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Is blockchain the answer to safer online gambling?



Is blockchain the answer to safer online gambling?
Source: Unsplash

In 1994, the first online gambling site went live, and while online gambling seemed like a bit of a novelty [and a little bit of a risk], today it’s a billion-dollar industry with thousands of casinos worldwide.
Despite increasing popularity of online gambling sites, many people are hesitant to try online gambling or put their trust in a site; this should come as no surprise considering that the history of gambling has always had a reputation of being a game of trickery by some.
Some gamblers don’t like to play the slots or their favorite game of poker online because they don’t have a strong sense of where their money is going and whether or not they will see any winnings [some have even been a victim of fraud]. Others question the legitimacy or fairness of an online gambling site. Even though there have been incidences of fraudulent activity in the last two decades, the majority of online gambling sites are relatively safe.
There are many ways to protect yourself when playing online [the best is to do your research and makes sure it’s a trustworthy site before you play], but if you want to ensure an even more secure experience blockchain may be the solution.

Why Blockchain May Improve Your Online Gambling Experience

If you’ve browsed or even played at some online casinos, you may have noticed that cryptocurrency is becoming a more common way to play. Wonder how well it works? Let’s take a closer look at the basics of blockchain and a few of the potential benefits.
Blockchain technology secures and protects information through cryptography [or encryption]. It’s also a more secure option because there’s never any third party involved or a financial institution responsible for moving your money around.
No “middleman” means that transactions go directly from giver and receiver, kind of like if you were sitting and playing poker with your friends in person.
Blockchain never stores any personal information that could increase your risk of falling victim to fraudulent activity, which is another reason why we’re likely to see more online casinos accepting cryptocurrency.
While blockchain seems like a promising option for online gamblers, it’s important to consider how it may benefit the casino. Since cryptocurrency cannot be “disputed,” casinos spend less time and money resolving issues or player fraud.
Some gambling fans are hesitant to play online because they’re afraid it’s unfair, but the transparency of blockchain technology allows players to check that the games they are playing are fair.
Blockchain technology isn’t the only solution to attracting new players, maintaining a good reputation as an online casino, and bringing the “fairness” back into gambling, but it’s a step in the right direction.
As an online gambler, it’s important to look closely at each site before you place, read expert reviews, and have a clear understanding of the terms and conditions. Online casinos that accept cryptocurrency aren’t automatically safer, but there’s a good chance you’ll have a better experience overall than other online sites.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.