How the blockchain is transforming online gambling as we know it
Would you ever believe that online gambling sites can be transparent?
Indeed, “the house that always wins” is ready to become a more reliable platform.
It is a great example of a field where a usual experience rises to a new level: you can still play traditional games and choose from some of the best new online slots games, and they are faster and safer than before. The variety of games available is expanding.
This and many other changes are taking place in the virtual world of gambling, making the concept of gambling more attractive to even the most suspicious users.
Online Gambling: Up-to-date Information
The volume of the online gaming market is continually growing and is projected to reach $94.4 billion by 2024. So what makes it so promising?
Over the years, the experience of online gambling has improved significantly in terms of quality and range of available games.
Keeping track of new trends in any technological field is a challenge, especially when it comes to the gaming world. Below are just some of the trends in online gambling:
- In Eastern European countries (such as the Czech Republic or Romania) there are legal changes, which means the number of places where you can try your luck on, as this online casino for real money, is increasing significantly
- Virtual reality games are gaining popularity and expanding geographically
- Unwilling to change the traditional venue, traditional land-based casinos are beginning to develop their online platforms
- More mobile sites are appearing where you can play casino games online
- Blockchain technology is being widely introduced into the world of gambling.
The increasing variety of games is almost pointless if people do not consider the platform reliable. Lack of transparency has made overcoming the lack of trust a challenge for online gambling since the beginning.
Therefore, online gaming platforms are trying to implement a system of blockchains to rise to the challenge and make the gambling process improve in many other ways. Let’s see why this is such a global trend at the moment.
What are the benefits of blockchain gambling technology?
In simple words, a blockchain is an internet ledger system that allows data (e.g., transaction information) to be stored, unchanged, and accessible from anywhere.
Experts believe that blockchain has great potential for humanity. We can already see that this system has had an impact in many areas, from finance to entertainment.
Blockchain technology promises to shake the world of gambling for various reasons.
- Online casinos can finally become transparent using the blockchain system and thus prove their fairness to their users. Games payments, like other financial data, are automatically recorded and made available to players.
- Blockchain platforms enable the use of a cryptocurrency payment system, which helps both users and casinos to save on transfer fees.
- If gamblers can use cryptocurrency on game sites based on blockchains, banks can hardly follow the game story of the player. It also makes the whole process less dependent on bank restrictions.
- Blockchain is based on interconnected computers. Therefore, it functions as a fully decentralized system that is somewhat automatic and can neither be tampered with nor monitored.
- The entire gaming experience becomes faster, as all financial information about the potential player is instantly transmitted through the blockchain system to any online casino that needs the information for account verification.
- Gamblers can become relatively anonymous. To register on a blockchain system, gamblers do not need to give as much personal information as they would give in a regular casino.
- Blockchain also promises to reduce the frequency of fraud. It is much harder (if not impossible) to hack into a blockchain system that keeps data safely stored. Besides, the loss risk of reduced money, as all transactions are validated with data and take place at the speed of light.
The growth of the online gambling market can be explained by the fact that all the changes are happening at high speed.
The playing field readily adapts the latest trends, including the experience of virtual reality and the blockchain system. The latter significantly transform the field.
Blockchain marked the beginning of a real revolution for online gambling. This general ledger system promises to make casinos more transparent, reliable, and global.
However, how far will the changes go? We can only guess.