Why Blockchain-based Online Casinos Are Here to Stay

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After decades of moving at a snail’s pace, casino and sports gambling have entered a period of rapid change, prompted by the move to online platforms.

Gaming revolution in the 21st century

Since the turn of the millennium, the way that people wager has changed dramatically and keeps evolving on a perpetual basis. Sports gamblers are constantly being introduced to new ways to bet with live in-play betting and custom bet-building facilities just two of the most popular recent innovations. And betting companies are locked in a constant battle to stay ahead of the curve.

Casino and slot gamblers who play online now have access to live dealers, dozens of different game variations and could soon be able to look forward to fully customizable virtual reality casinos. Much of the new technology is visible on the surface to the user but there are also technological advances taking place behind the scenes that are less obvious at first glance.

Blockchain is the future

Once example is Blockchain technology and cryptocurrency. Blockchain offers many advantages to online casinos. With the market growing so fast, Blockchain offers a chance to improve transparency, build trust and ensure fair play. It also allows faster transactions, convenience and security. It also connects businesses and users to a global marketplace relatively cheaply.

Greater transparency

With loyalty and trust so important to online gaming and sports wagering customers, Blockchain technology combined with the anonymity and security of cryptocurrency payments could offer the perfect solution.

Decentralization could eliminate any doubt about the fairness and result in lower house edges which can be checked at verified by the user at any time. And with lower costs attached to hosting, service providers, licensing and third-party payment processing, the online casinos would still be able to turn a healthy profit while the customer wins more.

First steps towards crypto-casinos

Some online casinos such as Bitstarz, featured on this list of casinos with free spins in this link, are already embracing Blockchain technology and accepting payments in Bitcoins and it can only be a matter of time before the majority of casinos follow suit. Currently, BitStarz only uses Blockchain technology to ensure their games are fair but they still operate using a house edge in the traditional sense. In the future, fully functional online casinos built on a Blockchain platform with lower house edges can be expected.

Benefits not immediately obvious to customers

But as with much technology, there is a period of adjustment required as the customer gets accustomed to the new way of doing things. At this point in time, many people still do not fully understand crypto technology and therefore do not fully grasp the benefits.

As it becomes easier and more common to carry out daily activities with crypto-based tech and new measures to improve awareness are taken, more people will demand similar decentralized services in other areas. And online gaming is an area where Blockchain and cryptocurrencies offer significant benefits for the provider and the user.

Matt Hammond. He is a crypto and blockchain enthusiast from London. He is keen to solve business problems with blockchain and has conducted extensive research into the field.

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