Why Online Casino Gaming needs disruption?
Virtual online casino gaming is an ever-expanding business which is expected to reach $60 billion by the year 2020. The increased accessibility to the public is one prime factor contributing to this expansion. Among all the varied gaming concepts available online, online casino gaming-based games are most popular. At the same time, it is riddled with fraud, collusion, and cheating; the prominent poker site Full Tilt was shut down by the FBI in 2011 on grounds of running a ponzi scheme, resulting in collective user losses of more than $300 million USD.
Ever since it gained popularity, online casino gaming industry has been constantly improved by developers to provide a better, safer, and fairer platform. For some reason, however, those efforts have not been highly successful. Almost every popular online casino gaming platform has failed to stand to its rigour of fair-play.
What is the Problem?
Ever wonder why in poker the house always wins? It’s because the software hosting the online casino gaming procedures can be rigged and manipulated. In the simplest terms, this is the most crucial issue that online gaming needs to address.
The online casino gaming industry is ripe for disruption primarily with regards to security. Absolutely no centralized regulations have been passed by any authority for online casino gaming. This makes online casino gaming platforms vulnerable to hacking, cheating, deceptive practices, and other fraudulent activities. Most websites have questionable legality, which means users have little to no recourse if their winnings are not paid out.
Moreover, online casino gaming platforms are more expensive for the player than brick-and-mortar casinos. More often than not, banks and payment gateways charge you withdrawal and deposit fees and other similarly unnecessary charges. The online casino gaming industry faces multiple other threats such as hackers, regulators, taxation etc.
The best way to ensure a fair playing experience for all users is to create an open-source solution where anyone and everyone is free to view and access the code behind every game. Blockchain technology has given us a phenomenal base with which to create such a solution, one that developers can expand and further develop. Incorporating the concept of decentralization into online casino gaming can potentially ensure the fairness of each spin of the roulette and each shuffle of the deck.
Decentralization All the Way
A decentralized solution for online casino gaming platforms can easily bring transparency and fairness to each game. Blockchain-based online casino gaming platforms can alleviate most issues faced by the industry today. With the level of scalability and speed of transactions that has now been achieved by blockchain-based projects, it is possible to make online casino gaming fairer, faster, and more transparent.
A decentralized model of online casinos will allow for an immutable, secure, and democratic gaming atmosphere — something that the online casino gaming crucially needs.
The application of smart contracts can verify, facilitate, and/or enforce the performance of online casino gaming. A blockchain-based online casino gaming platform can run all transactions by sending each transaction to miners for processing and eventual inclusion in the blockchain.
Wider Reach and Accessibility
Moreover, blockchain-based online casino gaming can have a more widespread reach as compared to the current online casino gaming. Blockchain-based online casino gaming operators won’t have to set up bank accounts anywhere and with careful structure will be able to cover all expenses including real-time payouts and employee pay cheques using proprietary tokens. Also, offshore websites won’t be required to obtain a license of operation.
Private, Cheap, and Legal
Lower transaction costs are another reason why blockchain-based online casino gaming is gaining popularity among players. The only fee that needs to be paid is the fee for accommodating the miners. Additionally, selling points on blockchains are processed much faster without the need for submitting lengthy personal details. The use of blockchain will enable users to gamble without compromising personal and sensitive data.
The solutions enabled by blockchain can change the fabric of online casino gaming.