The gambling industry remains one of the most thriving sectors with $449.3 billion in 2018, expected to hit $565.4 billion in 2022. With this ever-increasing size, many gaming projects have explored blockchain features like immutability, transparency, and decentralization to transform the gaming experience.
Blockchain reduces Fraud in gambling.
Implementing blockchain technology into our gambling system will reduce the level of fraud heavily posed to the industry. The industry faces various hacks and customer fraud daily. Blockchain technology will help reduce its immutability, store data, secure it, and make it easy to trace. It solves the host system’s problem due to a cyberattack, one of the inevitable difficulties every establishment making use of online platforms does not hold with fun.
Blockchain technology will bring more transparency.
Blockchain technology has an attribute of being a distributed ledger, which makes it possible for the system to save and update all data automatically and be accessible to the public, which will portray the industry well not as a dubious industry as many believed. It will introduce immense fairness to the industry, which has been a significant challenge to the renowned gambling industry.
With these attributes, the customers will view their winning and losing games, including calculating how the game is computed and all financial activities deposits and payouts inclusive. Customers trust the gambling platforms even attract more customers as people like a system where they can understand how things are done, not looking as being cheated before they put their involvement.
Gambling industries like Casino and online betting are restricted in some geographical areas due to government policy. The inclusion of blockchain technology to the system will eliminate it and bring massive participation to gambling enthusiasts using cryptocurrency as a medium of payment and withdrawal.
Reduced House Edge
It is conventional terms and conditions in the gambling world that there will always be a share to the casino owner whenever there is a win, which has discouraged many users from participating in gambling activities. The integration of blockchain technology has made the withdrawal easy and swift without sharing any portion or low amount of it with the host. The winning amount is withdrawn directly to the user's account.
Zerocoin used to pay and withdraw for their online casino game with zero percent house edge, allowing them to keep all the amounts won. Zerocoin project is an impressive development that will give an enabling platform for hosts and players of casino and online betting games now and in the future, which will boost the industry’s revenue as a whole.
The traditional gambling system is known for requesting many documents before you can be allowed to make a bet or play an online casino. Blockchain technology has made such protocols a history. The technology will enable users to play bets with less information and keep the few provided private from the host to know who they are.
User base expansion and improved profitability
These gambling industry developments will output massive expansion in customer base and high margin as integrated technology reduces operating costs.
With all these improvements, inclusive technology will bring more significant opportunities to the industry and give a better perspective and impression to the gambling space, making the sector lucrative in the coming years.