Gambling has been around since the beginning of time, in both legal as well as illegal ways. From the vintage rooms of the 60s to the modern-day online betting, gambling has come a long way. Gambling is as addictive as it is exciting, generating huge business for the gambling industry. A lot of governments worldwide have legalized the betting and gambling business primarily because of the lorge volume of tax it amasses from it.
As per a report published in Business Wire, the global market for online gambling is expected to reach 81.71 billion US dollars by 2022. As more and more gamblers switch to online gambling, the need to protect this form of gambling is immediate and significant. Over the last few years, blockchain has managed to gain a lot of popularity by finding applications across numerous industry types. This is because the digital asset security that follows the technology is impeccable and class apart. Besides, blockchain is considered to be a disruptive technology as it works towards decentralization of processes and towards a rise in transactional transparency. Therefore, blockchain for gambling can change the face of the gambling industry by revamping the way the industry and its participants operate.
Gambling demanded a transformation
Earlier, physical casinos were hesitant when it came to collaborating with the online casinos. However, they later realized the potential of the online gambling industry and initiated a collaboration for additional revenues.
But the online gambling portals are prone to numerous risks, such as monetary frauds, as these applications hold easy access to the player’s bank accounts. There have been multiple instances where players were cheated and left penniless. Furthermore, authorization and licencing of online casinos is a herculean task in itself.
There have been instances where people who wished to indulge into betting had to pay a hefty amount to the middleman to avail credits. This led to the gambling organizations to turn towards technology to transform their online gambling sector.
Blockchain for gambling is the answer
Almost every industry today has experienced the power and potential of the blockchain technology. With blockchain for gambling, authorities can bring back the trust factor. Since this technology consists of immutable ledgers, transparency increases tremendously and succeeds in attracting more players. As blockchain for gambling creates a secure platform for transactions, players can rest assured that their money is not being looted.
With blockchain enabled smart contracts, the gambling industry can assure players of frictionless payouts for the sum won. Besides, with smart contracts, the need for a middleman gets eliminated as blockchain does the task of converting money into casino chips and recording the conversions. This way people can easily transform the amount won to physical currency by trading off their cash through portals later.
Blockchain has applications everywhere today. It is about time that the gambling industry also prepares itself for a transformation. Empowered by blockchain technology, the gambling industry can experience tremendous transformations and also disrupt the traditional market. Casino authorities can focus on understanding how this technology can help them in making gambling fairer and cater to more and more players across the globe.
