Can Blockchain Keep Wagering Games Honest?
Running rigged systems where the code does not emulate real life odds is, for better or worse, the status quo of online casinos. Instances of rigged games are all too common. In a world where technology can make the world a better place, can blockchain keep wagering games honest?
Traditional casinos profit on ‘the house edge,’ paying out on the longest odds and ultimately profiting anywhere from two to twenty-four percent in sum. John Geare explains, “a flipped coin will land in one of three ways: either heads, or tails, or on its edge…but what is the probability of an edge landing?” Trust has been an industry-wide issue since the dawn of dice.
Blockchain Establishes Trust and Transparency
Imagine a close friend invites you to a poker game they are hosting. You’ve verified them via blockchain before and they’re typically pretty fun. They have invited other friends you haven’t hung out with in a long time. Because the system validates them, you can transact with them freely.
An entirely new level of experience also becomes available with lauded poker celebrities who can play games with fans verified by smart-contracts: Online tournaments can skyrocket with this approach.
The Blockchain in wagering Games
Introducing the blockchain to online wagering games provide solutions in a way that neither the traditional nor online industries have been able to replicate until now. By design: 1) blockchain establishes trust, 2) is transaction-oriented, and 3) it protects individual information.
Transparency and Tracking Are Essential
As transactional transparency and tracking has become increasingly essential to crypto investors and online consumers, enthusiastic casino gamers will seek the same level of trust and clarity in any online or real-world gaming experience.
Blockchain technology has the potential to “clean up” an industry notoriously romanticized with a legacy of scandal and intrigue. From the Rat Pack and their mob ties to overnight-billionaires of the late 1990’s, online poker pioneers avoiding extradition in Costa Rica, glamour verging on lawlessness, has set the tone for casino culture.
If the world of casino gambling and its dramatic changes, over the years, sounds exciting to you, try listening to this hilarious podcast episode from Stuff You Should Know, “How Casinos Work.” To understand the ‘house edge’ by game, here is a comprehensive chart.
With the evolution of blockchain technology, real-world casinos and alike will be forced to meet a higher standard of trust and transparency. Robust protocols are currently being written to manage the extraordinary volume of transactional data generated and stored.
In an industry with a heavy bend towards customer service, Host Games plans partnerships with real-world casinos where coins can be cashed in as chips and gambled at their tables. The transition has started and Host Games is leading the march.