THE FUTURE — GAMBLING ON THE BLOCKCHAIN
Blockchain technology and the emergence of cryptocurrencies is disrupting the gambling industry in ways we couldn’t have imagined even a couple of years ago. Using cryptocurrencies for gambling is becoming widely popular for casinos and can be used either as the main payment system, or as an alternative to fiat-based payment systems. The blockchain provides transaction transparency, reduced house edge and lowers transaction costs. The Blockchain also allows the user to gamble anonymously, almost instantaneous withdrawal and deposit times, and there is no need to hand over copies of documents or even create an account.
Blockchain technology brings this same characteristic to gambling, allowing anyone to be a member of the casino. Although some Bitcoin casinos allow users to fund the casinos and profit from a share of the house edge, these concepts have been taken to the next level by crypto platforms like Ethereum, where projects have created a system where token holders receive automatic dividends from the profits generated by the platform. Others are developing next-generation, blockchain-based gaming ecosystems that will enable casino operators to design and implement gambling applications with zero-house edge, close-to-zero transaction fees, and provably fair random numbers.
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Developments in this space are likely to grow rapidly, with teams of developers introducing new opportunities for gambling utilizing blockchain technology.
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