Crypto Corner: Blockchain Betting

Let us ask you a question… do you think the classic American film Casino would have struck such a chord if it weren’t for the fact that, deep down in our hearts, Americans are gamblers? We don’t. We know that the American spirit likes a good gamble, and we think that’s exactly why we immediately took to the movie. So, good news… poker facers and crap shooters, the blockchain may be bringing us new ways of indulging in one of our favorite pastimes.

It’s called a blockchain casino, and it’s offering fresh, new experiences for those who like to take their gambling excursions online. Naturally, being on the blockchain, these experiences include digital assets… which gives gamblers an all-new way to play. There are some things that inherently make the blockchain a natural fit for the gambling world, and they almost immediately emerge upon examination.

Since the blockchain itself provides a high level of encryption, every immutable transaction is added to the ledger and verified by the network, with transactions taking place directly between crypto wallets. Why is this a big deal? It greatly reduces the possibility of fraud, while also getting rid of the need to pay a commission for transfers. Any gamblers reading along are already seeing what’s nice here: more control, and more money in the pocket, and that’s what a good gambler likes.

Why It Works

But… it’s not just the additional control that’s drawing players to the space, it’s the fact that anyone with access to a network can verify transactions, and that the history of the blockchain cannot be faked. This means that the goings on in the casino are forced into honesty, so there can be a transparency and security built into the game with decentralized public ledgers. In a space where cheating and money laundering are serious risks, this is a nice change of pace.

Another draw is smart contracts, which automate payments, verify the results of the game, and hold up as proof that games aren’t rigged. Since they’re smart, they don’t require cumbersome human hands to cash-out. That means a game is played, verified quickly, and the payout is in-hand in a relatively short period of time. Since payouts are wallet-to-wallet, the transaction can take as little as a matter of minutes.

Of course, as with anything, there are risks. See… traditional gambling regulations are in place that focus on things like fraud deterrence, operator transparency, responsible gambling, and terrorism prevention. But, in the case of these new casinos, we’re not yet sure just how to approach uniform regulation. Although, that’s quickly changing as we’re seeing a rise in their popularity. If authorities see this space as an avenue for criminals, you can bet the regulation will come barreling down sooner rather than later.

The next logical question is, how legal is it? Well, that can get tricky. Online gambling is regulated and illegal in many states, but cryptocurrencies are in that spooky space between currency and strongly held belief, so these same strict rules that keep fiat gambling spaces in check do not apply here. Since regulation has not yet been hammered out, the space is a smorgasbord… not just for players, but for anyone looking to make money.

Advertisers Take Note

This boom could turn out to be good news for advertisers as well, who seem to be wondering in the desert a little bit with the beginning of the fall of the centralized networks where they’ve built their presences. When companies decided to take their efforts for brand-building out-of-house and situate themselves on centralized social media, they may have done themselves a disservice. Places like blockchain gambling casinos could offer fresh pools of potential.

So, anyone looking for that crispy, fresh green may not be looking to build, but to go where the puck will be so they can be there when it hits. Blockchain gambling could be such a place. Here, where the crowd is flocking, we can see the trajectory and all signs point to yes. Imagine it… the rules have yet to be written here. The opportunity isn’t in what you see, it’s in what you can dream up.

There is almost no price tag that can be put on being able to see what will exist somewhere in the very near future, how better to do that than to build it? We think that’s what’s happening here. And we love telling you all about it so you can enjoy the discovery of exciting new spaces with us. Come back next week, we’re looking hard at what’s available on the blockchain and we can’t wait to bring you the next story.