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Why Blockchain Technology has the Potential to Revolutionize the Online Gambling Industry

It is often said that cryptocurrencies and blockchain technology have the potential to revolutionize most industries around the world. One such industry, in particular, that is currently experiencing a sea-change is that of the online gambling space. In a nutshell, blockchain technology has paved the way for a fairer, safer, and more competitive online sports betting and casino sector, subsequently removing the grip that traditional operators have on players.

This includes the ability to open an account in a matter of seconds, deposit and withdraw funds instantly, gamble anonymously, and benefit from more favourable house-edges and odds. Moreover, blockchain-based gambling sites no longer demand sensitive KYC documents from players, not least because they do not deal with traditional fiat money.

As more users are turning to cryptocurrency casinos, it is said likely that blockchain technology will likely impact the multi-billion dollar online gambling space over the coming years.

What is a Blockchain Gambling Site?

In a nutshell, a blockchain gambling site is an online casino or sports betting platform that specializes exclusively in cryptocurrency deposits and withdrawals. As such, players will not have access to traditional payment methods like a debit/credit or e-wallet when it comes to funding their account. Instead, everything centres on popular digital currencies like Bitcoin, Ethereum, and others.

Crucially, the fundamentals of a blockchain gambling site remain constant with that of a traditional platform. For example, you will still have access to thousands of conventional casino games at the click of a button. This includes the likes of table games (blackjack, roulette, etc.), live dealers, video poker, slots, progressive jackpots, and keno.

Moreover, blockchain gambling sites like Kawbet – a regulated crypto-centric casino and sportsbook that accepts more than 25 digital currencies, offer full-fledged sports betting facilities. This includes heaps of popular sports like football, cricket, tennis, and rugby – as well as obscure betting events like darts and badminton. Much like the traditional space, you have the option of placing a pre-match bet, or betting while the game is still in-play via a live betting facility.

Why are Players Turning to Cryptocurrency Casinos for Online Gambling?

The benefits offered by blockchain gambling sites are virtually endless. As such, let’s break down these benefits and explore how they compare with traditional betting sites.

Account Opening

First and foremost, blockchain betting sites allow you to open an account in seconds. All you need to provide is an email address, username, and strong password – and you’re good to go. This is in stark contrast to traditional betting sites, which require everything from your first and last name, home address, nationality, date of birth, and more.

Anonymous Gambling

Not only are you not required to provide any personal information when using a blockchain betting site, but you can remain 100% anonymous at all times. Ordinarily, traditional casinos ask you to bypass a KYC (Know Your Customer) process – meaning that you’ll need to upload a copy of your passport/driving license and a proof of address. Blockchain gambling sites ask for no documents whatsoever.

Easier Withdrawal Process

One of the biggest pain-points of using a traditional betting site is the withdrawal process. You usually need to wait 1-2 working days for the operator to process the withdrawal, and then a further 1-5 working days for the payment issuer to credit the funds. On the contrary, blockchain gambling sites allow you to withdraw funds instantly – meaning you’ll have your winnings in your private wallet in a matter of minutes.

Provably Fair Games

Those playing software-based casino games online – such as blackjack, slots, or video poker – are often concerned about the legitimacy of the gaming outcome. With that said, the blockchain gambling space has introduced a phenomenon known as ‘Provably Fair’. Crypto-centric online casino Kawbet explains that Provably Fair guarantees the fairness and integrity of each and every game.

It does so by taking a seed from both the player and the casino – with the subsequent gaming outcome generated via cryptography. As such, you can be 100% sure that every game is true and fair – and you can even verify the underlying data via the Kawbet blockchain explorer.

The explorer also acts as a publically verifiable ledger, so all bets are logged in an immutable manner. Ultimately, never again do you need to worry about the credibility of an online casino when using a blockchain-based gambling site.

Lower House-Edges and More Competitive Odds

The traditional gambling space is fraught with regulatory red-tape, not least because platforms are dealing with deposits and withdrawals in the form of fiat currency. This results in ever-increasing costs for gambling sites, meaning that house-edges are on the up, and sports betting odds are getting less and less competitive.

On the contrary, as blockchain gambling sites do not have a relationship with fiat currency, they are not bound by the same regulatory restrictions. As such, you’ll often find that platforms offer more competitive odds on sports betting, as well as lower house-edges on casino games. Regarding the latter, this is especially the case when playing games backed by Provably Fair.

Cryptocurrency to fuel a change in the online gambling space

In summary, the traditional gambling space – whether that’s online casinos or sports betting sites, is due for a major sea change. At the forefront of this is the growth of the blockchain gambling arena. No longer are players required to submit heaps of personal information and bypass a KYC process that entails uploading sensitive documents. On the contrary, players can now open an account with crypto-centric betting sites in a matter of seconds, without ever being asked to provide a passport/driver’s license or proof of address.

Moreover, blockchain betting sites allow players to deposit and withdraw funds instantly, and games are 100% secure, fair, and true via the phenomenon of Provably Fair. Ultimately, although the benefits of blockchain gambling sites are clear to see – just make sure that you gamble responsibly at all times.

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      Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of publications in the online space.

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