only the infancy stage of provably fair technology using the blockchain and smart contracts. The developments are happening extremely fast so expect this type of tech to have the same impact on the gambling sector as streaming did to DVD sales. With the popularity of all things crypto growing every month along with providing players with new ways to make money and gamble, it will not be long before this is the mainstream way to place bets. What makes this industry more exciting than others is that there is a possibility to invest in the startups that plan to change the industry by investing in ICOs. They are a gamble but if they pay off, you could end up holding an extremely valuable asset in the future.


 
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