It seems like there is no conversation that does not include blockchain nowadays. The blockchain technology is being used to bring revolution to industries in every corner. While it started as a digital technology in the fintech world, the technology has also moved on to provide solutions for other kinds of industries. The casino industry is the latest to adopt the technology and it is indeed set for a massive change. There are many ways in which the blockchain is changing the casino industry. The following are some of the main ways.
1. Reducing Fraud
Fraud is a huge issue that has affected the gambling industry for a long time. The losses made in the industry as a result of fraud are in the millions. Issues of hacking and scamming are very common and there is no easy way of dealing with fraudsters. But with the blockchain technology, fraud is an issue that can be tackled. Not only does blockchain come with new and secure ways of carrying out transactions, but all parties involved in the transactions are able to track the money trail.
2. Cryptocurrency payments
Currently, casinos are run by traditional cash. This means that the usual issues that bog down the system are usually a challenge in the casinos. Cryptocurrency payments have a potential of revolutionizing the gambling world. Since cryptocurrency comes without the usual legal and jurisdiction challenges, it can make the gambling industry much more vibrant. As onlinecasinocanada.com reports, anything that improves the efficiency in the industry is welcome by all stakeholders. There are already a number of gambling sites that accept crypto and with time, the number of such sites is set to rise.
3. Anonymous Transactions
Another great aspect of cryptocurrency in the gambling industry is the anonymity that comes with the blockchain. Because of regulatory regimes, it is often impossible to keep any privacy as a gambling enthusiast. The basic regulatory requirements involve revealing a great deal of information to the authorities before getting any kind of transaction in the gambling world. The blockchain, however, allows users to make transactions anonymously. The few blockchain-backed gambling sites that are already in operation guarantee users of anonymity.
4. Improved Accessibility
The kind of accessibility that comes with the blockchain technology is unmatched. There are many issues that threaten the success of the gambling industry and one of them is lack of access. The fact that enthusiasts cannot access their money in a timely manner means that they can lose a lot in terms of cash and even time. With cryptocurrency though, there are no issues of limited access. Enthusiasts can access their money from anywhere and they can transact with whichever bookmakers they want to transact with. Payments also become much more reliable since they can only be done once and in an irreversible manner.
5. Increased Transparency
There is currently low trust and credibility in the gambling industry. This is because of the many scams and tricks that can be used by casinos to steal from customers. Online gambling is particular hit by rampant cases of scamming. With blockchain, some trust can be injected into the industry. The blockchain provides the most transparent system that cannot be beaten by anyone. Increased trust in the system will contribute to a more vibrant industry.
6. Cost Reduction
When it comes to the value in the gambling industry, there is not much value in the system, especially for enthusiasts. This is because of the many costs that are involved in gambling. In addition to various taxes, there are also house edge costs which are charged on every player. Such costs are lowered in instances where the blockchain is used. This is because of the relatively lower overhead costs that are associated with the technology. With lower costs, the whole industry can be able to maximize profits.
Finally, one of the main advantages that come with the blockchain is the increased reliance on data. The blockchain technology is built on a system that is constantly transmitting decentralized data. This means that prediction is a much simpler process, especially when compared to centralized systems. With data, the betting market can be expanded to incorporate different forms of gambling. More products can be offered in the market and enthusiasts can place their bets with much better precision.