Blockchain Heats up the iGaming Industry
Published March 7, 2020 by Lee R
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.
