Gambling has always been an activity that millions enjoy doing. Casinos or gambling activities can be found throughout history all over the world, and the internet made it grow and more accessible to everyone.
Blockchain Gambling: The Future Is Here
The blockchain technology is already here and ready to take gambling to the next level.
No one in charge
Currently, online casinos depend on private servers and companies, but one of the main features of blockchain casinos and blockchain gambling is that they are decentralized. This just means that there is no one in charge, there is no human intervention in platforms such as Augur, where the betting markets are defined by smart contracts.
The role of these smart contracts is to gather the bets and distribute winnings, in a fully transparent process where it’s easy to see how the winnings are distributed, so there’s no more Grey areas or doubts in gambling.
Numbers from the gambling industry
The awareness about the blockchain is already a global phenomenon, but it’s much more than that for the many industries of all the sectors of activity, which see it as better solution than their current system.
The gambling industry has always been a leader in what technological changes are concerned, and in this case it’s no exception. The blockchain revolution is already happening and proving it we have more than 120 Initial Coin Offerings (ICOs) in the gambling market over the past two years.
These numbers are even more impressive when we realize that the online gambling industry, with which the blockchain gambling industry competes directly, is also growing to record breaking levels in past years.
The online gambling market is worth more than $60 billion, number that doesn’t account the bets placed illegally, 99% of all bets, according to a study done by Forbes, what would make the numbers of the industry 100 times bigger.
The Future of Gambling
Transparency and fairness are just some of the reasons why the blockchain is the future of gambling. Sports books are other solid reasons why this is also true, as today anyone wanting to launch one faces several difficulties, namely liquidity.
Any company wanting to operate a sports book needs to have close to $500.000 to run the markets, while on a blockchain platform anyone can be a market maker. Apart from liquidity we also have all the set up fees and licensing costs, which are nonexistent in a blockchain platform that already exists.
The blockchain platform manages bet creation and execution, and on top of this there are no concerns about regulation because it’s a decentralized platform that is not under the jurisdiction of any government.
Putting this on other terms, the existing non-blockchain platforms are locked into limited jurisdictions and aren’t, therefore, global markets, and are subject of the action of private entities who can close or restrict the existing markets.
The blockchain technology can create platforms with native cryptocurrencies, being a fully integrated and decentralized method to facilitate access to a global market in an anonymous way, which pretty much explains by itself why it is the future of gambling.