Blockchain technology has steadily infiltrated many aspects of life today. Never has it been easier to own cryptocurrency and have so many use-cases. Google search trends for cryptocurrencies have surged and the overall cryptocurrency market cap is swelling. While many industries have been touched by the new world order of money, blockchain is taking online gambling to a whole new level. In the igaming industry, blockchain has been able to find a good fit for a deep connection and forming a symbiotic relationship.
Using cryptocurrency has become a very popular choice amongst those who indulge in online gambling. The advantages are apparent and multiple. Blockchain technology benefits nearly every aspect of gambling offering things like provably fair games, security, low transaction fees, a low entry level for new players, as well as allowing gamblers to side-step gambling regulations that apply to fiat currency gambling.
When it comes to gaming verticals these blockchain technology principles apply to all of them but some verticals make a better fit than others.
In recent years we have seen the likes of Betchain, Fortune Jack, and mBit scale up providing crypto players the opportunity to make cryptocurrency payments while enjoying top-of-the-range casino gambling. Cloudbet have used blockchain tech and cut payment costs and passed the savings onto players in the form of lower margins. Big brand gaming company FunFair Technologies have decentralised individual gaming mechanisms. This allows players to achieve fair gambling and receive payouts due to them.
But when looking at casino games themselves, which verticals are the best fit to leverage blockchain technology?
Dice was one of the very first games to embrace blockchain technology and has become known as one of the purest forms of gambling around. Blockchain is a transparent, tamper-resistant online open ledger that everyone has access to and the key to Bitcoin dice is that it provides random outcomes that no single party can manipulate. Gone are the days of gamblers having to worry about the outcome of a game or whether the odds have been manipulated. The provably fair nature of blockchain has resolved this issue.
Gamblers can leverage blockchain technology when wagering on the outcomes of a cryptographically-generated dice roll and the experience is enhanced by a very low fixed house edge.
The introduction of the technology has also given players control over their money with faster and more secure withdrawals.
Poker is currently experiencing a surge in popularity much like in the early 2000’s, however this current wave of popularity is closely linked to the integration of blockchain technology into online gambling including poker.
While the basic principles of blockchain poker are identical to normal poker, this particular casino vertical benefits from the leveraging of blockchain. Poker comes with its own set of perceived weaknesses for the gambler. The best software providers are collaborating more and more with crypto gambling experts to come up with the best possible ways of integrating blockchain in Poker.
As a result of the Black Friday debacle in 2011, where top executives at a number of high profile poker sites found themselves on the wrong end of the law, a lot of traditional payment institutions pulled out of the US online gambling and banks stopped accepting deposits via credit and debit cards. This is when blockchain began to revolutionize the poker space.
Blockchain has brought with it the much-desired possibility of anonymous betting along with gamblers having control over their own money. Smart contracts may be the best solution for complete wallet control and easier to manage.
Crash was literally born out of blockchain technology. For those of you unfamiliar with this exhilarating game, it is an online multiplayer game that works on a money pot concept that was originally conceptualized by Bustabit.
The game is probably the ultimate casino vertical to leverage blockchain technology as the game is dependent on the technology to ensure random crashes. Besides the random outcomes players are also able to verify outcomes at any point.
The game employs a multiplier. As the curve rises the multiplier increases and the closer a gambler comes to cashing out just before the crash the higher the rewards. Becoming part of the bankroll also allows crypto investors to grow their money by profiting from casino wins, while the casino has an opportunity to offer bigger limits. The game usually offers a house edge of 1%.
Crash has a big following amongst crypto gamblers and offers a great community atmosphere which further enhances its appeal.
Lottery is another great gambling vertical to adopt blockchain technology. Traditional lottery has been plagued with large scale fees and poor user experiences for players because of small and few jackpots, a lack of social interaction, hidden costs and fraudulent activity. Step in blockchain, and these problems have largely been mitigated.
Blockchain has brought several upliftments to the lottery gambling options and those include Infallibility as the need for third party intervention has been eradicated due to the autonomous nature of blockchain.
It has brought with it the element of reliability, as well as transparency. The immutable nature of the blockchain ledger means that all data on ticket sales, revenue, expenses and other performance indicators will be safely stored. The technology also counteracts border restrictions.
The above are just four of the many casino verticals that are seeing a real improvement for their players when leveraging blockchain technology. Sportsbetting, slots, and esports are also reaping massive benefits since blockchain technology has become so prolific in the industry.
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