The vast majority of the world’s population is familiar with gambling. They know what it is, they know that people win and lose money in it but there are few who actually understand how it all works. The industry has been around for hundreds if not thousands of years and when you think about it, it’s quite an astonishing concept. It requires one human to place their trust in another individual when the outcome is determined by chance alone. Many people have lost fortunes whether they be personal possessions or entire companies, through failing to gamble responsibly which resulted in them losing everything they had worked so hard for.
Add in some Bitcoin, Ethereum, Dogecoin and other crypto coins and the accessibility to decentralized gambling online is now easier than ever.
Gambling: Vice or Entertainment?
Gambling has been seen as both a vice and entertainment depending on who you ask whilst also being banned at certain periods throughout history due to its immoralities. Although, once upon a time the industry was plagued with illegal gambling dens and cartels who took advantage of less fortunate individuals by offering loans at extortionate rates to those who were often desperate for cash. Fortunately today, the industry is more regulated than ever before, making it safer for gamblers across the globe to enjoy themselves whilst also preventing people from falling into endless debt whilst chasing their losses.
Nowadays you can gamble online at your convenience 24 hours a day 365 days a year whether that be through social betting websites or even placing bets on blockchain technology powered Dapps (decentralised applications) which are hosted on Ethereum or EOS smart contracts. Due to this wide range of available options the industry has never been so accessible to online gamblers which has in turn led to its exponential growth in recent years. The global gambling market is reportedly worth $516 billion in 2021 and growing at an astonishing rate year on year, with much of this growth attributed to the industry’s technological advancements.
One of the prime reasons that blockchain based technology is perfect for the online gambling world is due to its transparency. Blockchain eliminates any possibility of corruption or unfair play by storing all transaction data in a public ledger making sure that every transaction made will be seen by everyone, just like how it was intended. This allows players to verify transactions themselves ensuring total transparency throughout the entire network which makes it almost impossible for anyone to cheat causing distrust between gamers and service providers alike.
Blockchain Based Security
Although, casino operators like any other business require an operating profit to stay in business which would be extremely difficult if they were to offer provably fair games that cost nothing to use. This is where third party blockchain verification providers come into play whom provide casino operators with the resources they need in order for them to implement provably fair systems within their platforms. Providing both parties with an opportunity for success whilst also reassuring players that their winnings are secure and will not disappear overnight.
Cryptocurrencies have given the industry another much needed lift by adding an extra layer of anonymity between players and casinos, something which fiat currencies can’t currently provide. Through this it means gamblers don’t have worry about KYC (know your customer) or AML (anti-money laundering) laws whilst also being able to enjoy a much more personal gambling experience. Anonymity isn’t necessarily always viewed as a good thing however, with many people fearing the potential of cryptocurrencies being used for money laundering and illegal activities which can be said of traditional fiat currencies too.
Cryptocurrencies have led the way in technological advancements within the sphere of online gambling through providing players with anonymity, transparency and security all at once. This has led to an increase in online casinos offering Bitcoin and other crypto-coin deposits alongside their banking options which has inevitably increased traffic across platforms that provide sports betting and casino games using cryptocurrency.
Crypto Gambling and the Future
It is without doubt that blockchain technology will continue to grow in popularity throughout 2021 causing even more gains in crypto casino revenue. For the time being however, the online gambling industry is still in its infancy status and will continue to see slight fluctuations throughout the coming years until it has fully established itself as a dominant force within the global market.