Cashless transactions make everything safer, including gambling. With coronavirus outbreaks grabbing hold of people throughout the world amid the second wave we are currently living through, cashless gambling also makes it easier to maintain social distance. No need to go to the local casino anymore.
Cashless gambling is more than just using a credit card at a casino and exchanging it for chips. It’s even more than just online gambling. It means gambling on the blockchain and not having to worry about trust either.
Cash Is King, but It Can Be Digital and Decentralized
Cashless casinos present a great opportunity to use the blockchain to settle transactions. Blockchains are decentralized. This means they can’t be hacked by anyone. Every record stored on the blockchain gets verified by another user and that user gets a reward for doing their job properly. This means there is never any reasons to dispute a transaction. The better you can do as a contributor to the Bitcoin network and verifying transactions, the more you can earn.
The act of validating transactions is called mining. What’s important in the blockchain world when it comes to settling transactions is not the cashless part, but rather, the trust-less environment. Blockchain technology makes it so that you don’t have to trust anyone in order to participate in a transaction and transfer value with another person. It adds a different dimension to transacting.
Given that many casinos operate in countries most of us don’t live in and we don’t usually know the names and faces of the people that run these casinos, knowing that we can use cryptocurrency and the blockchain to interact with a sportsbook or casino adds a different level of trust that other methods of gambling simply can’t provide.
Swifter Action on the Part of Regulators Is Good for Casino Operators
One of the challenges facing casino operators with regard to implementing blockchain technology into their operations is that governments are still struggling to regulate the industry. As much as individual gamblers want privacy, operators and the casino industry in general will benefit from transparency.
As the saying goes, when the grass is cut low the snakes always show. In the context of that saying, increased regulations surrounding blockchains use in the casino world actually weeds out a lot of the pretenders from the contenders. It puts the most credible casino operators on a pedestal above the rest, instills trust in the everyday gambler and makes the industry as a whole more valuable and more trustworthy to everyone.
Blockchain technology can certainly play a big role in that. You as a gambler want to be able to sit down at a poker table or pull on a slot machine and know that you have a provably fair chance of winning. You want to know that you won’t have to tell your significant other about your gambling habits if you don’t want to. You also want to be able to save the most money and get the most bang for your buck on promotions as possible. Blockchain technology affords you the opportunity to do all of this and it has the potential to dramatically and positively impact the bottom lines of casino operators.