Blockchain technology has introduced unique ways to optimize operations across different fields, and the iGaming industry is not excluded from these developments. Today, we see several casino platforms embracing crypto adaptations in their services. Crypto casinos are becoming a thing, and platforms like the casino Spin City are leading this revolution. With the bull market approaching, we will likely see more such additions in the coming years. This article explores the roles blockchain technology plays in the gambling industry.
Crypto and Blockchain Adoption in IGaming
Online casinos were the latest iteration into the betting industry until Bitcoin and other crypto tokens became popular. Shortly after the digital asset became a major investment across several regions, online casinos saw an avenue to tap into another huge market. The crypto market today is valued at $2.54 trillion. Mobile gaming platforms saw an open advantage, which is why many casinos now accept cryptocurrencies as payment. You’d think that is the primary benefit or the only fusion within these two markets, but there is more. Here are the ways mobile gambling creators and developers leverage blockchain offerings to optimize their products and services.
Anonymity and Privacy
Anonymity is one major element the gambling and crypto industries have in common. Blockchain technology offers handy transaction options, which are:
● Decentralized;
● Private;
● Uncensored.
At the same time, gamblers are primarily people with privacy concerns. As such, blockchain helps mobile casino owners prioritize user privacy and offers their players the freedom they need from intrusion. Rather than exposing their private information, users can explore options of providing their wallet addresses, which protects their identity and sensitive data. Also, this innovation is built on a distributed ledger that ensures users’ data is not distributed across a centralized database. As such, players can be assured that their information is not vulnerable to breaches.
Transparency and Fairness
Players have always had an unspoken distrust for gambling platforms, and integrating blockchain technology could be the long-awaited solution. Decentralized finance introduces a solution through transparent and immutable transactions open to all. Also, platform owners can use smart contract technology to ensure game rules are laid down in codes and cannot be altered.
This feature helps players and users guarantee that the outcome of each game is fair and predetermined, which means they can trust the system. Players can also verify every transaction, including payouts and wagers on the blockchain.
Reduction in Fees
Another common advantage of crypto transactions is lower fees and scalability. Traditional betting platforms come with higher costs and longer process times. This setback can also be avoided through crypto transactions, where players can explore cost-effective and fast-paced transactions using tokens like Bitcoin and Ethereum. Traditional payment platforms often involve intermediaries and third-party networks. On the other hand, transactions carried out using these digital assets would have no use for such third-party systems.
Better Security
Although traditional iGaming platforms do their best to provide adequate security for players, we cannot ignore the fact that these systems can be susceptible to hackers and malware. The technical and decentralized nature of crypto technology allows better security in transactions. The immutability and security of this technology make it the perfect tool for better protection when wagering. Every transaction using a crypto token is encrypted and decentralized, significantly lowering the risk of data breaches for users. Each transaction is recorded on the blockchain, ensuring that players can be assured that their financial details are also secure.
Accessibility to a Global Audience
Data shows that over 295 million people use cryptocurrencies on a global scale, and having some percentage of these users easily access gambling platforms could be a massive win for the industry. Users on Binance trade over $14.39 billion worth of coins every 24 hours, and this number excludes other exchange platforms we have in the market. iGaming’s penetration into the crypto community brings in more people and bigger audiences for the sector.
In addition, these digital assets are accessible to users across the globe with zero restrictions on demography and location. This means mobile gaming platforms now have the opportunity to reach as many people as possible without worrying about distance or location barriers.
Elevating IGaming Adoption Through the Blockchain
Decentralized finance has demonstrated its strength in so many fields over the last few years, and it is no surprise that it could make things even better in the betting sector. We’ve highlighted some of the ways online sites are making this happen today, and we are certain there is more development to come. This could be us scratching the surface of all the possibilities that come with these websites. Blockchain in iGaming is a new terrace, and there is more wetland to touch as we advance in these technologies.
An Occupational therapist, freelance content writer and more importantly a stay-at-home mom, Sara, like all other parents juggles her many roles. Her passion for writing combined with her professional expertise as an Occupational therapist (working with children with special needs) has helped her craft content specific to child health, wellness and learning skills. At present, Sara alternates her time between raising her two young children, and writing about what she knows best- children!
