One of the industries that can be greatly improved with the advent of blockchain is gambling. You are probably already familiar with online casinos like BitCasino or Fortune, where you can play classic games, using cryptocurrencies. The veteran of the sector is BitCasino, providing over 1.4 thousands games.
Some crypto haters may see this alliance as a good way to match two marginalized things. Crypto trading and crypto mining are still considered by many as a pure game of chance, when real resources are wasted in chase for the illusory reward whose value is guaranteed by nothing. Naturally, gamblers and casinos should be ok with crypto, such people say. Any creepy business would.
Indeed, there are many reasons for crypto and gambling to get along well, but they have little to do with the dark side of human nature. On the contrary, the blockchain technology integration in online casinos can improve their work in more than one way.
Let’s see, what blockchain offers to players and houses.
Increased privacy level
Normally, online gamblers prefer to keep low profile and appreciate anonymity (and it’s their right). Though BTC wouldn’t be the best option here, private coins like Monero or Zcash look very appealing, making sure no outsider will have access to the history of your gains and losses.
Better odds for players
Any casino is a business, and as such is targeted at making money. That is why they have invented so-called House Edge/Casino Advantage – a fixed profit built in every bet. The amount of the share depends on the game you play, and it may reach 15% in a normal casino. Houses that use crypto ‘always win’, too, but their advantage is much lower – up to 3%. As a rule, crypto casinos make no secret of it – the information about their House Edge is easy to find on the website.
Good news for those totally unwilling to share – some crypto casinos (like Zeroedge) feature 0% house edge. What’s the catch? It a marketing trick to attract more customers to their blockchain-based gambling platforms, naturally increasing the demand for the house-issued tokens.
It is transparent
It’s a default advantage ensured by the nature of blockchain. In a crypto casino any player can be sure the outcome of the game was not tampered with. As a client, you can get instant verification of any game right on the website by entering the bet ID into the special field and clicking Submit. Normal casinos are not completely free to cheat and can be checked, too. But in their case the process is more time-consuming and typically involves an independent third party.
Though transparency looks like a totally client’s advantage, it is good for the house, too. A 100% fair game attracts more customers, including those risk-averse and suspicious. Besides, if a casino cheats on a regular basis, odds are it will finally end up with a ruinous scandal. Playing fair is wise, at least in a long run.
It’s a loophole
Online gambling is not welcome in many jurisdictions. In some countries it may even be totally prohibited. In practice it means that a local bank will not process transactions linked to your online gambling activity.
Crypto casinos are the best choice here – they can accept deposits and make payouts without suffering any legal consequences. The thing is, they do not use any third parties like banks. Besides, a client saves money on banking fees (which can be rather big if they win a jackpot).
Are there some drawbacks to a crypto casino?
The main and probably most obvious disadvantage you may face is the infamous volatility of cryptocurrencies that may affect the amount of your win or loss in the end of the day. In a way, you make a double bet here, and may win (or lose) twice. Another issue to consider is that some advantages a crypto casino has over a traditional one are based on underregulation, and it may change with time.
Anyway, gambling is one of the sectors that will definitely win from blockchain integration.
This crypto/gambling marriage may seem very logical to those who believe that both have a lot in common – after all, investing in Bitcoin is widely seen by the mainstream user as a game of chance that appeals to players and other natural-born risk-takers.
As often, the role of crypto and blockchain is misunderstood – in fact, this innovation is able to make online gambling more respectable and user-friendly than ever before. Potentially, playing at a crypto casino has several important advantages over playing at a traditional fiat money-based casino.
Let’s see what they are.