Modern gambling industry is marred with complaints of unfair tactics and scams by the casino houses today. In fact, proven cases of fraud by casinos have come to life numerous times of late. Such an unsafe environment is naturally pushing away many players from the gambling industry. Besides, there is the fear of getting personal data stolen due to electronic payments in online casinos.
Then, of course, there are strict geographical and currency restrictions that prevent many aspiring gamblers to place bets in certain casinos. The existing situation poses issues both for players and casinos which in turn vastly affect the overall gambling industry. But, the advanced blockchain technology could help to bring fairness in the gambling industry- facilitating a safe and profitable environment for players and the casinos.
In online casinos, players have access to only those data that the casino conveys to them. Since players don’t have independent access to all the information- casinos can manipulate the details any time and deny players of their “actual” winning amount.
But the adoption of blockchain technology will eliminate such sneaky practices by casinos by making information available to all. The technology rests on a decentralized environment which makes information available to all, including the players. Such a scenario helps to establish fairness for players as now they would have everything to their knowledge.
It’s also to stress here that the information stored on blockchain’s decentralized digital ledger is encrypted with the most powerful encryption technology and is completely immutable. It means, nobody involved in the entire ecosystem- be it the casino or players- can change or manipulate the data.
Players often complain of higher transaction fees in online casinos and for all the right reasons. Moreover, delayed withdrawals of payments is another major reason why many players today find it unfair to play in online casinos. But, you don’t have such issues with crypto payments.
“Crypto payments don’t involve the higher transaction costs as you see with other payment systems in online casinos. Moreover, crypto payments assure quasi-immediate withdrawal which is another major reason why casinos should include cryptocurrency payments”, stated rising crypto gaming portal PBET.
PBET is run by the mission to unite land-based and online casinos into One single gaming channel- while integrating safe, fast and affordable crypto payments.
Many casinos do not allow payments/deposits in certain currencies. It prevents many foreign players (those from the countries of prohibited currencies) from gambling online. But blockchain-based crypto payments are universal currencies and are not tied to any particular country. Thus, it makes online gambling viable for players from the countries of prohibited currencies as well.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
Get the latest Crypto & Blockchain News in your inbox.
