Online gambling is still a legal gray area in several parts of the world. However, it is an industry that has a large demand and an ever increasing audience. With the entry of bitcoin in the online world, we have seen many new and innovative online casinos take form. These new Casinos, powered by this new digital currency, came to allow people a relatively safe and anonymous environment to gamble.
The features implemented by this new wave of Bitcoin-based casinos definitely made standard online casinos less appealing and in turn, they came to draw the attention of a lot of gamblers and even the competition. Titles like Dragon’s Tale even came to introduce a new online gambling style exclusively designed for Bitcoin where gamblers could enjoy both gambling and role-playing.
There’s no doubt that Bitcoin is completely changing the gambling Industry, but what about the Blockchain? What can the Blockchain technology offer to the gambling Industry?
Bitcoin gambling is pseudonymous by nature and casinos using it offer provably fair gambling through cryptographic proof. As we have already seen, this is one feature that turns the traditional online casinos less appealing, but what about trust? That’s where the Blockchain technology can be a solution. By implementing decentralized gambling, the Blockchain technology has the potential to implement a completely secure and fraud free environment where gamblers can put their money without the fear of being scammed.
Decentralization offers gamblers the chance of betting through their desktop clients while creating transactions on the Bitcoin Blockchain, making the whole process completely transparent. With this system, governments can’t shut them down, and the owners will not be able to run away with the bankroll.
Now, with a lot of developments being made to enable decentralized Autonomous Organizations, the next step for the gambling industry will be to implement decentralized casinos that can offer no central point of failure and a trusted environment. Augur, is one good example of how decentralization can be implemented in the gambling industry.
For now, the concept is just taking off, but who knows what more developments we will see in the future.