It seems like blockchain has never had this much of an impact on our everyday lives. Moreover, this technology has also managed to connect with some industries on a deeper level and iGaming is one of them. The future really looks bright for these two and we can expect to see some huge changes in the future. But before that happens, let’s take a closer look at how blockchain serves as a game changer in the iGaming industry.
Many players have already accepted the fact that the house always wins. After all, how can they expect them to keep offering their services if they’re not making a profit. Plays do occasionally win large sums but the casino who gets more money in the end. However, just because players have accepted it, it doesn’t mean they don’t want online casinos to be more transparent. Luckily, due to blockchain technology and the use of smart contracts, casinos have begun to rely on more complex systems which are able to show players that they’re indeed honest.
Reliable protection of funds
Some people are still afraid that gaming online is puts them at risk of having their money and personal information stolen. What they don’t know is that blockchain has become an integral part of iGaming and its most important aspect is security. Blockchain uses cryptographic fingerprints which are unique to each block and unless all nodes in the network agree on it, transferring money isn’t possible. There’s no way fraudsters can access your information in blockchain, allowing you to gamble online without having to worry about your money.
Another great thing about blockchain is that it makes online gaming possible for absolutely everyone. The use of this technology allows you to start gaming with smaller amounts of money and build your way through. Also, almost-instant deposit times allow make it easy to start playing whether you’re on a public transport or you need something to do during commercial breaks. Since the future of cryptocurrency in iGaming seems bright, more people who use Bitcoin and Ethereum are expected to start gaming online.
High level of anonymity
It’s often believed that if you want to gamble on the web, you need to use your personal information in order to be able to transfer funds. However, when blockchain is used, you can just create a shared address and use it to enter a virtual casino. This is something that cannot be tracked, allowing you high level of anonymity when gaming online. It’s also important to mention that transactions like this aren’t taxable, which a lot of players find extremely important.
One of the best things about blockchain is that it’s decentralized. You don’t have to worry about any governing body behind it as nobody is able to build that kind of computing power to subvert the network. Decentralized structure allows anyone to become a member of a casino. In fact, some platforms allow you to fund the casinos and profit from your shares. Although decentralization enabled by blockchain is relatively new, experts are very excited about its future.
Improved game technology
While some people play to get money, some do it mostly because they enjoy playing the game. If you belong to the latter group, you’d be happy to hear that blockchain helps improve game technology and make online gaming more fun. Just the fact that blockchain allows more trustworthy transactions allows online casinos to invest more time and money into developing better games. With the way things are at the moment, we can expect plenty of new online casino games to be released in the future.
Better sports betting
Sports betting is extremely fun and many online gamblers stick to it when visiting online casinos. This is also something blockchain can help with as it solves some of the biggest problems with sports betting. For example, not only does it make instant payments possible but is also allows you to create your own contracts. On top of this, it offers fast rates which wasn’t the case in the past. So, even if you only focus on sports betting, you can still benefit from the use of blockchain in the iGaming industry.
There’s no doubt blockchain has impacted the iGaming industry a lot and will continue to do the same in the future. All in all, it’s something online gamers can be happy about since it takes their gaming experience to a whole new level while also keeping their money and information secure.