Blockchain is Changing The Gambling Industry

Blockchain is Changing The Gambling Industry

Not too long ago, Blockchain was a vague concept that wasn’t completely understood by many people. Nowadays it’s creeping into every industry with a presence that was never felt before. The online gambling industry, however, is partnering with cryptocurrencies at a deeper level, which means that you can prepare yourself for exciting times.

A long-debatable subject and a massive concern within the online gambling industry is the fact that data such as winnings, payouts and gaming results are hidden intentionally to avoid public scrutiny. The integration of blockchain will ease many different challenges that the online gambling sector has faced since it hit the scene in the 1990s.

Transparency

There are many myths around online casinos that make many players steer clear from playing online. Many have probably heard the adage: ‘the house always wins’, and although the industry is strictly monitored, there have been a few cases of fraud. Such incidents are damaging to the sector, but with the help of Blockchain technology, the lack of transparency will disappear. Blockchain will undoubtedly build trust, thanks to its ability to record transactions on a shared ledger which cannot be manipulated.

No Fraud

When you play at any online casino, you need to supply your private personal data, as well as your hard earned cash. Online casinos go through extreme measures to secure client information, but it is not 100% guaranteed. Blockchain, however, provides secure transaction methods which means that the risk of fraud is non-existent.

If you make a winning, it will automatically be calculated and sent to you with no possibility of manipulation.

Paying with Crypto

Because crypto is not linked to third parties, it makes withdrawal and deposit methods instant. Another great advantage is the fact that transfer costs are very low, or absolutely free.

Anonymity

If you’ve ever played at an online casino, you’ll know that you need to supply numerous documents when creating your account. It’s understandable because online casinos need to verify your account to ensure that everything is safe and secure. But, it’s a lengthy and time-consuming process that results in casinos losing many potential new players.

Blockchain technology eliminates this problem once again, with its anonymity feature. Players don’t have to share any personal information, which also means that it makes it impossible for hackers to access your personal data.

More Locations

There are many countries in the world that prohibit players from betting or gambling online. Unfortunately, this results in the use of illegal gambling sites. After all, where there’s a will there’s a way – and it doesn’t matter how strict authorities are, gambling enthusiasts will always find a way to enjoy their favorite form of entertainment.

Illegal casinos are incredibly dangerous, as they almost always end up in payout disputes and on rarer, more serious occasions, assaults. Blockchain provides a decentralized platform where you can use digital currency from anywhere in the world. The only thing you’ll need to enjoy is your favorite casino game accompanied by a solid and fast internet connection.

Another perk is that withdrawals of wins are instant. When you want to withdraw at regulated operators, it can take up to 10 days or more. But a blockchain gambling site offers you not only instant withdrawals, but no withdrawal limits. So, needless to say, there’s no better time than the present to jump on the blockchain bandwagon.

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