It’s long been said that gambling is one of the surest ways to lose your paycheck, and for traditional betting platforms that is probably true. However, with the rise of crypto gambling, betting has become more transparent, improving the odds for gamblers and ensuring absolute fairness when it comes to paying out their winnings.
Blockchain is the public ledger technology that powers cryptocurrencies like Bitcoin and Ethereum, but it does much more than just provide a record of transactions. Unlike traditional databases, blockchain is entirely decentralized and transparent, and it’s these characteristics that make it an ideal foundation for the new generation of crypto-based gambling sites. By using blockchain, online casinos can offer punters greater transparency and provable fairness for any game that involves the element of chance.
It’s a concept that has become a big hit, as the popularity of crypto betting platforms like Duelbits, Blockchain Bets and FunFair continues to grow. After all, fairness is highly valued by bettors, and the use of blockchain provides a strong competitive edge to online casinos, earning loyalty from punters.
How Blockchain Improves The Betting Experience
The biggest difference blockchain makes versus traditional betting platforms is in terms of transparency. Blockchains are immutable, meaning that once data is added to it, it cannot be changed or deleted. Blockchains are also programmable, allowing casino platforms to create smart contracts that automate all aspects of the betting process. The terms of each bet are specified in the smart contract, which automates payouts in the event of a winning bet. Moreover, the smart contracts themselves are fully open-source, meaning anyone can inspect them. This reduces the prospect of manipulation from unscrupulous betting platforms. At the same time, it ensures accuracy in terms of match results, and guarantees the odds of each bet. The human factor is completely eliminated from the processing of payouts.
As opposed to traditional platforms, where bets are processed within a “black box”, all betting transactions on crypto gambling sites, including wins, losses and pushes – where the stake is returned to the player – are recorded publicly and permanently on the blockchain. Funds are held within the smart contract rather than in the custody of the platform operator.
The use of open-source smart contracts means casino games can be configured in a way that is provably fair, allowing players to verify the randomness of each game. Moreover, blockchain delivers faster payouts, depending on the cryptocurrency used. Some digital token’s transactions can be processed almost instantaneously, with payouts completed in a matter of seconds. It means no more waiting for hours on end to process withdrawals, as is usually the case with fiat.
Another advantage of crypto gambling is that regulatory compliance can be baked into these platforms. There’s also the privacy aspect. Because players use digital coins rather than fiat, some platforms allow players to remain fully anonymous, and they don’t need to share their banking or credit card details with the platform.
Online Casinos Maximize Blockchain’s Advantages
Duelbits is a crypto gaming platform that takes enormous pride in the transparency of its betting processes and financial transactions. All bets placed on its platform are handled by automated smart contracts, so there’s no risk of the results being manipulated or payouts being denied. If the punter places a bet on Barcelona to win a match and the result comes in, they are guaranteed to receive a prompt payout. Duelbits also offers dozens of random casino games that are verifiably fair, helping to maximize player’s chances.
Due to its loyal customer base, Duelbits offers some of the best odds of any sportsbook, along with a 37.5% rakeback and various daily and weekly promotions for punters that are also provably fair.
Blockchain also enables casinos to offer a unique twist on gambling. For instance, Blockchain Bets leverages blockchain to create a “social betting” model, where players can wager against each other using smart contracts, rather than betting against the house. By using smart contracts, the payouts are automated and completely fair.
It’s actually possible for anyone to create a betting platform using blockchain technology. FunFair is a white-label, turnkey platform that anyone can use to create their own online casino. With it, the operator only needs to add their own branding and they can begin marketing the platform and taking bets. It also provides a stage for developers, who can list their games on its marketplace for other platforms to adopt. So casino operators can pick and choose from a wide selection of demonstrably fair games.
Fairer Betting Is The Future
Blockchain’s immutable and transparent nature is a game changer for online betting platforms. It acts as a verifiable, tamper-proof record of all betting transactions and payouts to increase the confidence of punters. The risk of data manipulation is dramatically reduced, making gaming outcomes fairer and enhancing reward transparency.
By using blockchain as the basis of their betting platform, casino operators can offer their customers a safer, trusted environment for gambling. Punters have demonstrated time and again that is exactly what they want, as crypto-based gambling continues to grow.
