An overview of the industry.
An amateur gambler plays with luck, and a professional gambler plays against a casino. Well, it is no secret that all casinos have odds stacked against the player. Cryptocurrency in the gambling market is perceived ambiguously, some don't have enough trust in the future of this technology, others value anonymity, financial independence and fixed commissions of the cryptocurrency system and it is no secret that gambling brings massive revenue to the organisers. The top countries profiting from this industry are the United States of America, China, Japan and Italy. The market value shows that this sector had touched more than five billion US dollars in 2019 and is moving on a combined annual growth rate of approximately 4.5 per cent annually since 2014. Amidst the total yearly growth, the expected market growth is expected to reach 6 per cent, and given the statistics, the market size will cross 5 billion IS dollars by 2022.
Understanding the blockchain technology in gambling.
Blockchain integration into gambling is divided into two types, one is for betting, and the other is for gaming, this separation lies in the profound differences between the principles of operation. In a classic casino setting, the client is playing against the casino; in the case of a betting setup, clients are playing against each other. Blockchain casino works pretty merely, all the information about user transactions is fixed in a smart contract, and it serves as the basis for the percentage of payments as well as ratings of popular games. This, one of the best guides for US players, can help you understand how it all works better. Now the customers must understand technology well and protect themselves from fraud. In the long run, casinos will more than they lose, but players still have the chance to hit the big jackpot, this is not quite a scam but the trick which does not in favour of the player, in addition, regular online casinos like to hide their winnings data, game results and payout. Blockchain integration makes viewing all transactions absolutely accessible and transparent. There are even more fraud options in online casinos, and punishing scammers is much more difficult. Two schemes work here, either it is impossible to win, or you don't get the payout, this is due to the fact that algorithms responsible for generating pseudo-random numbers are opaque, the player will never know if the game provider has cheated. Honest online casinos use certified software instead of the homemade ones, which can help change the results of a game sequence.
Taking a look at the popular scams
The exit scam is a classic method of scamming the player; in this method, the fraudsters stop giving money but keep taking in the deposits and the bets. Once the cheats have accumulated enough money, the casino site closes down, and the entire population of gamblers lose their money to this fraud. So how does blockchain help with this? The blockchain makes it possible to conduct millions of transactions between online site and players, and this means eliminating intermediary like banks and also solves the problem of payment delay, so announcements like 'We are having some technical problem' and 'We have big withdraw fees' are all deceptive. There is also a more advanced method of fraud on the apparent conditions of the public offer which players often do not even read. As you know that there are many severe and intractable problems at first glance because the introduction of blockchain pushes away all the traditional schemes. In a blockchain-based casino, the actions of the casino and the players are displayed in an unchangeable public directory, thanks to smart contracts, payments can be made automatically, and casino owners will not be able to prevent this; also the player will be able to check the solvency of the players at any minute.
The core objective of introducing bitcoin and other cryptocurrencies in the gambling market is to make sure that fraudsters are not abusing players, and the casino remains an honest place of gambling trade and betting. Independence from state banking systems, regulators and jurisdictions are the main advantages of blockchain solutions for both players and online casino operators. This makes life easier for both parties and transparency remains the main factor for the online gaming industry. Only an honest casino will rely on cryptocurrency and the blockchain technology without hiding anything from the players and the government departments.