This shouldn’t come as a surprise to you. Blockchain technology, the underlying technology that supports Bitcoin, Ethereum, Litecoin and all other cryptocurrencies, is making a huge impact on the casino industry. At the moment, most of that impact is being made at online casinos, but it’s only a matter of time before brick-and-mortar casinos on the Las Vegas strip are also using blockchain technology.
In this post, we will go over several reasons why that’s the case. Some of the ways in which blockchains affect both gamblers and casinos are things you’ve probably never thought of before.
Using the Blockchain Is Cheaper for Casinos
A blockchain is a public ledger that is completely decentralized. It’s secured by a network of computers and not a central authority. This means an online casino can effectively cut out the need for using third-party payment processors like PayPal or Visa. It means the casino saves money on its bottom line and overhead costs.
A casino saving on costs has a trickle-down effect for gamblers. It means that the casino can essentially afford to give you better promotions and better odds on your wagers, because they don’t have to give a cut of their profits to payment processors. As cryptocurrency adoption continues to grow and blockchain technology evolves, facilitating more and more transactions at faster speeds will also become cheaper.
Casinos Don’t Have to Know Who You Are
Gone are the days of putting you through Know Your Client verification, or having your significant other see that you’re when they open up your credit card statement. Since you’re not verifying a bank account or credit card, many Bitcoin gambling sites don’t actually need to see your identification.
Bitcoin transactions themselves aren’t completely anonymous, but the average person won’t be able to track them without some sort of a technology-minded financial forensics investigator helping them out. That’s good news for you. Keep your gambling habits to yourself if you want to.
Provably Fair Gaming
Whether you prefer placing wagers on sportsbooks or betting on traditional table games like poker, roulette, slots, blackjack or dice, it can all be done with cryptocurrencies. After all, those games are not going to change regardless of the currency being used to place the bet.
One thing that the blockchain does do for all of these games however is make it so that casino operators can display every outcome of a given spin of the wheel or pull of the slot machine publicly. Since there is no danger in exposing the names of individuals next to a given wager and the blockchain is a public ledger that can store all sorts of data (not just data related to money, but data related to betting outcomes), many crypto gambling sites transparently show you the outcome of every spin of the wheel etc… This means that whatever the house edge is or whatever the long-term outcomes of random events are supposed to be, you can see it for yourself. No hiding anything.
Bitcoin Gambling Sites Force the Broader Market to Compete
Competition is always a good thing for the end consumer. The more and more Bitcoin betting sites can lower fees and increase what they offer in terms of better betting odds and better promotions, the more traditional casinos and sportsbooks have to adjust. This means the average gambler wins in the long run because you get to go wherever your crypto can stretch farther. No need to rely on the handful of casinos flashing their lights and sounds on the Las Vegas strip anymore. Gambling with bitcoin gives you a plethora of other options.
Explore those other options and keep learning more about what it means to bet with Bitcoin and have your wagers registered on the blockchain.
Let the casino winnings be yours!