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Cryptocurrency

Cryptocurrency Tokens Will Make Online Gambling More Transparent

The adage “The House always wins” is traditionally used for casinos to suggest that games are rigged to favor the casinos over the players. With the advent of online gambling, the odds have evened out a little bit, but still, the adage is fairly applicable as no one knows how the software running the games …

The adage “The House always wins” is traditionally used for casinos to suggest that games are rigged to favor the casinos over the players. With the advent of online gambling, the odds have evened out a little bit, but still, the adage is fairly applicable as no one knows how the software running the games is programmed, whether it has been manipulated to favor the casinos or not. Online gambling has allowed casinos to reach a worldwide audience at less cost and with less infrastructure. Online casinos offer no deposit bonus to lure more users from across the world.

Several online casinos have now started dealing using blockchain technology to improve transparency and attract more customers. The casinos are handing over charge to the blockchain and taking themselves out of the equation to allow players to play against each other in a fair and square environment. They do this with the help of smart contracts.

Major online casinos who have adopted blockchain are YOUnited, FunFair, and Edgeless.

Cryptocurrency tokens cut out banks and other intermediaries thus, reducing transaction times as well as costs. The casinos cannot influence the outcome of a game as they have no control over it. Records embedded on a blockchain cannot be erased or altered.

Edgeless gives crypto tokens to players. It has reduced payment times to a couple of minutes. Does the casino suffer due to the transparency of blockchain? Not if you consider a large number of customers it gets due to being online, coupled with its profits from players losing their bets.

FunFair sends each game to an escrow account on the blockchain and not on the casino’s system. Smart contracts decide the payments be done and not by anyone in the casino, and thus, the whole system becomes very transparent.

YOUnited has gone a step further and allows players to decrypt inputs of other participants. Thus, the players can cross-check the output of a smart contract for transparency.

Thus, blockchain does not just affect the speed and cost of transactions but can usher in a new era of transparency in online gambling where players can rest assured that there is no invisible hand working against them.

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