Blockchain Casino Industry
Just recently is when the casino industry embraced the digital transformation that was incorporated by other industries years ago. Fortunately, for the gambling sector, the late entrance into the digital world doesn’t spell doom, nor is it favored. You see, the gambling industry is unique, and the traditional brick & mortar casinos still rule the sector. However, online gambling has, in the past decade, evolved to create a new dimension that sharply mirrors the classic casino experience.
Although slow to embrace change, the casino business is trying its best to catch up with the times. Live-streamed table games grant users a similar experience as they gain playing in a land casino. The biggest downside in refusing to embrace modernity quickly is the frustration customers go through when playing casino games. Casinos refuse to remove roadblocks and cut costs things that get eradicated by incorporating technology.
It’s rather sad that even today plenty of casinos refuse to use simple tech such as accounting software! Their lack of embracing modernity has seen many would-be gamblers move to platforms that grant them modern faster and simpler experiences. By choosing to remain in the old times, casinos risk becoming disintegrated and losing their grasp in this industry. Some industry pundits want to profit and stay in business by introducing the next tech frontier into the gambling industry.
We are living in a blockchain-based technology world. Developers are creating and have now introduced tokenized fiat and cryptocurrency cash-outs. These tools help in enforcing responsible gambling. Below, we look at several ways in which blockchain tech comes in handy by eliminating challenges affecting this industry, while placing it on an evolutionary path.
Casino Cryptocurrency, Blockchain-based accounting and Cash-In/Cash-Out accounting is the casino management backbone. Unfortunately, plenty of brick & mortar casinos still rely on the traditional and now obsolete money management ways. Let us look at outdated cash-in/cash-out processes used in various land casinos.
A punter has ushered into the casino via the Know Your Customer (KYC) procedure; he/she is verified at the cashier’s desk and proceeds to cash-in/cash-out. If the requested amount surpasses the limit, the cashier has to call the manager. In-turn, the manager, calls the player into his office and proceeds to scrutinize a spreadsheet checking the player’s balance before approving the transaction.
Once approval is done, he adds, or takes-out the total sum, and finally accepts from or gives out the money to the player. Here’s the thing, the system above may seem reliable when dealing with vast sums of cash. Unfortunately, the system is flawed, lacking in, functionality, flexibility, and security when compared to the modern-day solutions applied in other industries.
When you calculate it, you find that there are six steps, two separate verification steps, and three employees involved to keep players from accessing their funds. The system above becomes tedious when a casino chain plays host to international tournaments, and they face accounting issues.
When a punter participates in the tournament in a different nation, transferring funds becomes a slow, ridiculous and heavily taxed process. Besides, gambling laws differ from one country to the next. Gamblers that win tournaments but reside in different countries go through a difficult time cashing out their winnings into their country. Traditional casino platforms don’t give punters the ability to control their money as it’s not liquid.
Gamers are left to place calls into the main casino branch and verify their info before they’re transferred for their funds. Moreover, punters are forbidden from borrowing money from other players as it’s difficult to track cash.
Why Crypto Will Replace Real Money At Casinos
To resolve the above and other challenges faced by traditional gambling platforms, incorporating blockchain helps resolve the accounting and security issues. Furthermore, this new tech bridges the gap between conventional gambling and online casino platforms. In as much as the casinos are reluctant to embrace blockchain and eliminating their old methods, it will reach a point where this is inevitable.
The industry as a whole will need to evolve to become leaner and secure to keep up with the demands of a future gambler. The benefits associated with blockchain tech are just getting discovered, soon, we shall know more benefits that will completely transform the casino industry!
New Community Based Crypto Casinos
It is not just the payment along with auditing trail as to why casino operators will eventually make the change to the blockchain. New blockchains such as TRON offer exciting developments are it enables community ownership. Therefore it means that anyone that buys the crypto token for the platform can enjoy profit shares. With profits going to the players instead of the house, it is impossible to see how traditional casinos can compete.
Centralized Casino Models Will Become Redundant
Centralized casino models have enabled fraud to take place on a massive scale. They make it possible for the operator to make hidden changes to the algorithm or refuse to pay out large winnings. They are also very costly to run as they require human personnel to run the operations.
True crypto casino platforms are decentralized so it means that all of the issues associated with the centralized model are eliminated. The operator can’t alter results as no middle-man is involved in the process as these are operated by smart contracts. The funds never leave players wallets as can be transacted directly from their own wallet and due to an algorithm paying out results, the players are certain to get their winnings.
Remarkably, what it is possible to achieve using the blockchain along with smart contracts and the casino industry is going to be transformed by technology. The good news for gamblers is that it will greatly benefit them as they will enjoy a share of profits, free crypto gambling tokens, better house edge rates, anonymity and more. It has been a long time coming but finally, gamblers are going to be able to gamble with complete trust that everything is fair, secure and no cheating can take place by the developers.