For anyone who enjoys the excitement of iGaming, online casinos are a spot-on experience. Online casinos offer their players with casino games on a virtual or internet-based casino platform. Often considered a form of online gambling, online casinos are an increasingly popular choice among the millennial generation that prefers to enjoy anything and everything on the tap of a finger. Another factor that backs this popularity score is that online casinos offer higher payback percentages on games as compared to land-based casinos.
With the advent of technology, online casinos are getting acceptance among players of different age groups. Particularly talking about blockchain and cryptocurrency, many online casino providers are curious about implementing these in their casino softwares due to the remarkable benefits of this technology. Blockchain for online casinos is getting higher rate of acceptance as it provides the benefits of privacy, transparency, fairness as well as accessibility.
Observing the current state of the online gaming and casino industry it can be clearly stated that it lacks the trust of players due to the issues of transparency and fairness. The solution? The revolutionary blockchain technology which offers trust, security and transparency in its applications.
What is blockchain and how does it work
Blockchain is an emerging technology which gained popularity from its very first application i.e. Bitcoin. It is the underlying technology behind a wide range of cryptocurrencies today. According to Don Tapscott, the author of Blockchain revolution, “A blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Different industries including the casino industry are applying blockchain in their solutions due to its properties of being decentralized and immutable. Applications and software solutions created with the aid of smart contracts make the system to function in an absolutely transparent, reliable and smooth manner.
Blockchain for online casinos
The rapid growth of online gambling industry often gets impacted by the mainstream issues and problems associated with it. One of these issues is the player trust factor as online gaming restricts people from seeing and connecting with other online players directly. Moreover, players are often skeptical about the underlying mechanics of the system and its functioning as it does not guarantee any transparency.
Another case is the case of house edge where the charges involved for the gambling experience aren’t justified as compared to the land-based casinos. House edge involves charges for the overall gambling experience including drinks, travel deals and entertainment in a land-based casino.
Introducing blockchain technology in the online casinos shows high potential with the rise of cryptocurrencies in the current markets. Implementation of blockchain technology can lead to addressing the two main concerns of the casinos i.e. price of gambling and transparency. Online casino platforms based on smart contracts and blockchain that deal in cryptocurrencies are more dependable for the customer and operators. All information including transactions, bets, and winnings will be stored on a distributed ledger. This ledger will be transparent as it’ll allow tracking the details in the case of any mishaps.
Value proposition offered by blockchain for online casinos
- A decentralized blockchain casino will have more power to its users as it will not be controlled by any single authority. This makes the original data tamper-proof as the data will be controlled by a network
- Authentication of transactions will guarantee fair winnings for the players while gambling and will prevent fraud and data manipulation over the network
- Any intermediate access by gamblers during the process can be eliminated as blockchain will allow clear division and distribution of prize money
- As opposed to the land-based casinos where the physical setup and machines take up huge costs, blockchain casinos are cost effective. All the money required is merely for the software setup. Moreover, cost is also saved as don’t need an intermediary for verification
- Blockchain Based B2B Online Casino Platform are impossible to hack as the records stored on the ledger are shared with the overall network consisting of too many blocks. Any change in one block would be reflected in all the blocks and will also require extremely complex computation
- Unlike fiat currency, the transaction fee involved in cryptocurrency exchange are much smaller while depositing and withdrawing money.
Online casino gaming platform by Techracers
Keeping in mind the challenges of the online casino industry, Techracers is building a Blockchain Based B2B Online Casino Platform to overcome these. We’re utilizing the potential of blockchain technology to create a platform that allows players to get the maximum benefits while playing on it. Our online casino gaming platform is based on distributed ledger technology that makes it way more efficient, affordable and guarantees Fairplay to the players globally.
The idea is to not restrict the capabilities of online gaming but expanding and providing it to people who wish to develop and host custom player experiences for different games. Rather than providing our users with limited gaming options, we’re providing them with a wide array of games. Our online gaming platform would offer poker, fantasy sports, slots, blackjack, P2P sports betting, roulette and baccarat. Further apps can be developed on top of the platform as and when needed.
Techracers online casino gaming platform is a decentralized platform that allows complete security and transparency to its players. Our platform enables private individuals, operators as well as casino brands to utilize it and run it on their own with the license.
Benefits at a glance
- Easy to operate
- Reduces costs for the casino operators
- Provides Fairness
- Allows instant gaming
- Peer-to-peer casino
- Secure and transparent operations
- Has an open architecture
Connect with us for further discussion and understanding about the uses of blockchain in online gaming. Specializing in blockchain application development, we work with fantasy sports startups, sports leagues, casinos, betting operators and sports brands in understanding their end users’ and figuring out how to make a fantasy sports website or mobile app successful and engaging.