Between 2019 and 2025, the current online gambling market will increase at a compound annual growth rate (CAGR) of 11.5 percent. This would increase the size of the internet gambling sector to 102.97 billion dollars, a significant achievement. It is critical to emphasize that internet casinos play a big role in the aforementioned issue.
The growing number of people who have access to smartphones and the internet has contributed to online casinos’ market dominance. To take advantage of the current growth potential, internet casinos must ensure that their operations are legitimate.
Given how huge the sector is, it’s a shame that such a massive industry has to deal with so many difficulties. The way through which casinos make money is most likely the most questionable component of the industry. Furthermore, it has been proven without a reasonable doubt that casinos profit from players who they are unable to retain as customers. And it is precisely here that the casino’s credibility is constantly called into doubt by the players. They believe that online gambling is unethical.
Online casinos in the United States conducted a player poll to gather insight into the present state of the sector. It discovered several highly relevant factors that influence the popularity of online casinos.
Why is trust so vital in casinos?
According to the poll results, one of the most essential criteria in developing confidence is providing reliable and timely cashouts. Online casino gamers are sure that firms that pay out prizes in a timely way provide a more honest gaming atmosphere.
This is not, however, the only hurdle that must be surmounted to open an online casino. It appears that practically every nation has enacted its own rules governing internet casinos. As a result, the reach of a digital casino is limited to a considerably smaller area. Gamers are having issues making deposits to increase their wagering amounts. This is because their financial institutions consider gambling to be an illegal activity. Many various credit card issuers rejected these transactions when users sought to place bets using their credit cards.
Despite the numerous impediments, the expansion of online casinos will continue to rise. This is because decentralized technologies such as blockchain are making inroads into the sector. The adoption of blockchain technology may make it easier for houses and players to establish trusting relationships with one another.
We do not expect blockchain to work some type of magic and change the fate of the players. On the other hand, owing to the blockchain, we can envision the presence of a trustless online gaming environment.
What advantages does blockchain have for online gambling sites?
Blockchain technology has the potential to directly address the industry’s existing difficulties. The following are some of the deficiencies that must be addressed:
The factor of trust should be prioritized
Profit margins for both the house and the players are under increasing strain. The sector has yet to find a method to appeal to the millennial generation. There has recently been an increase in the number of blockchain projects attempting to fill the gaps. However, it appears that they are each working independently. And this could lead to even more chaos. Both players and online casino owners will struggle to navigate the learning curve. Innovative and forward-thinking projects, such as FunFair, are taking a more progressive approach to the issues. The concept was created by iGaming industry veterans Jeremy Longley and Oliver Hopton. Blockchain technology is used to support white label casinos, and this one is no exception.
With access to such a platform, casino operators can easily implement blockchain technology. When operators adopt FunFair, they immediately acquire a platform rich in features such as the following:
The fact that every game can be proven to be fair helps gamers reestablish faith in gaming’s integrity. Because each move is permanently recorded on an immutable distributed ledger, the rivalry between the houses is always fair.
Under no circumstances are casino operators required to take possession of a player’s funds. This decreases the risks that both parties are taking. Furthermore, the blockchain will execute winning and losing transactions in real-time.
Advantages of Decentralization
There is no single weak point because there is no centralized authority managing any aspect of the transactions. No authority will be able to prevent or withhold a player’s payments if he achieves considerable success.
When blockchain technology is used, it is simple to administer the entire casino environment openly and honestly. Financial transactions will take place in real-time when using the FunFair protocol. The same logic applies to on-chain affiliates and game developers, who are getting compensated in real-time. This is because payment processing occurs on smart contracts. Affiliates are paid instantly regardless of whether their player books win or lose. This is an added benefit for them.
Profit Margins Optimization
FunFair can avoid numerous payment processors that are typically involved in the chain, such as banks and currency exchangers, by employing Lite technology. Because payments are transferred directly to the players and casino operators, profit margins do not need to account for the costs of several processing operations.
Anonymity and similarity are both ensured
Because blockchain technology is in use, players can choose to remain anonymous. As a result, decentralization ensures that everyone has equal access to gamers worldwide at the same cost. Anonymity is critical for gamblers and other types of bettors.
The traditional financial system does not give gamblers simple choices for moving big sums of money. As more cryptocurrency exchanges join the FunFair platform, players and houses will have more options for placing bets and cashing out wins as the number of available exchanges grows. One of the most crucial benefits for casinos is that gambling systems attract hackers. The use of blockchain technology results in impenetrable security.
Finally, blockchain technology can bridge a substantial gap in existing ecosystems. By leveraging patented systems such as FunFair, which enable this functionality, online casino owners may make straightforward use of cutting-edge technology at very little price. When blockchain technology is used to boost player confidence, the development of online casinos is almost certain to accelerate.