Crypto Casinos: How Blockchain is Taming the Wild West of Online Gambling
Blockchain technology has the potential to revolutionize an almost uncountable number of spaces, but nowhere is the technology’s future brightest than in the sphere of online gambling.
How Blockchain Technology Revolutionizes Online Gambling
A blockchain, simply put, is a continuously growing list of records, called blocks, which are linked and secured using cryptography — and the benefits of such technology to the online gambling arena are numerous.
Blockchain technology enables vastly improved transaction speeds over traditional deposits and withdrawals. Typically, a withdrawal from an online gambling website may take between three to five days. The blockchain, however, makes these withdrawals near instantaneous.
The online gambling sphere is, at the moment, an untrustworthy space. With systems being run centrally, it’s hard to know whether or not the odds are being unfairly stacked against you. Blockchain technology, however, provides uncompromisingly fair operations and publically ensure that no cheating is taking place — either from the casino or malicious actors.
Access to online gambling is also limited to only those with access to the traditional banking industry. Cryptocurrencies, however, serve anybody with access to a computer and the internet, and this opens up the world of iGaming to underserved individuals in unbanked markets.
Banks also inconveniently force too many middlemen into the financial equation, which translated into high fees and additional charges for customers looking to cash out. Platforms like CashBet, however, offer significantly more direct and efficient transactions.
Online casinos typically only feature 3-5 games. However, blockchain-powered platforms like CashBet provide access to over 50 games with one simple business-to-business (B2B) platform integration.
What Will It Take to Drive Broader Adoption?
Blockchain systems in the online gambling arena are still few and far between, but the future is bright.
Reputable operators have already begun to take the plunge into blockchain-powered online gambling. For example, well-known fiat operators like Greentube and Lottery.com have become early adopters in the effort to help legitimize the online gambling space. In doing so, the companies have enabled their large customer bases to soon utilize cryptocurrency as a payment method.
Broader adoption will also be initiated by cryptocurrency tokens capable of being utilized across more than just one website. The CashBet Coin (CBC) is a prime example of such a token, as it will be utilized by a variety of the company’s B2B partners’ websites and apps — effectively creating an ecosystem driven by CBC.
Finally, regulations protecting consumers will be a welcome addition to the online gambling arena. Currently, too many cryptocurrency casinos are operating illegally or with unverified licenses — putting consumers at risk. Plus, most simply lack anti-money laundering procedures, providing an open invitation for terrorists and criminals to freely launder money on their sites.
To add to the problem, most also have little to no basic protections in place for those at risk: the young and the problem gamblers. This will change as regulatory authorities help legitimize cryptocurrency-powered gambling.
What do you think about blockchain technology’s potential to revolutionize the world of online gambling? Do you think platforms like CashBet are set to lead the charge? Let us know in the comments below!
Images courtesy of CashBet, DepositPhotos