The global gambling statistics show that the gambling industry has grown unprecedently during the last few years. Thanks to blockchain technology, which is the main contributor to the growing popularity of online gambling. Gambling is a huge industry all across the world and is also one of the major contributors to a nation’s economy. When it comes to an online casino, there are hundreds of registered gamers online from all around the world. Online casino games are followed by lottery games in terms of popularity and registered gamers count. Technology has truly influenced the mass adoption of online gambling by incorporating mobile gambling and desktop gambling into their services. In this article, we shall talk about how blockchain has influenced the gambling industry and why the gambling industry is incomplete without the blockchain technology.
How blockchain influences various sectors of the gambling industry
Blockchain has been taking over most of the major industries and its recent development can be seen in the gambling industry. Blockchain technology eliminates the bottlenecks that the conventional casino industry is currently facing. Some of these issues are discussed hereunder.
- The conventional online casinos partially or completely hide data related to winnings, gaming results, and payouts. However, with the integration of blockchain technology in online casinos, most of these issues have already been resolved as with blockchain, every single transaction can be viewed.
- Carrying out millions of transactions each day between the online sites and players has become hassle-free only because of incorporating blockchain technology into the phenomenon. Elimination of intermediaries like banks has sorted out issues related to delays in the processing time etc.
- Comparatively low fees are an added advantage that blockchain technology offers to online gambling, which has yet, in turn, managed to increase its popularity to a manifold.
- No chance of data breach and fraud has brought forward many gamblers into the online casino world, thereby refusing to play at the conventional casinos.
How blockchain is taking the gambling industry to newer heights
Since its inception in 2008, blockchain has been steering the gambling industry to newer directions with more convenience to the online gamblers. With the release of smart contracts, people have yet again begun trusting blockchain technology. The three most important features of blockchain technology that help the gambling industry to reach newer heights are decentralization, accessibility, and privacy.
Blockchain works on the DLT or the distributed ledger technology. There is no central authority backing this digital ledger technology. Blockchain takes control of its own affairs, which means that the whole process is decentralized.
Anyone can become a cryptocurrency miner, which includes making extra cash by utilizing job-creating opportunities.
Players do not need to produce any personal details, as the authorization is done via code and a link to the players’ accounts.
All these conveniences brought in by the blockchain technology increase the consumer base, as anybody with cryptocurrency is welcomed. By incorporating cryptocurrencies, record system, and blockchain technology in online casino gaming, the ownership established in betting rooms remains uncompromised.
What more to expect from blockchain in gambling
As the gambling industry is emerging, there is no doubt that the same trend will also continue in the years to come, especially when mobile marketing has been taking the front seat. A total of 50% of the online gambling population gamble via their smartphones and given the inherent attributes of blockchain and other technologies like AI. This percentage will certainly increase in the upcoming years.
Therefore, the relationship of blockchain technology and gambling lies in the fact that blockchain makes the online gambling fairer, with its inherent positive attributes of decentralization and transparency. In fact, it seems that the online gamblers prefer a fully transparent system that works on blockchain, where every transaction is conducted on a P2P basis with the operator not having any control over the money.