Gambling is known as a mug’s game as due to the odds been set in the houses favor, gamblers are mathematically guaranteed to lose. The games and algorithms have been designed to make sure that the house wins and anyone who places a bet is relying on luck to come out on top. This is changing rapidly though thanks to blockchain technology being implemented in new smart contract-based casinos. These platforms are providing players with an equal chance in a completely transparent environment that ensures provably fair outcomes with a zero house edge.
How Online Casinos Make Profits
An online casino makes its money from players losing money when gambling and this has been the case since their inception. Players have had to put complete trust in the operator that all the games have the correct odds attached to winning with no manipulation taking place. This has been a problem for the industry with many rogue casinos ripping odds gamblers around the world. They have been able to carry this out due to processes being handled on their servers which keep all transactions private.
The Ultimate Trustless Gambling Platform
The blockchain provides the ultimate trust for gambling platforms as unlike traditional platforms all processes are carried out in complete transparency. The public ledger is the key component for enabling each transaction to be able to be independently checked by all. It means operators can not hide any manipulation on their servers anymore which should eliminate bad players from the sector.
Casino Odds You Can Trust
Due to open source code and public ledgers, it means that each aspect of how a casino operates online can be independently checked. Trust is one of the main reasons why these platforms have become hugely popular over a short space of time. The next development is to produce games with zero house edge rates which until the blockchain came around was not possible to attempt such a feat as house edges are an essential tool for operators to make a profit.
Best Blockchain Networks For Zero House Edge Games
To create a casino business model that does not rely on profits being generated by a house edge the blockchain along with smart contracts is required. The best blockchains to be able to achieve this are ETH and EOS as they allow for the creation of new crypto that can add program code to run on the networks. Due to the creation of a new cryptocurrency that is used to power the platform the profits can be generated via the increase in the price of this asset instead of being generated via a house edge.
Crypto Casino Model
For an edgeless casino to survive it will need its crypto to become popular so that its value increases in price. If it does not then the house will lose money as their cryptocurrency becomes devalued. By purchasing gambling cryptos punters are taking a gamble as the value can fluctuate a great deal so research must be carried out first before investing.
The advantages of being able to play zero house edge blockchain games are not the only reason why you should invest in gambling cryptocurrencies. Each has been specifically designed to solve a major problem in the industry so it depends on what type of gambler you are to which one suits you best. For instance, you may put anonymity at the top of your list of requirements so coins such as ESBC tokens will enable this.
Blockchain casinos have been designed around how to reward the gamblers more than is presently available at traditional platforms. This has been achieved through zero house edge crypto games, complete transparency, trust, anonymity, and rewards. By design, a currency with this in mind for the gambling industry developers such as Wagerr is leading the way. The WGR coin will provide all of these and will be one of the first to include profit sharing for all holders of their currency. This is done by the burning off fees which is paid out as profit to coin holders who become part of the house simply by investing.
The New Decentralized Era Of Gambling
Decentralization is the key component of blockchain technology and in the gambling industry where restrictions along with tough legislation are in place, it will mean a huge shakeup in the sector. It means that by using gambling cryptos that gambling can take place anonymously which will bypass these laws. That is not the main advantage, however, as it also means that there is no third party involvement as the chain is completely independent. It will put an end to manipulation which will limit the required for legislation requirements.
What The Future Holds
The blockchain will make casino and gambling games fairer along with providing zero house edge rates so players are no longer guaranteed to lose. It is the first time that gamblers will be able to choose to become the house or not via buying the platforms crypto tokens to enjoy profit sharing. With decentralization playing a key role in major adoption of these platforms around the world the rate of popularity will continue to rise. With major advantages held over traditional sites that use real money, the winner will inevitably be cryptocurrency over the next decade.
Zero house edge blockchain games are just the start and there is no doubt that this technology will become the hub of gambling soon. All casinos and sports betting sites will eventually run their cryptos so that they can compete or otherwise they will become obsolete. The race is on top become the leader in one of the worlds largest and most profitable sectors. What makes it exciting for punters is that these new smart contract-based gaming platforms are about transparency and rewarding players so it will greatly improve their chances to win.
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