The forecasts for the online gambling industry are very promising. In fact, according to Statista (https://www.statista.com/statistics/208466/interactive-gambling-market-by-region/ ); the global online gambling market is expected to grow in value from $37.9 billion in 2015, to $59.8 billion in 2020. Online gambling industry’s expansion is mainly driven by technological innovation, and the incursion of cryptocurrencies and blockchain to the world of online casinos has been one of the most profitable trends recently appeared in the market. In this piece we explain why blockchain technology impulse the development of this billionaire industry and the main advantages of this innovative trend.
The influence of cryptocurrencies in the gambling industry (https://www.forbes.com/sites/kevinanderton/2018/03/13/high-stakes-international-gambling-is-about-to-get-its-own-cryptocurrency-infographic/#3fdee0e81b43 ) isn’t only limited to online casinos, a great example of a win-win relationship between cryptocurrencies and gambling is the Dragon coin, a decentralized currency that offer a quicker and inexpensive payment system for high rollers to transfer money to the VIP tables of junkets at gambling paradises like Macau, this currency is converted in Dragon chips at affiliated junkets, and at the end users can easily convert their chips back to Dragon coins. One of the best advantages DRG offer to high rollers is the reduction of transfer fees from 5% to 0.5%, however the use of DRG is restrained to a limited group of partner junkets in Asian countries which represents a big disadvantage for several users.
Passing to the online casinos scenario; it’s been a while since cryptocurrencies became an important trend also for the online gambling market. As a matter of fact, the incursion of Bitcoin on online casinos (https://www.metap.org/13-going-pro/81-online-casinos-that-accept-bitcoin )gave a fantastic opportunity to small platforms to offer a distinctive feature for a more segmented and valuable group of players. Even when big gambling platforms took their time to start offering cryptocurrencies on their payment methods listings, the rise of Bitcoin casinos propitiated a wide expansion of the online casinos world. There are several advantages of using a Bitcoin casino instead of a traditional online casinos, of course the secure transfers and low fees are two of the most important features that players like about these gambling platforms, however there’s another plus that helped Bitcoin casinos gain popularity among users; we’re talking about data safety, online casinos that only use cryptocurrencies can offer a relative anonymity to their users, which means their personal and financial data is not linked to their gambling accounts.
Bitcoin casinos had a great challenge with the latest boom of cryptocurrencies, as the number of virtual currencies started expanding, online gambling platforms knew they couldn’t just limit their options to the most renowned cryptocurrencies, and Bitcoin casinos started to evolve to cryptocurrencies casinos.
Even when cryptocurrencies offer significant added values to online gambling, some companies decided to take one step forward in the combination of blockchain and online casinos, creating the blockchain casinos. Fairness is one of the main advantages of this type of casinos. Using blockchain technology, these gambling platforms can offer a transparent betting system, an innovative company on this aspect is Edgeless Casino, this blockchain casino offers 0% house edge, their system is based on Ethereum (https://altcointoday.com/category/price-analysis/ethereum-price-analysis/ )smart contracts and they were the first cryptocurrency casino to have a casino license, an excellent quality and safety insurance for players.
Just like Bitcoin casinos realized they needed to adapt to the new arise of different cryptocurrencies, the same way blockchain casinos realized the usage of blockchain technology shouldn’t be a restriction of the payment methods available for their platforms. Companies like Truegame are now offering traditional deposit methods like debit cards, Skrill and Neteller, this may sound as just another feature; however. it represents a big step for blockchain casinos. Even when the main trends of online gambling are focused on technological innovation, the reality is that not all online gamblers make use of cryptocurrencies and the competition between blockchain and cryptocurrencies casinos is very intense since the segment market remains limited, and they are all fighting for the same group of online users, the innovation of Truegame allows to no-cryptocurrencies-users to have a first approach and take advantage of the blockchain technology. A great advantage of using blockchain technologies at online casinos presented by Truegame is the transparent and completely random algorithms used for their betting systems.