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Advantages of blockchain gambling

How blockchain protects players of crypto gambling platforms

Crypto gambling platforms have many advantages over conventional online counterparts. The main problem of online gambling sites is that they are difficult to check: whether the random number algorithm that determines the winnings is honest or, for example, whether the site has money to pay out winnings. Also, the user has no guarantees of receiving his winnings, and referrals who attract new customers cannot be completely sure that their payments were correctly credited. Moreover, for many players, a huge disadvantage of regular online casinos is the need to register and verify. At ordb.org you can find the list of the most trusted crypto casinos.

Blockchain makes gambling transparent. All actions of players and crypto casinos are recorded in a public registry: any user can check them, and the casino cannot make any changes. Let’s see what benefits this gives players.

  • Casino balance check. Crypto casinos work through smart contracts that automatically transfer winnings to the winner’s wallet. Any user can check the address of this smart contract and make sure that the site has enough funds for payments and that it regularly makes them.
  • Checking the casino algorithm. Positively proven crypto-casinos use only certified software that has passed an independent audit. But some gambling sites prefer their own software, which greatly reduces the player’s chances of winning. For example, in a fair algorithm, the probability of getting heads or tails will be 50 to 50. And in a dishonest algorithm, this indicator can be 70 to 30. The same principle works with any gambling game: roulette, cards, slot machines, dice, and so on.
  • One way to determine the fairness of an algorithm is to check the payoff distribution. This cannot be done in regular casinos. But in a crypto-casino, the blockchain, in which all bets and game results are recorded, allows you to compare whether the winnings of the players correspond to a fair distribution.
  • Blockchain also allows you to check whether the sites correctly calculate remuneration for attracted referrals: all information about the attracted players and their rates are recorded in a public register.
  • Automatic receipt of winnings. Payouts based on a smart contract are automatic, and the casino cannot block them. In addition, cryptocurrency transfers tend to be much faster than fiat withdrawals to a bank account: minutes versus hours or even days.
  • Ease of registration and privacy. Most crypto casinos do not require any data from the user other than an email address. This is convenient for players from jurisdictions where online gambling is prohibited or where banks block payments to such platforms. The player can transfer money and collect the winnings without revealing their identity and banking details.

How to choose a cryptocurrency gambling platform?

Unfortunately, there are cases on the market when crypto casinos only pretend to be blockchain platforms, but in practice, they do not implement any distributed ledger technologies. Among those who actually use the blockchain are Decent.Bet, Edgeless Casino, Fairspin, Funfair, and TrueFlip.

Here are some things to look out for when choosing an honest crypto casino:

  • Smart contract – its address must be publicly available. If it is not on the site, you should try to request it from technical support. If you can’t get the smart contract address, it’s probably not a real blockchain casino. In a smart contract, you can check the balance and transaction history of the casino through the blockchain browser.
  • Jurisdiction and License – Most licensed platforms will operate in one of the above jurisdictions. The presence of a license provides an opportunity in case of any problems to seek help from the regulator. If you are a citizen of New Zealand, then you also need to make sure that the site works with clients from this country and pays them winnings.
  • SSL and HTTPS – Genuine casino sites have an SSL certificate attached, and a secure connection is provided through the HTTPS protocol.
  • User Agreement – study it carefully to make sure that the site does not relieve itself of responsibility for paying out the winnings due to a minor violation of its rules.
  • Certified Software – The software provider is usually specified in the user agreement. If it is not there, the algorithm cannot be checked for honesty.
  • Game developers – they are also listed in the user agreement. Among the most popular and well-known on the crypto market are Microgaming, Play’Ngo, Quickspin, Yggdrasil, Evolution Gaming, and Netent.
  • Reviews – read the reviews of experienced players on specialized forums. If there are deceived players, this is a reason to be wary.

Prospects for the crypto gambling market

According to forecasts, by 2025 the online gambling market will reach $97.69 billion, and the average annual growth rate until 2030 will be 11.7%. With the mass adoption of cryptocurrencies, the share of blockchain gambling in this sector will also grow.

According to sports betting software developer GammaStack, about 35% of all requests the company receives are for blockchain solutions. The company’s analysts note that blockchain-based mobile gambling applications are in the greatest demand.

Conclusion

To get vivid emotions, players choose a cryptocurrency casino without investments with a no deposit bonus and a faucet and then register with them. But it is quite difficult to find a reliable service with good cooperation conditions. In order not to make a mistake in choosing, you need to pay attention to clubs with licenses from Curacao, Malta, or KGC. Permits act as a guarantee that the club is honest and does not deceive customers.