Статьи

Home › News

How blockchain helps the gambling industry grow

13.07.2022

People have always gambled: in primitive caves by the light of a fire, watching the shaking shadows on the walls; in fairgrounds with the shouts of barkers in a crowded crowd of onlookers; on interstate steamers, allowing the public drinking illicit drinks to escape the wrath of the authorities; during lunch breaks in the office, on a smartphone screen, selecting a lot and placing a bet.

Truly easy and simple access to almost any kind of gambling came with the advent of the Internet and the global network. Now, in order to risk money, try to outsmart fortune and test your luck, you don't need to go to a special institution or look for a bookmaker's office.

Online casinos and gambling sites such as Fairspin offer their users all kinds of gambling games: roulette, card games, betting on sports games and any other events, lotteries and many others. Online gambling is developing dynamically:

• Revenues and the number of players are growing;
• More and more new enterprises appear on the market;
• Classic offline casinos are turning to remote services;
• Technology, appearing and spreading among users, fuels the gambling industry as well.

Advantages of online casinos

Online gambling has undoubted advantages:

• ease of user access to gaming;
• lower start-up costs for entrepreneurs;
• greater variety of games and services within a single site;
• there is no limit on the number of people playing at the same time;
• the process of betting and winning is easier.

Blockchain in online casinos

The use of blockchain and cryptocurrency technology in online gambling can reduce some of the negative effects, and many online casinos, for example, rely heavily on Fairspin blockchain casino. For example, most cryptocurrency transfers are out of sight of the vigilant security services of financial and credit institutions, which means there is less risk of suspicion and subsequent blocking.

A blockchain-based betting and payout system can make the entire process of money movement in casinos transparent and take away doubts from users about the guaranteed transfer of what is owed or about the money going to its intended destination.

For cryptocurrencies, the borders between states and the geographical location of the parties to the transaction are essentially irrelevant - unlike traditional payment instruments. This means that online casinos can use completely transparent and unambiguous fees and commissions, which will not change and will not come as a surprise to users when making a payment.

The use of smart contracts for money transactions can enrich the functionality of the gambling establishment and make it even more transparent, provided that any user can check all the terms and conditions.

Potentially, the latter could also remove one of the main obstacles of the online gambling industry - users' distrust of software running somewhere out there on servers, completely under the control of their owners, and allowing them to tilt the cup in their favor.