Games and gambling are one of the most actively developing segments of the blockchain industry. According to the analytical resource Dapp Review, games, including gambling, account for almost half of all decentralized applications (DEX) based on the Ethereum blockchain. And in the TRON ecosystem, eight out of ten applications can be considered a type of online casino. As of the end of 2019, transactions worth over $ 3.9 billion were processed through TRON-based decentralized casinos, which is almost 90% of the total volume of transactions on this blockchain.
It is quite clear that blockchain and decentralization has not spared such ancient industries as online games, online casinos and betting. How have new technologies influenced the evolution of the industry, can these changes be considered positive and in what direction will the industry develop in the near future? We talked about this and much more with representatives of the B2BSlots company, which develops software for Bitcoin gambling and offers ready-made turnkey casinos, including registration in various jurisdictions.
Bitcoin gambling and other cryptocurrencies are becoming more and more popular, they are often used for payments in virtual casinos. Many players are specifically looking for virtual casinos for cryptocurrency, as they have already managed to evaluate the advantages of this means of payment.
Operators of virtual games explain that there are both advantages and disadvantages when using Bitcoin for betting.
Advantages of cryptocurrencies in casinos
1. Low transaction fees
Bitcoin is a decentralized network, so there is no authority that would like to make money on cryptocurrency transactions. There is a transaction fee for using bitcoin, but it is usually a few cents. This is several times less commissions that casinos usually pay to banks, payment systems and aggregators. There is no doubt that in the very near future more and more virtual casinos will appreciate the savings on cryptocurrency transactions, so they will use this method of financial transactions. Players will be offered an interest-free withdrawal in cryptocurrency if it was used to replenish the balance.
2. Anonymity and confidentiality
To cooperate with banks and payment systems, you will need to provide a lot of documents and personal data. For operations with bitcoins, much less information is needed – only the address of the bitcoin wallet, public and private keys are also required. For many potential players, the prospect of sending scans of their passport to someone does not seem very attractive. Most virtual casinos do not want to verify the player’s account without scans of documents, and therefore do not want to make any payments.
Cryptocurrency has influenced and changed many areas, including online gambling. Of course, at first there was a big hype, prospects, but at the moment, in general, changes in the industry have not caused large, but rather moderate. For a number of specific areas in gambling, cryptocurrency has become a turning point.
Many players in countries where there is a tight currency regulation were finally able to satisfy their needs without fear and risk of losing their money, and online casinos were able to provide them with these services.
Also, many affiliate programs and brands that are tightly regulated by local licenses and legislation have switched to paying affiliates (traffic providers) in cryptocurrency, which gives them loopholes to avoid unnecessary attention from inspectors and tax authorities.
It is worth noting that a whole segment of crypto games was born, the so-called simple or simple games, the essence of which is that the player can check them for the honesty of the results given. Of course, most of these games were taken from the classic gambling, but if my memory serves me, Dice is a unique gambling crypto game.
Compared to online gambling using fiat tools, cryptocurrency turnover is still very modest. However, I consider the emerging trend to be significant and very important for the industry as a whole.