In the next few years the casino industry is expected to explode (even more than it already is) and bring in over $630 billion worldwide. Interestingly enough, land-based casinos are on the decline while online gambling is skyrocketing in popularity.
But why wouldn’t it? Online gambling is much more convenient; you can play whenever you want to, in whatever attire you want. You can commit to a lengthy poker game or spend a few minutes hitting the slots. And all the games are available right on your smart devices.
Unfortunately, although online gambling has many perks, it’s also riddled with issues: Trust, privacy, and a lack of transparency plague the industry but luckily, blockchain is rising to combat the common problems.
The Problems Associated with Online Gambling
Since it is so convenient to play casino games online from the comfort of home, it is no wonder that so many people play countless rounds of online poker or cranking those 2D handles of digital slot machines. Despite the popularity and convenience of digital gambling, it isn’t without its problems.
Lack of security for documentation and data
In most cases, gamblers can’t take their earnings unless they supply personal information to the casino. Banking information, credit card numbers, and identifying information are all commonly requested before payment is delivered.
But sharing all this information online is problematic. Sites experience data breaches and vulnerabilities every day. The sites hosting all this information may be a prime target for hackers looking to steal financial information. People who worry about their online privacy are less likely to use online casinos when all this identifying and financial information is necessary to cash out.
Blockchain hides identifying information
A trust and transparency issue
For some reason, casinos tend to hide information from players. Finding data about payouts, winnings, and other such info isn’t usually as easily available. Not only that, but the house hides advantages from the gambler. Meaning, the gambler has a higher chance of losing without even knowing why. New gamblers may not even know they’re entitled to this type of information — a tidbit some casinos use to take advantage of their players.
How blockchain helps users regain trust
Blockchain increases transparency between casinos and players. The odds for and against the gambler are visible, making victory accessible for players. This solves the problem of trust, which helps players to understand that the house hasn’t stacked the odds against them. And with the house being more trustworthy, it means that more players will feel comfortable signing up to play online. This is a win in more ways than one for the casino because for each coin the player buys and uses on their platform, the casino earns money too.
With blockchain improving the safety and validity of online gaming, users have less to worry about while playing Texas Hold’em or popular slots machines. The fear that the house is stacked against you, or that someone may steal your online credentials is decreased.
Image by Pete Linforth