Blockchain Casinos: Disrupting an Industry
Blockchain casinos are emerging under different formats and blockchains. Not only casinos, but also blockchain gambling solutions that are making deep changes to the online gambling industry. Let’s take a look to some major changes that this will bring to both players and operators.
Having a Currency
Blockchain gambling platforms use their own currency or cryptocurrencies, and this is an advantage for several reasons. Firstly, it gives the possibility to unbanked regions to gamble and to access a trustworthy gambling platform without having to access dubious illegal sites.
Secondly, having their own currency means they are financially independent, which means that they don’t rely on any third parties, eliminating fees. Yes, there are no fees, so all the money is divided between operator and players.
Not only this also eliminates the risk of hacks and the need for personal information, but also makes transactions fast to instant as it’s all happening peer-to-peer, in the same blockchain. So, deposits are instant, cashing out winnings is instant, no need to wait for hours or days.
We already mentioned above that being a currency enables the unbanked to access safe online casinos where it’s possible to play with crypto, but it’s important to reinforce the idea that there are currently 2.2 billion people around the world who can access the internet and therefore crypto, but not a bank.
So, this is the true potential of the blockchain gambling market, apart from making competition to the existing markets, which they will do, as the advantages are obvious.
When a gambling project has its own currency and gives the possibility to gamble to millions of people good things are bound to happen. eSports betting platforms have added value to their offer with cryptocurrencies.
Not only their popularity has been growing, but the relation with the fans has also become stronger. The expansion in this sector of the gambling industry is measured by more tournaments and more eSport betting platforms accepting payments in cryptocurrencies or having their own cryprocurrency, like happens with Unikoin.
This not only give another dimensions to some online gambling sites, but also allows penetration in markets where online gambling is currently forbidden. We are not only talking about the unbanked countries, but also the United States or other rich countries that still have not legalized the activity.
Legal Online Gambling
Still in the Unicoin case, it has the capacity to bypass illegal gambling status of the United States, for example, because it can’t be traded by money or other crypto, just for game items or Unicoins.
But Unicoin is just an example of how a blockchain gambling project can innovate and attract more users with market moves that improve the quality and the diversity of the existing gambling offer.
Trusting and decentralizing the gambling system is still giving its first steps and the technology is still under development, but it’s already proven that the changes will be disruptive and that a new online gambling paradigm is just around the corner.