Bitcoin went mainstream in the last four years, and with it, many online casinos began to accept cryptocurrencies. The key advantage of blockchain technology being used in the online betting, gambling and casino sector is that it provides transparency in database transactions.
Currently, there are a lot of new and upcoming open source lotteries, for example, where the return to player ratio is usually kept a secret. And while players are typically skeptical, possibly assuming it was a scam site, by using blockchain they can see exactly how the transactions are processed, solving this problem. When you gamble online using blockchain, if you lose your money you can see where it goes in the system. This means you can see exactly how much the website earns from your deposit, and how trustworthy the site is.
In the coming years, the use of blockchain in online betting or casinos will accelerate and become even more mainstream. We are already seeing projects that are disrupting the space by basing their infrastructure entirely on blockchain payments. This gives complete peace of mind to their players and is proving increasingly popular.
The challenges blockchain solves
Many online gaming sites hosting nontraditional games like blackjack or poker, are not regulated by the likes of the UK’s Gambling Commission or the Malta Financial Services Authority (MFSA). If this is the case, such sites often offer no intelligence on how they select winners, who is winning, and whether winnings are being returned to players. As such, they could be