Back to the list

How Blockchain is Reshaping the iGaming Industry

26 June 2024 10:34, UTC

The blockchain technology is changing so many industries. You name it. The iGaming industry, is leading the charge. In fact, the creators of Ethereum mentioned that online gambling will be one of the first technologies developed with the tech. They were right. Since the explosion of blockchain and defi projects, the iGaming industry changed forever.

The digital ledger that is the blockchain, can keep track of payments, proof identities, and ensure payment. Although not many online casinos are decentralized, we are going in that direction.

Either way, at the present time, blockchain is making big waves in online casinos and gambling sites. Particularly in places where traditional gaming faces a lot of red tape.

Navigating Through Restrictions

Many countries have tight regulations on gambling. Some even try to block access to online casinos entirely. But here’s where blockchain and crypto casinos come into play. These platforms use cryptocurrencies for transactions. They don’t work with banks, and they can skip the regulators. They can often operate under the radar of traditional banking systems. This makes it a lot easier for them to offer services in countries where usual gambling sites are either restricted or completely banned.

The Rise of Crypto Casinos

Crypto casinos have flourished in this environment. They leverage the anonymity and security features of blockchain, offering players a way to gamble without worrying about their personal info leaking or being misused. This has been a game-changer, especially for players in countries with strict gambling laws. They now have access to a global casino in their pocket, all thanks to cryptocurrencies that zip across borders without a hitch.

International Online Casinos and Licensing

International online casinos often hold licenses from multiple countries. Or, from a single global license, which helps them navigate the complex web of global gambling regulations. For instance, a casino might be based in one country but licensed in another that has more liberal gambling laws. This setup allows them to operate in a grey area, reaching customers in places where local regulations might not clearly ban or allow such activities.

But here’s where it gets interesting—blockchain technology can provide even more transparency and fairness in these operations. Since every transaction and game outcome can be recorded on a blockchain, it’s easier to prove that a game wasn’t rigged and that the operations are above board.

What to Watch Out For

While blockchain and crypto casinos are exciting, they’re not without their risks. Here are a few things to keep an eye on:

  • Regulation: The legal landscape for crypto casinos is still evolving. Always check if the casino has the necessary licenses and complies with regulations in your area.

  • Security: Even though blockchain is secure, other parts of a casino’s operation, like its website or app, might be vulnerable. Make sure they have robust security measures in place.

  • Reputation: With any online service, it’s crucial to check reviews and community feedback. Look for casinos that have a good track record.

Blockchain is definitely shaking things up in the iGaming world, giving players new ways to play and shaking up how countries handle gambling regulation. It’s a space full of opportunities but also one where you need to tread carefully.