How blockchain can impact the Gambling industry

Adoption by Blockspectator News  | 12 months ago
2 min read

Cashbet, SP8DE, and LetBet- these are just some of the online blockchain solutions aimed at revolutionizing the gambling industry.

Blockchain has long been lauded as providing the trust and transparency an industry like gambling could benefit from, and it seems that progress is being made for further adoption.

Blockchain-based online gambling platforms would be entirely decentralized and free from any third-party influence. Mostly, players will be wholly aware of the events taking place- and the funds would go to a smart contract, without any outside interference.

Most importantly the chances of fraud from either the players or the site would be massively reduced, as the DLT would be final proof of actions.

Traditionally online gambling and betting platforms, the owners are in control of the games. While the information in regards to the processes is hidden from view- this can lead to questions regarding the fairness of the games. This doubt has led to a reduction in customers as they didn’t feel comfortable due to the lack of knowledge about the game’s information and overall less trusting of the platforms.

Blockchain can solve several issues

Withdrawing game winnings onto a credit/debit card or to bank accounts can be problematic, as banks can delay or even confiscate the payments especially if the money is coming from unregulated areas this can lead to delays and other financial issues. Also, in the case of successful withdrawals, customers are expected to pay hefty fees to do so.

Modern online gambling platforms can circumvent this issue by enabling cryptocurrency payments for customers. This will lead to much faster and cheaper transactions in comparison to standard fiat methods.

Cryptography technology allows for user security and privacy and reduces any potential delays for the payment.

Another aspect of why blockchain is ideal for the gambling industry is anonymity. Casinos are required to follow specific regulations which require account creation and verification difficult for customers, especially as they would have to reveal their identity and other personally sensitive data.

Blockchain allows players to gamble using cryptocurrency wallets and addresses, as such there is no need to store personal information and for the player to have to share their identity.

Cryptocurrencies and blockchain-based technologies can have a tremendous impact on the structure of the gambling business, and it is expected to become a powerful tool for future adoption.

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