Blockchain technology has massive implications for changing the way people look at an industry. The gambling industry, in particular, is a black box of numbers and algorithms — most people cannot seem to get their heads around the esoteric formulae used let alone trust that this opaque operator is honest! As people begin to understand the benefit of transparency that blockchain technology offers, the interest in making the gambling industry faster, more accessible and transparent to everyone continues to grow. A prominent example of this is FunFair technologies — view their excellent work here: https://funfair.io
Although blockchain has incredible potential to disrupt the gambling market and improve outcomes, governments are slow to allow this transition. Malta is one of the pioneers when it comes to the gambling industry; what makes it special is that it will soon legalise the use of cryptocurrencies in casinos!
It’s easier to participate!
Blockchain is borderless: Anyone with a computer, anywhere in the world, can access casino offerings with transaction fees in cents, using any amount they want to participate with. By adopting the technology, casinos are reducing their own cost structure, transaction fees, and increasing transparency to levels previously unattainable.
Does that make a difference?
Yes! Increasing fairness, efficiency and transparency in gambling has the potential to reinvigorate an industry with a traditionally poor reputation. Further, cryptocurrencies for gaming seems to be an interesting proposition for both casinos and participants. Participants can gamble anonymously, and dispute resolution is simplified by way of access to trustless transaction history. For example, if there are any issues with the payments, the casinos can access the blockchain and figure out what the exact cause of the problem was and how to resolve the issue effectively and efficiently.
Power to the people!
Fair is a term seldom used to describe a casino. Usually, the house wins. But the reality is that blockchain does offer more transparency, and that can be incredibly empowering to both the player and operator. This transparency helps the user, but it equally improves the credibility of the gaming provider — you do not have to trust them, just audit their code! This means the house has to play by the rules — the balance of power has shifted to the user.