Should Blockchain Tech Be Mandatory For Casino Gaming?
The online casino gaming industry is flourishing with no sign of slowing down. With over 2.2 billion gamers spread across the globe, online gaming involving wagering, or iGaming, has always been in the limelight due to its ubiquitous appeal. The popularity of social media and iGaming are intertwined — the social aspect of gaming is now being recognized by players and developers. In fact, over 53% of players feel that gaming helps them connect with friends. This means there’s a great opportunity for a platform that solves some of the major problems in this industry while improving on the social networking of iGaming.
So what makes iGaming so enticing to players?
Online casino gaming has universal allure thanks to its wide variety of games and wagering options. Just as an example, here are a few situations where iGaming makes an impact:
- The recreational bettor who wants to support his favorite sports team.
- The poker fan who wants to play a quick game with his friend who lives abroad.
- The working professional who wants to spin a few roulette wheels on his phone during his evening commute.
This industry has opened up with double digit growth figures in the last 5 years, and it seems this growth will continue for a while.
However, despite its popularity and burgeoning expansion, the iGaming industry has gone through its ups and downs. With some major regulatory hurdles and irresponsible advertising practises, players have had limited avenues to find the right iGaming solution for their needs. Connecting players with online casino hosts quickly and securely is a major gap that blockchain can help bridge. There’s currently no solution for players to find the right platform for themselves while not being looted on fees and rakes. What the world of online casino gaming really needs is a platform that,
- Gives the power back to the players, by letting them choose who they play with, and under what rules and conditions.
- Lower fees for hosting games, increasing the pool of players while being more economical.
- Lets players use the same digital currency or chips across different games on the platform, creating a gaming ecosystem with one value entity.
- Is completely secure and transparent with no possibility of hacking, data leaks or manipulated odds.
Decentralized Gaming is the Future of the Industry
A major problem that online gamers face today is centralized platforms that have no way to build trust with their players. There is no way to verify winnings and payouts on these platforms and stakeholders are forced to rely on simple trust and faith — a paradigm that many unscrupulous operators have been exploiting for their benefit.
Blockchain removes this hurdle by making online gaming a trustless and verifiable process. Without having to rely on third parties, players and hosts no longer have to doubt whether other parties are observing the rules of the game. Smart contracts ensure both parties play fair, and their actions can be verified on the blockchain.
A decentralized blockchain protocol enables third party developers to use a secure infrastructural backbone to develop their games, while allowing the player to trust that the platform is fair. The player could decide on which game to play, based on multiple factors such as whom they want to play with or what kind of stakes they want to involve. This flexibility and dynamism opens up a whole host of possibilities — friends could decide to come together and play a zero-rake game of Texas Hold’em, or open a high-stakes table with the rest of the world.
Why Blockchain Should Be Used in Gaming
Blockchain solutions in iGaming could be implemented with amazing benefits for the player. For instance, with the power of Host.Games’ proprietary platform, anyone, anywhere in the world could ‘host’ a game using blockchain technology. This would have technical advantages such as:
- Provably fair random number generation (RNG) — hashing and RNG are used together to create results that can never be replicated. This ensures that the odds are as fair as possible.
- Automatic execution — using smart contracts, players can be certain that their transactions automatically execute in a fair manner. The entire gaming experience becomes more reliable.
Blockchain as an Agent of Change
Blockchain and iGaming are the perfect symbiosis of a new technology addressing weak points in an industry. Where iGaming falls short — in trust, security and flexibility — blockchain fills that gap. The security and transparency that blockchain provides, if integrated into iGaming, enables players to securely transact their tokens or winnings. A casino-gaming industry, powered by blockchain, could offer us:
- More high rollers on online casino platforms, with higher stakes, due to the secure and verifiable nature of blockchain.
- Transparent and balanced game rules that are decided by the host, but enforced by auto-executed smart contracts.
- Security in core gaming offerings, ensuring fair match-making that is devoid of cheaters and hackers.
- Increased game adoption and a larger player pool, because fairness and transparency is valued by all online gamers.
The end result of blockchain in the iGaming industry will be revolutionary for its security and increased adoption. With blockchain, players have access to safe transactions, play with provably fair odds and set up their own gaming dApp at near zero cost. There is no doubt that every online gamer will benefit from the positive disruption that blockchain brings to the world of Gaming.