Gambling has been one of the most entertaining and oldest tradition since ancient times. The advent of the internet changed the face of the gambling industry, gamblers have increasingly moved out of traditional brick-and-mortar casinos and begun taking their activities online. Online casinos and slot machines give gamers the advantage of winning big cash without even leaving their homes.
The growth in popularity of online gambling has brought with it a whole new raft of issues. The biggest pitfall of the online gambling industry is lack of trust and privacy. The introduction of blockchain technology into the gambling industry would prove to be revolutionizing for the industry. It would provide much-needed transparency across the online gambling industry. The financial advantage of the adoption of Blockchain into gambling is enormous.
How Blockchain can save money in gambling industry?
Online gambling makes up more than 25% of total gambling revenue and it is anticipated to be valued at more than 94 billion U.S. dollars in 2024.
Transparency in Gambling – Blockchain technology can prove to be the game changer for the gambling industry. It gives developers the ability to build all kinds of games that run on a decentralized ledger – from lotteries and sports betting to online poker and slots. Blockchain will disintermediate and decentralize the gambling industry to a large extent.
Thus, ensuring 100% transparency of financial operations, clear taxation, a healthy business environment and sustainable development of the industry as a whole. The decentralized nature of blockchain-enabled gambling platform gives the ability to create pop-up operations with minimal start-up costs and equally minimal legislative oversight. This can be a huge revenue saving factor for the gambling industry.
Crypto to save money – The symbiosis between crypto and gambling allow users to gamble anonymously, without the need to hand over copies of documents or even create an account. Cryptocurrency can make gambling accessible to anyone with an internet connection, even without access to traditional banking services.
The unique identifier codes associated with cryptocurrency wallets can help prevent money laundering and match-fixing. In fact, using cryptocurrencies for gambling has become a widely accepted solution for casinos, both as a main and alternative to the fiat-based payment system.
Since casinos using cryptocurrencies are able to bypass cash handling commissions, it can prove to be a direct cost saving method for casino websites.
Fraud-free gambling platform – Given the high level of encryption and decentralization involved in Blockchain, it provides the highest level of security available. Blockchain removes the need to store banking details thus, saving users money from any fraud.
Cheapest gambling system – Blockchain-enabled gambling can prove to be the most cost-effective gambling system. Once a user has purchased and loaded some cryptocurrency onto a gambling platform, transactions become incredibly cheap and fast. The issues of failed transactions are unheard of in a blockchain environment while the costs of additional withdrawals and deposits are unimaginably lower as compared to fiat currency.
Gambling access to all – As cryptocurrency is not tied to any specific country, it is not bound by the restrictive financial laws. Thus, opening the doors of online gambling to citizens of certain countries that may have otherwise been unable to access it.
The adoption of Blockchain and cryptocurrency is gaining pace with development in the technology and there are even casinos that are built exclusively for cryptocurrency. Malta, which has a flourishing Gambling industry, is planning to legalize the use of cryptocurrencies at online casinos and is currently exploring the best options to do so.