Gambling on the Blockchain – Everything You Need to Know

Like most things, gambling has evolved a lot over the past few years, and the real life bricks and mortar casinos of yesteryear are being replaced by the convenience of online casinos. Of course, nothing is ever static, and these too are evolving, this time to offer Bitcoin as a mode of currency and with it, the next progression seems to be the use of Blockchain as the next step for online gambling.

But why?

The way Blockchain works, using independent nodes, means that no one person or organization has any centralized advantage at any time. This makes it possible for Gambling organizations to use blockchain to ensure that no one is able to know any outcomes or results before they have been completed. This means that a third party to verify the bets is entirely unnecessary and offers a greater level of trust for all players – something that is, of course, crucial in online gambling. This is something that cannot be provided in casinos that are not online, which will greater open the gap between them.

This method, of using Blockchain will also benefit the industry as a whole, thanks to their level of financial transparency. Every transaction can be seen on the Blockchain and so would make it possible for anyone to see any bets placed and get a better view of the financials easily.

The blockchain is also a great way for regulators to increase the credibility of gambling industries, with Malta Gaming Authority said to be in talks with various Malta regulators discussing this very issue. Nothing has been announced either way at present, but the fact that Blockchain offers more transparency and fairness would suggest that this is likely to be something that experts get on board with quickly.

Currently, there are ways in which Blockchain can be used, as new Bitcoin 2.0, with things such as sports betting, however at present, they are not entirely suited to live casino games as of yet, but Thrills Casino are in talks to trial it out.

That said, with such a strong case for the need and positive implications that the Blockchain looks to have on online gambling, it is only a matter of time until this is more widely available. As positive a move as it is for online casinos to begin to offer the use of cryptocurrencies such as Bitcoin, there does also need to be a focus on the Blockchain technologies that will enhance this and potentially change the way we gamble online for good.