Gambling has been here in many forms for generations and has become one of the most lucrative gaming industries. Evolution of internet made gambling even more popular and online gambling is the current trend which would continue to exist in future. Online gambling has gained even more popularity in recent years especially with the introduction of blockchain technology. Gambling involves certain amount of risk and the gamers want to avoid any unnecessary external risk associated with cheating and fraudulent websites. Blockchain technology gives the gamers an environment for playing where the risk involved is only with the game of gambling. The cryptocurrencies provide a better way of collecting the profits than carrying cash. Even casinos prefer to use cryptocurrency to avoid commissions or bank charges. One of the main advantages of cryptocurrency is that it allows the user to gamble anonymously without having to hand over any identification documents or even having to create an account in certain platforms. This gives users great flexibility in terms of keeping their identity private. It also provide low entry barrier for small time or first time players as giving them option to circumvent regulations of traditional gambling. Lack of transparency was a major issue in online gambling where gambler would not know if the casino is indeed playing ‘fair’. The verifiable smart contracts brought in by blockchain eliminate such uncertainties, making the gamblers more trusting towards the casinos. In online gambling, the anonymity the blockchain provides keeps the gamblers from getting their personal details exposed to potential hackers. In blockchain, as there is no single person or organization controlling the platform, it becomes the right choice for gamblers to ensure privacy and security. It also offers security against online fraud and manipulation of data within the ‘chain’. There is total transparency in blockchain which means the data is verifiable and accountable which makes gambling a fair game. With blockchain, you get to keep your fund directly in your wallet which you can use to play without the meddling of a third party. It lets the smart contracts to place the bet and return the win directly back to your wallet. It is a highly transparent system where you know exactly where your money lies. The transparency also brings in more trust among the players with the casino to start making more bets and putting more money into the game.
Basically, the cryptocurrency and blockchain, its underlying technology is in a way revolutionising the gambling industry. This technology has made people who were suspicious of gambling before, also starting to try the game because of the new level of transparency that the blockchain has brought into this exciting game.