How Blockchain Revolutionize the Gambling Industry
April 23, 2020 (Investorideas.com Newswire) Artificial intelligence and machine learning are gaining traction in the online gambling industry. According to Mordor Intelligence's industry report, the global online gambling market projected growth has a CAGR of 8.77% in 2019 - 2024.
With the introduction of blockchain technology, this is only the beginning. Cryptocurrency gambling and other online gambling technology will be made the norm. What is blockchain, and what effect will it have on the online gambling industry?
What Is Blockchain?
It's more than likely that by now, you know what blockchain entails. However, this word gets thrown around whenever cryptocurrency and banking technology is mentioned.
In simple terms, the block is digital information. The chain forms when that info is strung together and stored in a public database, forming a unique chain. Instead of using your name or personal info, it uses a unique digital signature, like an online username.
Cutting Edge Online Gambling Technology
What does this mean for online casinos and sports betting websites? When you search for feedback from customers, you'll find that all the best online casino reviews share a few things in common: how efficient the service is, or how much of a headache it is to register or withdraw their winnings.
There are also concerns regarding safety and gaming fairness, among many other needs that must be addressed when dealing with the online gambling industry. This is why blockchain technology is implemented and has been taking over the industry ever since.
Benefits of Blockchain Gambling in the Online Gaming Industry
In the past two decades, technology has advanced more than it ever has in human history. It's only natural for it to reshape online casinos and sports betting websites as well, states specialist Kevin N. Cochran. Here's how blockchain technology has solved many common issues in the online gambling industry.
Transparency and Fair Gaming
Players are most concerned with game fairness and how the odds are calculated. Traditionally, payouts, winning frequencies, and other information are not revealed to players. That can add to the distrust many have of the system.
Blockchain technology solves this issue because it's a decentralized source of information. It's a distributed ledger that cannot be manipulated and can be accessed by anyone and everyone. Fair odds will produce fair results and will attract even the most reluctant of players.
Traditional casinos require their customers to share personal information if they want to register. Even if they bypass the process through express methods, it still demands some form of identification. With blockchain gambling, users can enjoy the experience while remaining anonymous at all times.
Competitive Odds and Lower House-Edge
If you're already familiar with physical casinos, you may already know that winners must give a portion of their winnings to the owner. With blockchain technology, players can earn up to the full amount in cryptocurrency directly into their accounts.
Another perk of blockchain is that it's not restricted to a certain fiat currency or regulation. This gives players a way out of additional costs from house-edges. It also obligates platforms to be more competitive with their sports betting odds.
The online gambling industry prides itself on delivering the casino experience from their games to the comfort of your home. However, there are a couple of obstacles players face when playing online. If players no longer need physical locations, there will be a broader audience. Also, payouts can be claimed without having to visit the nearest casino.
Faster Registration and Transactions
The blockchain is a straightforward yet safe way to transfer something from point A to B through automation. Traditionally, there are many steps to opening an account, which will discourage players from signing up to begin with. With blockchain, you can withdraw funds in minutes instead of 1 to 5 business days.
Without a doubt, blockchain technology is reshaping the online gambling industry. With more privacy and security than ever before, players are excited to see what their favourite online casinos will do next.
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