The gambling industry has been around for generations now, and if you have been a fan of the convenience of online gambling for years, you may remember the ‘wild west’ days. More specifically, we’re referring to the unbeatable advantages of the house and the low opportunities to double or even win some money.
By contrast, the goal of today’s gambling industry is to offer decentralized casinos which balance and bridge the gap between house earnings and player satisfaction. In other words, we’re talking about gamblers genuinely being able to beat the house edge, a world in which the odds are no longer stacked against us. Of course, the transparency aspect is also of high interest, and you can find excellent alternatives for where you can deposit cryptocurrencies in a safe and guaranteed manner.
New “edgeless” casinos
To better put things into perspective, many decentralized casinos are using smart contracts to ensure complete transparency of transactions, gambling, and crypto storage. Meanwhile, what you get is an edgeless array of games such as blackjack, poker, dice, and other options bound to excite your senses.
If you’re wondering how these casinos will make money, the answer lies in improper playing strategies and hatsful gamble that some players tend to make. Although free refreshments won’t bombard you in your living room, there will still be the bright lights and loud noises that will keep you hooked –whether you’re winning or not. Imperfect plays from average or inexperienced players are shown to offer the house an extra 0.83% profit over time, which is excellent considering the number of players enjoying online casinos.
In other words, prepare to do your homework before jumping in and spending your hard-earned cash. Although you have a higher advantage as when compared to conventional casinos, decentralized gambling sites will still profit from the mistakes of newbies or inferior opponents.
However, an excellent advantage of decentralized casinos is providing a crypto platform that allows for greater flexibility in decentralized peer-to-peer-traded currencies. For example, Ethereum permits the creation of “smart contracts,” which enables the creation of numerous business transactions –not only pure currency transfers.
The psychology of ‘provably fair’
For those who have paid attention to the ever-changing developments in the crypto and gambling space, the words ‘provably fair’ will be like music to your ears. Of course, we’re referring to the fairness of games, as the gambling industry has made some incredible strides to change the public perception regarding your chances of genuinely winning when gambling.
Gone are the days when you needed to take a leap of faith each time you clicked a button, meaning that you won’t need to hold your heart or chest when you make a bet. That’s one of the main reasons for which decentralized casinos could take over the gambling industry, as they give “the little guy” the opportunity to genuinely win.
In a ‘provably fair’ model, you can allocate part of seed (i.e., a string of text) prior to betting, and be presented with a hash (i.e., a second string of text) which can only be created with your seed given by the operator.
While this may be hard to grasp, at least to being with, here is another way of looking at this equation: the hash represents an alphanumerical string that defines your rolls/spins. The great thing about decentralized gambling is that the platform you’re playing on could not, later on, alter the outcome or the string you were presented with because that particular string can solely have one single result. In other words, you’re not playing a random game of KINO, meaning that there is no random draw –if you accurately understand the mechanism of the game, your chances are impressively high.
Transparency
Trust is earned, and it’s a fact that many of us are reticent in believing that even websites regulated by trusted jurisdictions would not use a random number generator (RNG) that might be ripping us off.
However, decentralized casinos are based on Ethereum Smart Contracts that are entirely public. In other words, everyone is free and able to see what’s going on the servers of the casino. Not only does this help in removing elements of mistrust, but it also builds a new vision of what online gambling might look like in the future.
Of course, some companies are using crowdfunding techniques in designing campaigns which will help them achieve the tools needed for full transparency. The ultimate goal is to create operational online casinos where cryptos and blockchain are the industry standards, and later on, the standards of the world.
Transaction Speed
Another reason for which decentralized casinos might become the future of the online gambling industry has to do with the speed of transactions. As a general rule of thumb, deposits and withdrawals in traditional casinos can take a long time, and the entire process can seem a bit disconnected –even in the most mature and trustworthy jurisdictions.
When discussing cryptocurrencies, chargebacks and speed are almost a non-issue, as all transactions happen using blockchain technology. In other words, deals are unable to be reversed, a fact which gives customers and operators great peace of mind.
Additionally, crypto transactions can be nearly instant. Once you initiate a transaction using blockchain, it will be visible to all parties, providing a traceable trail you can follow. There is no secrecy and no dark web fear, meaning that you are informed the entire step of the way.
Conclusion
All in all, decentralized casinos might soon become the standard for the online gambling industry. However, it’s important to consider the technological and regulatory safeguards before jumping the gun. More specifically, we are talking about a global education about blockchain technology, cryptocurrencies, and their potential implications.
This solution will lead to the creation and continued development of a legal and regulated way of handling decentralized online casinos, where the mindset of compliance will offer the essential elements needed for a prosperous future between crypto and gambling.
Written by Christina Farkas on March 29, 2018.