Blockchain technology is proving to be extremely useful for the online gambling industry

Thursday January 30, 2020

 It’s a normal phenomenon that new technologies will keep emerging and threatening the prevailing status quo in various industries, from time to time. Common amongst the best illustrations of such disruptions is the one caused by the block chain technology. Artificial intelligence and autonomous systems also fall into the same category. The advent of blockchain technology has had a major impact on the online gambling industry, and that too at multiple levels. Today you can easily play online casino games using cryptocurrency as a preferred deposit and withdrawal method. On the whole, blockchain tech has impacted and transformed this industry in a number of different ways. Let’s tell you how it is proving to be extremely useful for online gambling.

Enables bet verification

Online casinos that enable players to verify their bets are becoming a common phenomenon in the online gambling industry. Players no longer need to depend upon third parties for ensuring fair gaming. However, gamblers need to go through various steps in order to verify their wagers. But just having that option to be able to manually check the bets inspires so much confidence.

Inspires trust in gambling portals

The online gambling websites make money by either taking a margin from the gambling action (sports bets, poker games etc.) or have a house edge. This edge is also normally not very large, for instance, between 3% to 5% in online slots, 1% in online blackjack etc. However, it’s easy for players to develop a perception, especially during those long losing streaks that they are being taken for a ride by the platform. Websites powered by block chain can destroy this notion in every way. Offering players the ability to check every wager, it’s hard for portals to cheat them in any way.

Peer to peer transactions

The gambling laws in many countries prevent their residents to indulge in any form of online gambling. One of the ways that governments implement such bans is by preventing the financial institutions from accepting any kind of gambling-related transactions. However, when it comes to cryptocurrencies like bitcoin, the financial intermediaries like credit card companies, banks etc. cannot stop these transactions from happening. These are virtual currencies that involve peer to peer transactions, and hence can be easily used at the websites which accept them, without the involvement of any third party.

Reduce transaction costs

Whenever you make any deposits at an online gambling website, using conventional means like credit cards, bank transfer etc., you are charged a transaction fee. Cryptocurrency transactions are comparatively much cheaper, making you pay only a few cents for hundreds of dollars. As a result, players have more money at their disposal to indulge in online gambling.

Improved RTP

Fair casinos that use blockchain technology have a better RTP percentage compared to other online casinos. As these websites don’t need to pay auditors and in some cases not even licensing authorities, they are able to deliver better pay out percentages without compromising on their revenues. For instance, many of their online slots have an RTP of more than 99%.