Could The World’s Biggest Poker Tourney Run On The Blockchain?: A Look At WSOP Going Decentralized
The rapidly growing online poker ecosystem came to an abrupt halt seven years back. After a massive fraud and embezzlement scam, regulations were put into place by the authorities; the poker community calls it “The Black Friday”. After the industry saw imposition of laws, instead of having a downtrend, the gaming community generated more than $200 million in global revenues.
Since then, the technology has improved making it easier for authorities to govern in accordance with the laws. The biggest flaw that the industry had, according to the governments, was underage players playing poker and players coming in from places where gambling was illegal.
With established regulations and courts ruling that poker is more of mathematics and psychology than gambling, online gaming companies sat back and waited for the players to barge in…except they didn’t show up. In fact, they began leaving, and the estimated online poker revenue for 2017 fell down by almost $50 million.
The industry continues to suffer a backlash from the mistrust created almost a decade ago. Creating and building trust takes time, just like the banking sector did after the crash. With technology ruling every part of our life, it had become a necessity to build an infrastructure that was safe and trustable.
Here’s Why the World Series of Poker Should Run On The Blockchain:
1. Decentralized Power
Existing online sites acts as banks. Players entrust their deposits with the platform and expect a fair-gameplay. With no federal aids helping players, they have generally relied on faith and advertising to select a platform. With blockchain underpinning the system by 2022–1) the bets will be placed directly with the game host 2) Deposits and winnings will be tracked (and be visible to players) in an uneditable digital record. Creating a system of trust that is almost impossible to hack or reverse.
2. Higher Player Retention
With a decentralized gaming platform, hosts control who gets invited to those games.Controlling who enters the platform enables hosts to prevent beginners being paired with pros, or worse: AI-enabled bots. Playing on a fair and even field makes players competitive and keep coming back for more, increasing retention rates at a much higher rate, than ever imagined.
3. Expansion as a Legitimate Forum
The safeguards built into a blockchain-enabled gaming system raises the level of legitimacy in online games like poker. Anyone interested in hosting a public or a private table can invite players, connect to other hosts, and execute transactions without any financial or logistical barriers.
The day is not far when gamers and the industry, alike, will adapt blockchain gaming as a part of their life.
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