- Blockchain technology uses random number generators to ensure fair play.
- The global online gambling market size in 2022 was valued at $63.53 billion.
- According to data from Statista, the online gambling market is expected to reach $95.05 billion in 2023.
The world of online gaming, also known as iGaming, has seen incredible advancements thanks to the integration of blockchain technology.
Hailed for its decentralized nature, blockchain technology has revolutionized online transactions in the iGaming sector. This change begins with a fundamental shift from traditional payment methods to cryptocurrencies, which has made gaming more inclusive than ever.
Safe online transactions
One of the key strengths of blockchain technology is its unparalleled security. Financial transactions conducted on blockchains are virtually immune to hacking, interception, or diversion by malicious actors.
In the world of iGaming where the financial stakes are high, this is a game changer. Deposits and withdrawals are not only fast but also unaffected by traditional banking institutions. This level of security is especially attractive to players who want to maintain clean bank statements.
In addition to security, blockchain transactions typically involve minimal or no fees. This is especially true when using cryptocurrency. On the other hand, traditional payment methods often come with high transaction fees. This cost-saving feature is a huge boon to iGaming enthusiasts.
anonymous
Player privacy is another strong advantage of blockchain-based transactions. When using cryptocurrency in games, players no longer need to reveal sensitive information such as passwords, codes, or OTPs, which are often required by traditional banks. This means you are less exposed to the risks posed by scammers and fraudsters.
Blockchain protocols also emphasize anonymity as a means to prevent money laundering and protect players’ financial information. By taking these steps, players can enjoy their gaming experience with peace of mind knowing that their identity and finances are protected.
Transparency and fair play
Blockchain’s transparency-enhancing capabilities have left an indelible mark on the iGaming industry, ensuring fairness and integrity are maintained.
At the heart of this change is the smart contract functionality inherent in blockchain technology. A smart contract is a self-executing contract encoded as a computer program on a blockchain. These contracts automate transactions according to predefined terms, eliminating the possibility of tampering by unscrupulous actors.
In the iGaming realm, this translates into a transparent and tamper-proof system for deposits, withdrawals and payouts. Records are maintained meticulously, reducing the potential for fraudulent activity. Players can independently verify the fairness of game outcomes to ensure that odds are not stacked unfairly.
Perhaps one of the most important impacts of blockchain in iGaming is the introduction of fairness. Traditional online casinos offer great sports betting opportunities. However, the infamous “house advantage” often puts players at a disadvantage. However, blockchain technology enabled by random number generators (RNGs) has leveled the playing field.
RNG ensures that the results of games such as video poker, slots, blackjack, and roulette are truly random and fair.
The tamper-proof nature of blockchain technology extends to game results, making it extremely difficult for third parties to tamper with the results. Some online casinos may not fully rely on RNG, but players can still rely on third-party auditors to check the fairness of these games.
conclusion
The integration of cryptocurrency and blockchain technology has had a profound and positive impact on the iGaming industry. These changes not only enhance security, privacy, and transparency, but also usher in a new era of fairness in gaming.
Using blockchain technology, iGaming companies have been able to expand their reach and serve customers around the world by removing restrictions imposed on traditional payment methods. As a result, players around the world can benefit from blockchain technology, making their gaming experiences more secure, transparent, and rewarding than ever before.
The iGaming market, valued at $63.53 billion in 2022, is expected to reach $95.05 billion in 2023, according to data from Statista.. As cryptocurrency and blockchain adoption increases, its value is expected to grow even further in the coming years.