How Blockchain Tech Is Shaping up the Online Gambling Industry of Tomorrow

Online gambling is one of the many industries that has been disrupted and is undergoing a sea change because of blockchain tech and cryptocurrencies. Blockchain technology enables a more competitive, safer and fairer online gambling sector, bringing in more transparency into the domain. This includes opening of accounts within seconds, instant withdrawals and deposits of funds, anonymous gambling and more favorable odds and house edge.

Furthermore, blockchain-backed online gambling portals don’t require sensitive KYC information anymore, more so because they don’t deal with fiat currency.

About Blockchain Gambling Websites

A blockchain gambling portal is normally an online bookmaking platform or an online casino which exclusively offers cryptocurrency withdrawals and deposits. These websites don’t provide any of the conventional payment methods such as e-wallets or credit/debit cards for funding bankrolls. Rather, all methods of withdrawals and payments are around digital currencies such as ethereum, litecoin, bitcoin etc.

The fundamentals of such gambling websites remain the same as conventional platforms. You still get access to all the regular casino games like roulette, blackjack, video poker, progressive jackpots, online slots etc. at the click of the mouse button. The only thing that changes is the currency used to play these games. Hence, you can still play those massive jackpot games like Mega Moolah etc. and be in with a chance to win millions of dollars.

Why More and More Players Are Switching to Cryptocurrencies for Gambling

Easy account opening – Blockchain technology allows players to open accounts with online platforms in a matter of a few seconds, by providing just a username, password and email address. This is unlike conventional betting portals where you must provide a whole lot of details to get going.

Easy withdrawals – Counted amongst the biggest problems when it comes to traditional betting websites is funds withdrawal. One must wait for at least 1 to 2 working days for processing of withdrawals, and thereafter 1-5 more working days for the funds to be credited. Block chain gambling websites allow for instant withdrawals, implying that your winnings can be in your private wallet within minutes.

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Anonymous gambling – Blockchain betting sites not only do away with provision of extensive personal information, but also ensure 100% anonymity of the players. Normally, traditional gambling websites ask for KYC related docs, making it mandatory for you to upload your address proof, ID proof etc. Blockchain gambling portals don’t ask for any such documents.

Provably fair games – People who normally play online casino games like video poker, slots, blackjack, roulette etc. often worry about the fairness of their outcomes. Blockchain gambling has a certain feature called provably fair games which guarantees the integrity and fairness of the games offered by the platform.

Lower house edge – The conventional gambling websites have to deal with fiat currency, which when deposited and withdrawn through traditional methods, increases the cost of operation. As a result, the regular gambling websites’ house edge is normally higher compared to blockchain gambling portals.