FairWin: Why will traditional online casinos disappear by 2025?
At first sight, online-gambling now is at an all-time high. Experts predict that by 2020 the market volume will exceed 60 billion dollars. It would seem the horizon of online-gambling is clear like never before, and nothing can darken its cloudless future.
Is it really so?
With the fast growth of the game industry there is a considerable quantity of new casinos in the market, and not always their founders are honest. In many countries the industry has been on the verge of a crisis because players have lost trust in online gambling. Organizers of games, striving to earn as much as possible, manipulate prizes or even do not pay the players the money they won.
Eventually this situation may lead to a decline of the whole industry, and the desired goal of 60 billion dollars by 2020 will not be reached.
The root of this problem lies in the working principle of traditional online casinos. Its essence is that all information on bets is stored on a server of an online casino provider. In other words, the game algorithm is hidden from players. It creates for organizers the opportunity to make changes hidden from players and to influence the game outcome. As a result, players feel deceived and finally lose trust in online gambling.
It is possible to object, that indicators of market growth testify just to the opposite tendencies, that online casinos, despite manipulations with prizes, become more popular every year and that outflow of gamers does not occur just now. But after all it is a matter of time. If we fail to see the risks, it may become a disaster in the future.
New technologies already come to the aid of the industry. The FairWin developers have created a new online gambling platform based on the Ethereum Blockchain technology. Unlike traditional online casinos, all data about the bets is accessible to everyone in the system, and nobody can affect to the algorithm without the knowledge of all participants. Thanks to the blockchain technology, prizes become absolutely fair now. If the game system declares that the Return to Player (RTP) value is 96% — it really is so. Every player can see this by checking the open code. Using the special “FairChannel” the platform founders make transaction process faster, thus keeping the bet history open and providing safety from unauthorized access.
For this reason we believe that the gambling industry future belongs to fair or «public casinos» where game algorithm data is accessible to all players, and each of them can be convinced personally that he has received a fair prize.
One feature of this technology is that game bets are made with tokens (called “FWIN”).
Only one year ago experts claimed that crypto currencies are one of the major trends of the gambling industry development. It is really so. Taking into account the high volatility of crypto currencies, casinos based on the Ethereum blockchain technology have a great future.
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