Blockchain Heats up the iGaming Industry

Published March 7, 2020 by Lee R

Blockchain Heats up the iGaming Industry

When blockchain regulation catches up to iGaming, the industry will be more secure and efficient than ever.

Known for streamlining systems, blockchain technology is being used by the iGaming industry for competitive advantage as well.

Blockchain Benefits iGaming

How these benefits are being realized is important to understand for existing or emerging companies looking to advance themselves within the iGaming competitive landscape and globally digitised iGaming space.

Advantages

Extant sites utilise blockchain technology to streamline basic iGaming functions including placing bets; cashing out; and ID verification.

Blockchain is known for certain qualities that make it more efficient: how these famous qualities help iGaming companies is important to understand.

Transparency

Transparency on the blockchain translates to full visibility for players at gaming sites in terms of seeing a full history of payouts; game outcomes; winnings; and amount of bets placed; and enabling players to see and check all game payouts before and after playing.

Transaction speeds represent another huge benefit related to the blockchain, which translate to more rapid transaction completions in wallet-to-wallet cryptocurrency transfers.

Faster Cryptocurrency Transactions

Casinos that accept cryptocurrencies simply work faster than ones that don't, while cryptocurrency speeds vary as well, with Bitcoin casinos commonly regarded as slower than casinos that use cryptocurrencies Tron and Ripple.

Privacy Maintained

Anonymity is another significant benefit of blockchain technology that is positively impacting iGaming systems. Some players value privacy; they are able to submit an anonymous wallet address to send and receive their cryptocurrency from gambling organisations using blockchain technology.

Leading Companies Using Blockchain

Gaming companies utilising blockchain technology include TruePlay, a business-to-business distributed ledger technology platform offering games registered by smart contract so they cannot be faked that has come to be known for showing customers full transaction result histories; FunFair, which offers a company token that players can use to play with and manage their dashboards; and Augur, a comprehensive one stop integrated decentralised platform using leading cryptocurrency ethereum to support a betting exchange platform where players can also execute market predictions.

Challenges

The prime obstacle to widespread adaptation of blockchain in iGaming is identical to the challenges of the global iGaming industry; the formulation of regulation models in national jurisdictions to govern blockchain technology and cryptocurrency.

Outlook

To date, iGaming is farther ahead along the continuum upon which blockchain regulation is sure to follow.

Mentioned in this article

See also

A Stretch of Sun Forecast for Berlin at Blockchain & Bitcoin Conference Berlin

Sunny Forecast for Prague: Smile-Expo Will Shine Today on Blockchain and Bitcoin Prague

Blockchain and Bitcoin Conference to Take Place in Prague This May

Blockchain & Bitcoin Conference Prague Is Around the Corner

Moscow is the Place to be in April for Blockchain and Bitcoin Russia 2017


Yes! I want to know about exclusive bonuses, promotions, and news.

SUBSCRIBE