Will the casino and sports betting future change with blockchain technology?
by Gerald Fenech
The infiltration of DLT or Blockchain technology is now undeniable. Online gambling is no different. One major advantage is that users can gamble anonymously, without the need to make an account which we all know is becoming increasingly tiresome - to have a user account and yet another password to remember for every single sphere of the web you use.
Crypto has also made gambling more accessible, and users are able to circumvent gambling regulations that may apply only in their country. However, one must also ask the question, if a user has a gambling addiction and the casino is cutting him off, “for their own good” it is not necessarily a good thing that users can now circumvent certain regulatory measures though it may be a tad paternalistic. On accessibility, when users make use of Crypto they are not bound by any regulatory body. Moreover, the fees associated with withdrawals and deposits become non-existent, much to the dismay of intermediaries like banks.
The house always wins - this is a fact. However if you play the odds, you are guaranteed to eventually win if the house is playing fairly.The problem is, who is regulating the online casinos to make sure they are playing fair? Cryptography solves this problem, employing Blockchain technology and smart technology to make sure it is not just the users who must play fair, but also the casino. Provably Fair Technology is designed to do exactly this. Algorithms are used using random number generators, hashing or random seed selection to verify each transaction for fairness.
Ever present on the internet is the risk of fraud and hacking. Since DLT technology allows for a completely transparent and open system it is impossible for the system to be manipulated, as your winnings are calculated and you receive them instantly - all thanks to smart contracts. Transaction using cryptocurrencies will also benefit operators since all payments are irreversible and all issues with fraud and non-payment are eliminated.
Decentralisation also creates value. With some cryptocurrencies like Ethereum, vSlice allows token holders to automatically receive dividends when the casino generates profit. This also means anyone can have a slice of the pie whilst also ensuring security and immutability.
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