Gambling companies easily get online player's trust through the crossover of the blockchain technology and crypto casino gambling.
Online betting is among the fastest-growing industries in the world, especially now that a relatively large percentage of the global population has easy access to mobile internet.
Within the last several years, the online casino market expanded at an average rate of 9%. This is thrice bigger than the annual global GDP growth rate.
The growth of this billion-dollar industry may be unstoppable, but the pressure put on betting sites, including Bitcoin casinos, has gone so high. Operators are faced with how they are going to step up their game, considering that the competition has already become too tight.
While some brands see the effectiveness of including both fiat money and cryptocurrency options in their payment methods, other companies explore the potential of introducing blockchain gaming – that is, the crossover of the distributed-ledger technology and crypto casino gambling.
Filip Poutintsev, the Chief Marketing Officer of the mobile Bitcoin casino Bitbook, said:
“It’s no surprise that many blockchain entrepreneurs are eager to enter the gambling market, aiming to ‘disrupt’ it – to use a popular crypto buzzword – thanks to distributed ledger technology.”
Experts say that with blockchain’s features of transparency and immutability, gaming markets can be disrupted and revolutionized. Poutintsev pointed out that the game-changing blockchain casino technology will not “magically transform gambling into a wonderland where players win most of the time,” but it will solve some problems, especially those related to players’ trust issues with online casinos. He added:
“Blockchain will store records of all games and bets, their results, and the amounts that were won and paid out. Players can always access the transaction history to confirm that the system paid out all that was due and that the odds were not rigged.”
Now seen as a powerful tool to attract players, blockchain gains more popularity among operators and bettors alike. Not only it is being used today to facilitate cryptocurrency payment transactions, but it also is being integrated into the gameplays themselves of some betting portals or blockchain casinos.
A case in point is Peergame, a decentralized casino that offers a few proprietary games that run on the BSV Blockchain. It ensures fair gambling and easy payments as each betting round is recorded on the blockchain and is facilitated by MoneyButton, a payment gateway that connects all Bitcoin SV Blockchain-based apps.
Another good example is a platform that offers decentralized gaming is Dicether. This easy-to-play wallet gaming app runs on the Ethereum Blockchain and uses MetaMask to process the bets and wins.
Noticeably, it is usually the iGaming startups entering the gambling markets that try to introduce blockchain betting to casino players. This is mainly their way of telling bettors they are trustworthy despite their young age.
Meanwhile, the bitcoin casino that have already built quite a reputation upon having existed for a long time see not much need anymore of incorporating blockchain into their systems on a larger scale. But with the ever-changing market trends, who knows when these established iGaming brands will turn to blockchain tech in full blast?