While the exact origins of gaming are unknown, it has been around in various forms for centuries. In fact, entire cities today owe their existence to the gaming industry. For instance, Las Vegas, Nevada.
One of the most significant casino and slot games developers, Microgaming, is regarded as the pioneer in online gaming. The company was established in 1994, and since then, online gaming has turned into a multi-billion dollar industry. The first live dealer casino was started by Playtech. Today, the industry boasts of over a thousand online casinos and continues to grow at a rapid rate.
In this fast evolving industry, various technologies are consistently developed to improve the online gaming experience and one such technology is the Blockchain. This technology has slowly integrated itself into our lives, and the collective cryptocurrency market capital is at an all-time high.
However, it is imperative to understand the meaning of this new technology. Typically, brick and mortar casinos earn their profits through HouseEdge. This term is used to describe the mathematical advantage that gambling provides the traditional casino. The HouseEdge pays for the gambling game experience such as entertainment, travel deals, etc. Online casinos of which there are many cannot offer the same enriched experience as traditional casinos. With online gambling, players are mostly paying primarily for playing casino games only when compared to brick and mortar casinos that provide a comprehensive gambling environment.
Also, online casinos work differently from traditional casinos by charging for extras like depositing and withdrawal fees. Regarding withdrawing money, online casinos take between 2 to 3 days. These issues are not prevalent in traditional casinos.
However, many of these issues can be resolved through the usage of the Blockchain technology. Blockchain mainly refers to using cryptocurrencies for gambling. This new platform is all set to disrupt the online gaming market. Lets us look at some reasons that make the Blockchain such as sophisticated technology with a high efficacy for the online gambling industry.
Protection of Privacy and Cost-Effective
The use of cryptocurrencies in casinos is on the rise both as a central system of payment and an ancillary method. By using cryptocurrencies, the player can gamble anonymously without the need to submit documents or create an account. Further, the Blockchain technology requires smaller deposits which have made gambling more accessible through the lowering of entry-barriers for first-time players.
Most players are familiar with the adage “The House Always Wins.” This phrase is accurate to a certain extent and is the reason why people invest in the gambling industry. However, there is a definite lack of transparency in online casinos when compared to traditional casinos. This problem can be detrimental to the casinos because if players feel that they are being ripped off, they may not want to gamble at that casino again.
The use of cryptocurrencies has alleviated this problem as it has made it possible for online casinos to prove that they are indeed playing by the rules. While the Blockchain technology is not directly responsible for this benefit, it has made it possible for the integration of advanced systems in the gambling platform enabling casinos to showcase their transparency.
The Blockchain technology allows for democratization in gambling. This means that through this platform, anyone can become a member of the casino. The concept of enabling players to fund casinos and share in profits has been existent in Bitcoin casinos. However, cryptocurrencies have taken this idea to unforeseen levels. Some platforms such as Ethereum have created systems wherein players receive automatic dividends from the profits generated by the model.
Cryptocurrencies are fast changing the landscape of the gambling industry through the underlying Blockchain technology. This tech has provided the gambling industry with an avenue to solve many of its long existing problems and create a better gaming environment for players.