The blockchain technology is altering the way online punters place their bets and shows the convenience of the online gambling economics as a whole. The use of the technology in a blockchain gambling site is the future of online betting because of the features that make the mediums unique. The fiat currency is the centralized medium traditionally circulating in wagering activities in most betting platforms.
But before we delve into the blockchain gambling site experience, it is best to understand what blockchain is all about and how it works for gamblers from all over the world.
A blockchain is a digital record utilized to document transactions with the use of input data. Since Satoshi Nakamoto created the cryptocurrency to enhance financial deals with Bitcoin, the digital cash became famous as the technology that drives the blockchain. The orderly and decentralized records of transactions are available to the public. Online blockchain gambling sites are now operating with the application of the technology.
A Blockchain Gambling Site will take over Traditional Online Wagering
Online blockchain gambling sites are now operating with the application of the technology. More and more online gamblers find the blockchain gambling sites more convenient than the conventional betting platforms using the fiat currency. Crypto account holders trust the sites that have the digital cash payment option facility with the safety and security of their funds.
The decentralized system also has the anonymity feature that most gamblers prefer; high rollers and other celebrities do not want their identification splashed over the internet. The popular gamblers want their persons in secret so as to avoid government prying over their luxuries.
In a blockchain gambling site like the bigbook.ag, the playing preferences apply to the online players. Bitcoin is not the only digital money accepted by the sites, other cryptocurrencies like Ethereum, Bitcoin Cash, Litecoin among other cybercash are also in for the wagering activity.
The Bitcoin has a total wager value of $4.5 billion since the start of the blockchain gambling sites in 2014. The figure manifests that cryptocurrency gambling platforms will be the future of bet placements. The use of Bitcoin indicates its efficiency due to the players’ privacy, security, fast, prompt payouts and easy digital cash transfers.
A Blockchain Gambling Site Projects a New Level of Transparency and Trust
The online betting upgrade boosted the features of transparency and the credibility of the transaction. The funds are safely in place before the placement of bets on the table, a sports tournament, or an event. The gambling environment also indicates fairness of the generation of odds and how the activity goes through in the process of the results for the events.
Basing on the features that the technology presents to the gambling industry, a blockchain gambling site needs it more than most blockchain technology organizations. The application of this decentralized system is a boon to the online betting site and to the punters as well.
Studies from the Superdata Research show that the online gambling industry will surpass its projection to $50 billion this year. Out of this data, 75% of the players placed their bets through mobile devices which attributes to 25% of the entire online gambling industry. The multitude of online players loves to put their money and have fun (or make a living) out of the online gambling yet there is no absolute authority that can warrant the fairness, transparency, honesty, and trustworthiness of an online wagering site.
Blockchain Gambling Site Sets Fairness in Online Betting
The information delivered by the Superdata Research Study states that the scamming community has sites set into possible schemes to make a run for the player’s money. The internet detected 1.4 million fake websites created every month and these hackers are lurking in cyberspace ready to prey on unsuspecting individuals. Even established gambling sites along with their players are still prone to these scheming cybercriminals.
The open records that the blockchain technology deliver are impossible to hack and alter. Programmers are in to apply the technology to every walks of industries aiming to secure their information and safely transact with their crypto funds.
The integration of the blockchain technology to the online betting platforms will sever the advances of cyber-hackers out to rip the punters off with their hard earned money. The blockchain will resolve the issue of trust for both parties of the gambling table by being transparent and fair in the generation of the odds and results of the game.
Most online casinos hide their data from their customers. Information like the winnings, game results, and payouts are among the data hidden from the betting public. The introduction of a blockchain gambling site decentralizes the information with no controlling agency to meddle with the betting transactions. The online casinos also have the perpetual house edge that assures their winnings against the online punters aiming to hit the jackpot and win some money. The “house edge” calculates the chances of the gambler winning against the casino wherein the more you play your hand, the more chances of them winning against you.
The blockchain gambling site narrows the house edge of online casinos and will provide a fair play for the punters playing on the casino tables. This means that casino table games like roulette, slot, and blackjack will have zero in-house advantage in a blockchain gambling site. Without the technology, house edge equates to up to 10% the gamblers face against the casino games in many betting sites. The blockchain will eliminate the advantage of the online casinos and will be offering a fairer gambling field for the internet gamblers.
Traditional and Online Gambling statistics
In the United States, the gambling industry contributes an estimated $137.5 billion annually to the US economy. The world gambling market will have a projected growth of $511 billion in the year 2019. Cryptocurrency has a fraction of the gambling market at the moment but indicators point to the replacement of the blockchain betting attribute in the future.
The world’s gambling market is worth US$450 billion. Online gambling is already at an estimated value of US$37.9 billion according to the Statistics Portal. The worldwide online betting market growth is at 10.5% for this year. On the average, the market growth has steadily been on the uptrend by 8.6%.
Smart Contracts: The most recent development to online wagering
Ethereum is the specific blockchain that has its focus on the smart contracts. These smart contracts are digital agreements of parties wishing to bind themselves with a transaction. The technology enforces the deal through a network of computers in a transparent manner. It is the blockchain technology that eliminates any issue that sows distrust towards the other.
The centralized system has its disadvantages with the conventional contracts. Trust is the central system of the parties involved in the transaction. The centralized system makes the transaction dependent on a third party. The software (smart contracts) stores the terms of the agreement of the parties, validates and executes the terms stipulated within. The blockchain allows the smart contract parties to transact directly with each other. These contracts are in the blockchain and are accessible to the parties involved.
The same applies to a blockchain gambling site wherein the gamblers can have the wager placements stipulated in smart contracts using their ethereum accounts. The agreement will then execute what is agreed upon based on the results of the games or events wagered. Only the Ethereum digital cash have smart contracts at the moment while the Bitcoin does not have the smart contract in its features yet.
Bigbook.ag have cryptocurrency betting option facilities that can accommodate crypto account holders. Visit our website at bigbook.ag and explore what we have in store for you. Or you may call us at 877 418 7171 to avail of the free trial of our facilities.