Decentralization represents completely new solutions for the gaming industry. It’s why blockchain casinos are a hot trend nowadays. We are here to let you know how blockchain gambling differs from the casinos we are used to and what perks the gambling business receives thanks to new technologies.
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How does it all work?
The blockchain casino operates on the basis of smart contracts, which means that the winnings are automatically calculated and automatically sent to the player’s wallet. Also, all transactions are carried out directly without the participation of third parties, which makes all the processes much faster.
Since when using the blockchain, data is stored simultaneously on many computers, and nobody can lie about the data and make it look different for the sake of making money off us – this makes the system just and makes the risk of fraud close to nonexistent. In addition, all the information about the games is stored publicly – in such a way, we as the players can always access it and check if it’s correct.
Benefits of Decentralized Casinos
Here are the advantages blockchain provides to both the players and the gambling platforms.
- Anonymity. You can gamble at a blockchain casino absolutely anonymously. Decentralized casinos do not require documents, and you don’t even have to create an account to participate in some games.
- Low commission and fast transactions. Since all the third parties do not take part in the process, payment at online casinos on the blockchain is fast. In addition, if we compare them to traditional online casinos, blockchain gambling’s fees are much lower.
- System transparency. Thanks to open access to information about the rules of the games and the number of winnings, online casinos increase the level of players’ confidence in operators.
Wow, that’s a lot.
Popularity of online casinos
A large number of decentralized gambling and traditional online casinos are being created today.
For online gambling, taxation rules and conditions for obtaining licenses have been determined. So, in order to organize such a business, it will be necessary to have a deposit to pay out winnings. In addition, online casinos will be connected to a unified cash register system in order to monitor the turnover of money in each establishment.
Land-based casinos will be required to provide video surveillance around the entire perimeter in order to monitor visitors and the issuance of funds.
How blockchain protects players
Blockchain makes the gameplay transparent.
The actions of players and blockchain casinos are recorded in a public register. These data can be verified, but the blockchain casino cannot change anything.
Blockchain lets us all see a casino balance
The blockchain casino pays the winnings to the player’s wallet through a smart contract. A smart contract has an address on the blockchain. The player can view the balance of the blockchain casino and the payout history using the block explorer.
The smart contract code is publicly available. The user can check this code or contact an auditor.
Blockchain proves the fairness of the game
Casinos buy games from game providers. The regulator checks the fairness of games: makes millions of bets and calculates the percentage of return of each game, but players cannot verify this data themselves.
The return percentage shows the number of possible winnings. With a 97% return, the casino will distribute 97% of the bets among the players and will earn 3%.
Blockchain casinos record the bets and their results in the blockchain
Thanks to this, the percentage of the game can be checked.
Blockchain doesn’t deceive affiliates
Affiliates are partners of the casino. They attract players through referral links and receive a percentage of their deposits. Online casinos can cheat with a percentage: set high-profit withdrawal limits and delete data on attracted players.
However, in blockchain casinos, statistics on attracted players are recorded in a public register, and affiliates can check this information.
To sum up
Blockchain casinos are the safest ones. They let us, the players, be the writers of our own stories. And we are extremely happy that nowadays, we as gamblers have a loud voice – and nobody can bring us down and take the money we earned ourselves from us.
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