Blockchain to Revolutionize the Online Gambling Industry

Blockchain to Revolutionize the Online Gambling Industry

Blockchain News
March 19, 2020 Editor's Desk
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It is often stated that blockchain technology and cryptocurrencies have the potential to transform most industries across the globe. One such sector, in particular, that is recently undergoing a sea-change, is that of the online gambling space.  Blockchain technology has flagged the way for a safer, fairer, and more competitive online sports betting and casino
blockchain gambling

It is often stated that blockchain technology and cryptocurrencies have the potential to transform most industries across the globe. One such sector, in particular, that is recently undergoing a sea-change, is that of the online gambling space. 

Blockchain technology has flagged the way for a safer, fairer, and more competitive online sports betting and casino sector, consequently eliminating the grip that traditional operators have on players.

This incorporates the capacity of opening an account in a matter of seconds, deposit and withdraws funds instantly, gamble anonymously, and profit from more favorable house-edges and odds.

As more users are switching to cryptocurrency casinos, it is assumed likely that blockchain technology will probably influence the multi-billion dollar online gambling space over the coming years.

What is a Blockchain Gambling Site?

A blockchain gambling site is an online casino or sports betting platform that specializes particularly in cryptocurrency deposits and withdrawals. As such, players will not have access to typical payment methods such as debit/credit or e-wallet when it comes to financing their accounts. Instead, everything centers on popular digital currencies like Ethereum, Bitcoin, and others.

Crucially, the fundamentals of a blockchain gambling site continue steadily with that of a traditional platform.

Furthermore, blockchain gambling sites like Kawbet – a regulated crypto-centric casino and sportsbook that takes more than 25 digital currencies, give full-fledged sports betting facilities. This involves loads of popular games like football, tennis, cricket, and rugby – as well as complex betting events like badminton and darts. 

Why are Players Turning to Cryptocurrency Casinos for Online Gambling?

The advantages granted by blockchain gambling sites are practically limitless. Let’s split these benefits and examine how they compare with regular betting sites.

Account Opening

Blockchain betting sites enable you to open an account in seconds. All you require to give is an email address, username, and secure password – and you’re competent to go. This is in severe contrast to conventional betting sites, which want everything from your first and last name, home address, date of birth, nationality, and more.

Anonymous Gambling

You are not obligated to give any personal data when utilizing a blockchain betting site, but you can remain 100% anonymous at all times. Generally, traditional casinos require you to bypass a KYC (Know Your Customer) process – suggesting that you’ll have to upload a copy of your passport/driving license and a proof of address. Blockchain gambling sites order for no documents.

Easier Withdrawal Process

One of the biggest pain-points of employing a traditional betting site is the withdrawal process. You typically need to wait 1-2 working days for the operator to process the withdrawal and then additional 1-5 working days for the payment issuer to credit the funds. On the opposite, blockchain gambling sites enable you to withdraw funds immediately – indicating you’ll have your earnings in your private wallet in a matter of minutes.

Provably Fair Games

Those playing software-based casino games online – like slots, blackjack, or video poker – are often concerned about the legitimacy of the gaming issue. With that stated, the blockchain gambling space has launched a phenomenon identified as ‘Provably Fair.’ Crypto-centric online casino Kawbet reveals that Provably Fair ensures the integrity and fairness of every game.

The explorer also serves as a publically verifiable ledger, so all bets are logged in an immutable manner. Eventually, never again do you want to bother about the credibility of an online casino when utilizing a blockchain-based gambling site.

Cryptocurrency to kindle a revolution in the online gambling space

The conventional gambling space – whether that’s online casinos or sports betting sites, is scheduled for a significant sea change. At the vanguard of this is the extension of the blockchain gambling arena. 

No longer are players needed to offer loads of personal information and bypass a KYC process that involves uploading sensitive documents. On contrast, players can now open an account with crypto-centric betting sites in a matter of seconds without ever being asked to give a passport or driver’s license or proof of address.

Conclusively, although the advantages of blockchain gambling sites are apparent to see – ensure that you gamble responsibly at all times.

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