Crypto and Blockchain Aiming to Revolutionize Gambling Industry
The whole cryptocurrency industry might be just one big gamble, but betting on the blockchain technology and harnessing its power might revolutionize many industries, such as online gaming.
On the road to the mainstream adoption, the technology is being implemented left and right by major players and businesses, looking to rewire the Internet and side-step first constructs and centrally served institutions. Blockchain will encourage shaping the online casino industry into a cheaper, faster, safer and a more credible one.
Online gaming, or gambling, is the wagering of something of value (fiat money or cryptocurrency), on the outcome of an event or game using the internet. It includes such activities as poker, casinos (games such as roulette and blackjack), sports betting, bingo, and lotteries. Of these, casino games and sports betting make up the most significant share of the market.
Online gambling industry will reach a volume of more than 50 billion U.S. dollars in 2018, and it’s forecasted it will reach $60b in 2020, growing at an average rate of almost $5b a year.
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Pay in mind that in 2015, the U.S. casino gaming market had over $70b revenue, and just Las Vegas had more than 42 million visitors. Despite the rapid growth of online gaming, land-based gambling still outnumbers the internet activity.
/ WHAT’S THE PROBLEM?
Trust. Traditional online casinos rely on you trusting them to be fair, and we all know that the house always wins. Most online casinos are incorporated in island microstates, such as Cyprus or Malta. Those nations do not have online casino regulators; they do not possess the human resources, or even willingness to audit online casinos — plus, their taxes are minimal.
One of the most significant questions is that most online casinos deliberately hide their data, such as winnings, gaming results, payouts, etc. Blockchain casinos are completely decentralized, with no third party verifying transactions or keeping your money for you. It will even make skimming from the top much harder, as every transaction or play is recorded on a public ledger, visible to anyone who’s looking.
Any business that’s a money business, like a casino, needs an additional level of privacy and security, which blockchain improves through cryptography.
Many gamblers do not realize the fact that playing at a casino is a significant mathematical disadvantage, and they have zero chance of winning in the long run. As long as there is a house edge (fixed percentage casino takes from its players on average) and players keep coming back, they will always make money.
It is in casino’s interest to keep you playing as long as possible, or until you lose all of your money. You may get lucky in the short term, but the numbers will soon do their job and return the money to its house, ‘where it belongs.’
The blockchain is a meta-technology, which means it affects other technologies, and it is made of several technologies itself. Implementing it will result in online gambling reaching an entirely new level of transparency and credibility, creating a trustless ecosystem.
One of the most exciting gambling projects on the blockchain is FunFair, a company planning to become a base for all the online casinos of the future and make starting your online casino easier and faster than ever. If they succeed in their ambitious goals, their games will be the fastest on the market, occurring on the Ethereum blockchain; secured by its smart contracts and most fair due to all the information they will allow public to read and easy to use. The FunFair platform also offers unrivaled levels of transparency and player protection and has the potential to change the gaming world profoundly.
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