Back to the list

Blockchain as The Guardian Angel of Gamblers. From Now and Forever

Daniil Danchenko, Catherine Lange

Gambling has always been a controversial topic. Mostly because it was always paired up with images like gambling addicts, mafia, and many other negative things that people like to think about when it comes to such thing as gambling. But the fact is - gambling has always been a part of human nature.

And this is a part of our nature that is getting invaded by the “super tech” of today - blockchain. And it’s more than successful in it - according to the Cryptoslate and Daapradar, blockchain becomes a part of the organized gambling system that is overshadowed only by the few participants of the DLT industry. And we will tell you how gambling is going to change, for the best.

One of the key points of the blockchain as the tech for the gambling industry is its “un-flexibility,” you can’t just press rewind. That forces all blockchain powered casinos to be fairer. Of course, they can’t be 100% fair, after all - “The house always wins” is a golden rule of all gambling and blockchain is certainly not going to change that. But still - they can’t cheat in the same matter as traditional online casinos do.

The second upside of blockchain in gambling is the fact that it’s far more secure than anything on the market. For example - many hackers steal small amounts of money from casinos and players, making thousands and thousands of dollars from stolen dimes. That is one of the nuances of working on the Internet. If you go on the interwebs - someone is going to want to hack you, no exceptions.  And if he has made a profit from it - that doubles told the number of people.

Overall this means that because of the blockchain - “casino” is going to get their money and gamblers are going to get their winnings. No one can fiddle with the truly decentralized system and this makes the infrastructure of the service far more reliable. And companies that have already implemented blockchain in their workflow wholeheartedly agree. For example, Fabrice ELFASSY, one of the co-founders & CEO of a quiz company with paid prizes admitted numerous benefits of the blockchain.

“In our case, we can only see advantages in using blockchain: the use of blockchain for us makes perfect sense as blockchain secures all transactions between the players and the platform, solves risks of collisions and fraudulent practices inherent to real money play, and also handles issues of targeted content distribution to a known audience. Last but not least, it also ensures user data confidentiality which is extremely important for our corporate clients.”

One of the clear benefits is also such thing as cryptopayments, and its relative anonymity, lack of taxation, various fees, and third parties involvement.

And anonymity deserves to be mentioned separately. Because of the fact that online gambling is banned in many countries (for example in the USA you can’t do that in many states), or you have to deal with a ridiculous “trail” of paperwork crypto is the only solution for someone who wants to try his or her luck from the comfort of their sofa. Plus all the sensitive data transactions are made on the P2P basis, which is super secure since potential hackers have far less chance to get their hands on your raw data.

Basically, if you forget about the whole line of pluses, which is mostly related to certain types of gambling sites or players from certain places, we are facing the entirely new world of gambling.

There will be entirely new ways of gambling and kinds of competitive games (Like Augur, where people can bet on pretty much anything - from the assassination of current POTUS to the death of famous Jeff Bezos. There will be noticeable changes to the casinos and comfort of the players. But life wouldn’t be life if it was all that easy. The thing is - a lot of blockchain casinos are not even bothering with such “petty things” as taxes or the following legal framework.

For example - the legality of said Augur is often questioned by the American law enforcement. So yes, blockchain has enormous potential to change the industry, but lack of clear legal regulations and borders is halting its development. But if it is given “food and time” to develop, it will change the industry. For gamblers, casinos, and regulators. But the question is - will any of the said trio wait for it?

Back to the list