The Evolution of Blockchain in the Gambling Industry

These days, we have become accustomed to the prevalence of crypto casinos within the gambling world, as they just happened to ‘be’. Yet in reality, this change was never actually instant, and it took a while to gradually get to the point we see today. The gambling industry has grown massively within the past year due to the increased prevalence of online gambling and internet usage, as a direct cause of the pandemic. Are you wondering what crypto has to do with this too? Well, when the world began to stay at home, looking at ways of investing money and evolving into blockchain currency had begun to become the answer essentially. Digital currency had become a convenience and a necessity, so why ever not integrate it, to become widely popular within the casino world? It makes sense after all, right?

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Blockchain is taking over the gambling realm

Here are some statistics for you: It has been stated as fact that the growth rate of the gambling industry has reached a market value of $449.3 billion since the major developments from a decade ago. Due to crypto and the compatibility that it brings with penetration of the internet, it is estimated that the market will grow exponentially by approximately 6% in 2022. Forbes amongst many publications have listed online gambling as an industry that has pretty much been untouched by the global pandemic, despite many markets crashing and unable to sustain share value. By 2024, it is believed that the market will double, with blockchain being a huge factor and reasoning as to why growth will be allowed to profit so much.

Blockchain the story and security it provides

People still do not understand why blockchain has become such a popular digital wallet. Cash is very much a thing of the past now, and the reason why many have taken to this new way, is due to the ability to be completely transparent when you use it. Particularly when we refer to the casino industry. Players will always admit that there is a degree of distrust between them and the house, and blockchain is a stepping stone if you will, for safety on behalf of the player. Of course, you may be wondering as to how cryptocurrency actually achieves this? Well, below listed are the principles that are very common attributes and problems within casinos, alongside how blockchain actually solves this issue on a first-hand basis.

Fraudulent casinos will often have long processes where withdrawal of winnings will take weeks upon end, or never actually arrive. Even casinos that are not fraudulent can take up to 30 days to actually cough up the money you are expecting, so for that reason it can most of the times leave a player drained and unable to find a solution, no matter how great the initial customer service is on a gambling site. How blockchain actually manages to solve this, is through the decentralised service it provides. Cryptocurrency allows no interference between the prize pool that the player is owed. Through smart contracts initiated in every transaction founded within a crypto casino, you will come to see that every transaction is honoured, and if you win an amount of money, it instantly gets transferred and credited to your portfolio.

Blockchain developers are looking to publish the source code of all their projects, to ensure that users can look into it and verify it for themselves. The RNG within casinos also shares this verification too. So, in essence your gaming within casinos using crypto, is pretty much simplified and removed of all the pre-concerns that you can develop before investing your own cash. Crypto provides certainty and security that all your payments will be honoured.

Conclusion

So, in conclusion, the value of blockchain is something that cannot be neglected. It has provided that huge step and bridge between the gamblers safety and trust, and the obligations of the casino. You can also avoid all those spam emails and consistent annoyance that comes with registering online, as you do not need to sign up with email but your digital wallet instead. If players are looking for transparency and simplicity with their gambling journey, it makes complete sense to look into blockchain as the foundation to build up your gambling journey on. Casinos are not disappearing anytime soon, so it makes sense that you go out to seek the best payment system of the future moving forward.

This article does not necessarily reflect the opinions of the edtiors or the management of Econotimes