The online gambling industry is huge and growing rapidly, expected to hit $81 billion by 2022. The unprecedented growth is attributable to the evolution of technology, increased use of mobile devices, internet penetration, and a wide variety of payment options.
Another factor promoting the growth of the online casino industry like sites such as gclub is the adoption of blockchain technology across the globe. Many online casino companies are now adopting holistic methods for developing and using blockchain technology in gambling activities, for example.
Let’s explore some of the ways that online casinos are improving the industry using blockchain technology.
One of the major issues that affect online casinos is the lack of trust between players and the house. Players don’t know what happens behind the game’s interface, even if it is a reputable online casino.
Some casinos deliberately hide their data, including gaming results, winnings, and payout information. The house will always win.
Blockchain has the potential to restore transparency to the online gambling industry that so many people have dreamed of experiencing. It is a highly transparent system, recording all the actions that players take on the platform.
You can rest assured that you’ll always see the results of a game, the number of bets that you place, your winnings, and the casino payout information.
Blockchain technology is also effective in hiding the identity of gamblers. It provides players with a wallet address that they can use to fund their wallets.
Many online casinos already provide this service.
Eliminating Geographical Limitations
The blockchain technology removes the geographical restrictions that gambling enthusiasts face. With this technology, you don’t have to go to a casino or a gambling club, for example.
You can play from the comfort of your home, engaging your favourite games and making the payments online by a single swipe on your smart devices.
Provably Fair Games
Gamblers that play software-based casino games online, such as slots and blackjack, are normally concerned about the authenticity of the gaming results. To address such concerns, the blockchain gambling industry has developed a phenomenon called ‘Provably Fair’, which guarantees the integrity and fairness of every game.
It achieves that by taking a seed from both the casino and the gambler. It then generates gaming outcomes via cryptography, which ensures that every game is verifiably fair.
Efficient Withdrawal Process
One of the major challenges of using conventional betting platforms is the withdrawal process. You normally wait at least 24 hours for the operator to process the withdrawal. Then, you wait for another 1 to 5 business days for the payment service provider to credit the funds.
Blockchain betting platforms allow you to withdraw funds instantly. You can expect your winning to hit your personal wallet in a matter of minutes, which is not possible with traditional gambling. You can participate in any online casino game without worrying about the funds or cash flow.
These are just some of the benefits of blockchain technology in the online gambling industry. The technology has delivered numerous other transformative solutions to the issues that the industry faces.