It is not surprising that many in the blockchain industry are trying to enter the gambling market, thanks to the technology of distributed general ledgers.
Are there real advantages of using blockchain in the gambling market?
Even though sometimes transparency and invariability of records are not necessary, all projects to create blockchains offer them to destroy and revolutionize the market.
Therefore, gambling can have a useful application for blockchain. The benefits of a blockchain are often out of control, and it will take many years before this technology truly transforms areas such as HR or merchandising.
However, online gambling is different because it has a prominent set of issues that must be addressed to give the industry a better reputation. Blockchain can solve these issues quite easily.
The Physical Casinos Jumping Into The Digital World
Physical casinos have gone through various design stages, first focusing on the “trap” of the players inside to encourage more gambling, and eventually developing to make players feel like they were royal. No matter what design, the goal is always the same: to make players play for big money.
Everything from the flashing lights in the dull room to the constant sound of coins rattling from the slot machine is all on purpose.
A University of British Columbia’s study revealed that there was less chance of winning when the laboratory gaming system had the audio-visual features of casinos.
In general, people took greater risks by playing more casino-like games, regardless of the chances of winning. If you combine flashing lights, cheerful sounds, and an atmosphere where people feel welcome, you’re likely to have a successful casino.
The natural step for casinos was the transition to the digital world, and they brought their flashing lights and cheerful sounds. Almost every online casino is filled with fun avatars, ultra-modern animations for their games, and the feeling that “it’s not real.”
Researchers found that when ‘bells and whistles’ were added to gambling to signal winnings, participants were more likely to take more risks.
These tricks were transferred from physical casinos, but the drop of physical casinos also came with the package. For online casinos, players still lose most of the time. It must be the case. Otherwise, the casino will fail.
After all, all their income is formed at the expense of losing players. However, it’s only fun for one of the parties involved; can you guess which one?
When a casino runs a business where the flow of their income is generated by losing players, they have no reason to encourage players to stop.
But what if we could shift the casino’s motivation from being players in their games to being a familiar facilitator for groups of players who want to compete with each other?
Can The Blockchain Change The Way We Gamble?
What if the casino didn’t have a horse at the races? What if they just took on the role of a friend who invited a group of people to their house, and instead of playing cards with everyone and trying to win, they just sat there and made sure that no one cheated?
Many have heard the term “impeccable trust” being thrown in the world of blockchains these days. In this case, it refers directly to the needs of an industry that is transformed by blockchain technology.
There are several different types of blockchain-based services where you can play casino games online, each of which has a unique approach to decentralizing the online casino world. Betamo (check out this best online casino site), Edgeless, and BitStarz, in one way or another, use blockchain to control their casinos, but each has its own experience of playing.
E.g., BitStars primarily uses blockchain technology to ensure that their games are fair. Also, they are still a casino that relies on the edges of the house to make money, and they always rely on players who lose to stay in business.
A more decentralized approach comes from Betamo, which has shaped their business around, you guessed it, without giving the edges of the house. They use blockchain to ensure that all their games are played moderately, and they even did their best to take advantage of a house so that the players have a higher chance of winning.