How Blockchain Technology Is Changing The Casino Business

Casinos are always ahead of the game by using new technology to gain a competitive advantage in one of the world most competitive sectors. The internet was the first major revolution in the industry which made it possible for gamblers to gamble without having to visit a land-based establishment or high street bookmakers. Things have changed a lot since the launch of the first online casino and now mobile phones are the most popular device to play gambling games. Now thanks to the blockchain and cryptocurrency the industry is getting a much-needed facelift which will greatly benefit players.

#1. Blockchain Gambling

Most online casino games run on a random number generated software which provides a fair platform for gamblers. The only problem is that greedy and rogue operators with extensive knowledge are able to manipulate these programs so that they are guaranteed to win by exploiting customers. The industry has been needed to be clean up of these bad casinos and thanks to the blockchain they are all about to be eliminated. Unlike RNG software the blockchain is open source and every transaction is completely transparent with no way of operators altering the outcome.

#2. Casino Profit Business Model

The business model that casinos online implement has not changed since they first launched. They have worked by using the house edge to produce profits which means that players have less of a chance of winning due to the casino’s requirement to make a profit via the house edge. New smart contract based casinos that run on the Ether network are changing the profit business model though. They are able to offer games that have a zero house edge and instead make their profits through the rise of their own crypto which is used to power the games.

#3. No Middle Man Required

The costs of starting up your own online casino along with the running costs are extremely high due to all the regulatory and payment requirements. Casinos that use smart contracts and run on the blockchain have created a solution to this by using the code protocol to carry out all the actions that human operators are currently required to do at online casinos. It means now it is possible for a gambling site to run autonomously which greatly reduces costs which are then passed onto the player via reduced house edge games and free bonuses.

#4. Player Privacy

One of the biggest concerns of gamblers when playing at online casinos is that their personal details could be exploited. When signing up to a traditional casino, players are required to enter all of their personal details including banking. If a site is not fully secure this can be problematic due to the possibility of hackers gaining access and using them to commit fraud. Blockchain casinos do not require any of these details as everything is done anonymously so they are far more secure than what is presently available.

Conclusion

The speed of development of blockchain based gambling games is on the rise and billions have been invested in the hope of creating a new business model that greatly improves the traditional methods. It is still early days but the signs are that this will become mainstream and the number one way to gambler within the next decade.