How blockchain is changing the online casino & betting industry
Cryptocurrencies are popular financial instruments used by people to trade, as a store of value, but also to play at mobile casino sites — online gambling operators were among the first to add digital money to the list of accepted payment methods. Back in the day, when Bitcoin was regarded as a gimmick and people knew nearly nothing about this technology, casinos were keen on tapping into the potential of the blockchain. Today, it is one of the fastest-growing gambling niches and it has a bright future ahead
Paving the way for digitalization
We live in a digital world and live casino operators like JeffBet.com have long realized the importance of aligning to the new set of values. Modern online gamblers, just like online shoppers and regular people expect a fast and reliable service that keeps their activity anonymous. This is especially important for online gamblers, given the fact that this activity is still frowned upon in some parts of the world. Furthermore, some casinos cater to people from countries where gambling is insufficiently regulated or downright prohibited.
Blockchain technology isn’t used specifically to dodge regulations, even though some players can take advantage of its decentralized structure. The biggest advantage it offers to live online casinos and the banking industry is a combination of speed and privacy. Funds are transferred to and from the online casino’s accounts faster and anonymously. Players can rest assured that their gambling habits remain private, while they enjoy direct deposits and merely instant withdrawals.
Enter the world of provably fair games
One of the biggest concerns that online gamblers had with live casino games was fairness and transparency. Modern casinos that are licensed and regulated while working with leading software developers project an image of trustworthiness. Some go a step further and employ the services of independent auditors to check the fairness of the games. All of these are aimed at easing the concerns of players that worry that the random number generator might be read and give the casino an unfair house edge.
Blockchain technology has largely done away with these otherwise legitimate concerns by introducing the provably fair concept. Only players who deposit and wager in cryptocurrency can benefit from this system that applies to all RNG-powered games. Instead of relying on the fairness of the casino, players can check the outcome of the games they just played for randomness. This is fast, easy to understand, and free so it gives players much-needed peace of mind.
Cryptocurrency casinos are mushrooming across the online ecosystem and new players enter the arena every year. They offer bigger bonuses, trying to win a larger market share while running better promotions than their classic counterparts. The loyalty programs and VIP schemes are also better at casinos built on the blockchain and allow players to accumulate altcoins at a steady pace. These are all good reasons to give cryptocurrency casinos a chance and even prefer them over traditional operators.