Online gambling and blockchain are emerging fields of the 21st century. Online gambling is witnessing enhanced participation on a daily basis while the blockchain technology is finding new avenues of growth across industries. In fact, the use cases of blockchain technology in the online gambling industry are also on the rise. In this article, we take a closer look at the potential benefits that the online gambling industry can derive from the adoption of blockchain technology.
Blockchain and online gambling
Issues of trust, transparency, and fair dealings are of prime importance when it comes to online gambling. Gamblers remain skeptical about these issues, and blockchain technology can prove instrumental, taking away these doubts from the minds of current and potential bettors. Blockchain technology has acquired the status of being the tempering-proof thanks to the safety and security mechanism adopted by this decentralized ledger mechanism. Furnishing personal information could also result in legal implications for gamblers. Given the fact that by using blockchain technology, transactions will remain anonymous is also a great thing of relief for the punters. Not only for bettors, but the adoption of blockchain can also benefit the online casinos by enhancing their name, credibility, and reputation among the bettors.
Blockchain in Sports Betting
The sports betting based on the blockchain technology is easily verifiable. Anyone can verify the transaction, so no one can raise the question about the bet’s authenticity. It has often been seen that bookmakers tend to hide behind the information that is kept secretly in private databases. These data sources are outside the access scope of the bettors. However, the use of blockchain technology will completely take away any issue related to this kind of opaque behavior – simply, there is no more hiding with blockchain. The technology will ensure that betting happens in a free and transparent manner. You always have the option of revisiting blocks of information to confirm the data and information. Therefore, the critical component related to trust, confidence, and transparency can be easily sorted out.
It’s not that only bettors will reap the benefit of blockchain technology incorporation. Bookmakers also have their share of advantages as well. The use of blockchain will add to the reputation of bookmakers, and bettors will also have more trust in the betting processes. The use of blockchain technology will also ensure that general mistakes committed by staff and employees will be avoided. The betting mistakes can happen as employees possibly could make an inadvertent error, but the application of blockchain will ensure that bets are verified by a network of systems.
The adoption of blockchain technology can create a win-win situation for both punters and bookmakers. It is a technology one can depend upon, and its high safety aspect will make sure that the crucial trust deficit can be bridged between key stakeholders in the betting process. The anonymity of transactions is also one of the useful features that blockchain offers. The bookmakers can easily utilize this feature to help the widespread adoption of betting among prospective bettors.