As online gaming continues to evolve, permissionless systems are revolutionizing the way we conceptualize fairness. Whereas trust-based models have dominated for most of its history, online gaming now perceives that the best way to ensure fairness might be by building trustless systems.
This and more to answer the question…
Why Crypto Gambling?
Regulations and Geographic limitations
Gambling activities have for time immemorial faced the wrath of regulations across most governments. Online gambling platforms have had to limit their reach to specific countries and must also ensure compliance with all applicable laws of the land. People residing in countries where gambling is illegal are left with no access to online gambling. Bitcoin changed this scenario completely. With Bitcoin, the decentralized and peer-to-peer cryptocurrency, came a disruption that took away considerably from the power and control that governments have on the way people can spend. This made for a perfect solution for the long-time woes of the global gambling industry. As several cryptocurrencies evolved, online casinos became much more affordable and accessible. The lack of geographical restrictions for crypto-transactions opens a host of platforms for gambling enthusiasts.>
With the regulatory problem solved by cryptocurrencies, the industry still faced the mistrust that crept into players due to phoney gambling centres who tuned their algorithms to a high-house-edge policy. Online gamblers found it difficult to distinguish between fair play sites and house-always-wins sites and were looking for some kind of reputable, third party guarantors of fairness in play. It was the most instinctive next step for online casinos to use Blockchain technology to bring transparency into the online gambling process. The logic behind random-number-generators used by online casinos to simulate the randomness desired in gambling was often manipulated to suit the tunes of the site owners. Provably fair is an algorithm that makes the random-number-generator a fair and verifiable step that cannot be fooled around with. In a “Provably Fair” gambling system, the method used to generate the result is made available for everyone to understand. This being a cryptographic algorithm, cannot be used to predict the result beforehand. It only helps to verify that the result was fairly generated, once the game is played. Not everyone is tech savvy to understand code and therefore the service provider also publishes the method that can run and verify the result that occurred in the game. Once a crypto gambling game has been played, the player can retrospectively use this method to verify that the published odds of winning were in fact the odds they had of winning.
Breaking the Entry Barrier
Since online gambling platforms started offering cryptocurrencies as one of the payment options, it became very easy to on-board players to the platform, without a need for payment processors and banking channels. Most of these sites require no or minimal KYC. Beginners can make almost instant deposits and start playing their crypto gambling game of choice on such platforms.
Ease & Speed of Transactions
Transactions being publicly visible and settled over the crypto blockchains, made them verifiable and yet anonymous to others. Also, since the transactions were direct, the time taken for deposits and withdrawals dramatically reduced to a matter of few hours or less from what used take days.
AT THE END, I must say that several crypto gambling platforms are available, with new ones cropping up every now and then, however, it is not advisable to choose the first crypto casino that one comes across. Before creating an account, users must conduct their due diligence to make sure that the platform is legitimate and fair and satisfies their needs. Read reviews and forums to know more about a platform. Transparent and Provably fair platforms are always a better choice.