The Internet has changed the way that just about every industry operates during its tremendous growth over the past few decades. Even more important to recognize is how many new industries the Internet have given rise to over that same relatively short amount of time.
The entire online gambling industry from casino games to sports betting has grown at an even faster pace given the proliferation of online betting venues across the nation and around the globe. Easy access to casino gambling and sports betting online as made each of the activities accessible to anyone with some money and an internet connection.
How Can Cryptocurrencies Redefine The Online Gambling Industry?
Fueling this growth has been the rise in popularity of using Bitcoin and other cryptocurrencies to fund online betting accounts. Digital currency is not tied to a financial institution and it does not rely on personal information to process transactions. This makes it very attractive to anyone looking to protect their identities from some of the pitfalls related to online security issues.
In a recent post by Chris Smith on www.knowtechie.com, the notion that the cryptocurrency industry and the online gambling industry may be aligning to cause the ‘perfect storm’ for even bigger growth in the coming years was examined in greater detail.
As mentioned, these two industries have been able to work in unison to fuel one another’s growth in recent years. There are some issues on the table that could cause cryptos and blockchain technology to actually redefine the online gambling industry in the not-to-distant future.
Crypto Gaming Helps Enhance Fraud Detection?
The first notion in this theory is enhanced fraud detection. While the growth and expansion of online gambling has attracted a whole new wave of players in recent years, it has also attracted the attention of cybercriminals all around the globe. Improved blockchain performance can make it extremely hard to manipulate an online casino’s banking procedures that are still subject to fraud and outright theft. Winnings could be immediately transferred to customers through the use of smart contracts.
Cryptocurrency Helps People Gamble Online Anonymously With Cheaper Costs
The sheer nature of how cryptos work make them a natural fit for the online gambling industry. Lower costs, higher security and overall ease of use are existing trends that can be enhanced even more with improved blockchain performance. As cryptos become more and more mainstream with active online gamblers, it is positioned to become a truly dominant part of all the online banking transactions involved with gambling online.
The land-based casino gambling industry is faced with an increasing amount of government involvement from a regulatory standpoint in the face of rapid expansion. Tax rates with land-based operations in the US alone are bound to cut into operator revenues over time. While some online casino gambling is tied to its land-based parent companies, many online operations are fully independent and self-sustained. The complete anonymity that cryptos bring to table are a perfect growth factor for these stand-alone online gambling sites.
Related: OpenBet Gaming Software
About The Online Casino Site Satoshi Dice
One site mentioned by name in this post is Satoshi Dice. This was one of the first Bitcoin casinos that allowed players to simply transfer Bitcoin to a specific address. There was no need to set up an account or download any software to begin play.
Source: Cryptocurrency and online gambling: The virtual storm From Knowtechie.comOn November 16, 2018.