There are many industries that have seen very little change over the hundreds of years that they have been around. Gambling is one of the oldest and when through its last revolution during the early 1990s when the age of the internet began. While game graphics and gameplay have dramatically improved along with the ability to play anywhere at any time using a smartphone, no major changes have happened to the business model. That is changing as we speak thanks to the blockchain and now you can play games such as slot machines at sites such as https://holymolycasinos.com/ which have an increased chance of winning. In this article, I will talk about the impact this new technology is having on the industry.
#1: Casino Profits
All casinos set different rates in the form of the house edge to make money from the players. Due to putting the odds firmly in their favor casinos are guaranteed to be winners, this business model of making money from players gambling by the house has been set in stone since the begging. Smart contract based casinos running on the Ethereum network is attempting to destroy this model by not taking a single penny by way of using a house edge. Instead, profits will be produced via the holding of the new digital coins released which will increase dramatically due to player demand along with having a limited supply.
#2: Casino Transparency
Players presently expect to trust that the casino operator has not tampered with the games and everything is running as it should. Due to withholding information about the bets won and lost by players of each game it means that it is not possible to carry out checks to see if everything is working correctly. The Blockchain enables players to track each bet due to the public display ledger which makes everything completely transparent.
#3: Provably Fair Gambling
The casino industry turns over more than 40 billion each year but their business model is under threat from blockchain and Bitcoin casinos. With provably fair gaming and the automation that this technology provides in an ultra-secure environment, it is impossible for traditional online casinos to compete. We are still in the early adoption rate of BTC and cryptos so at present, this model is still viable but over the next decade as cryptocurrency become more mainstream that will have to adapt or go out of business.
The main players in the gambling industry have not yet dipped their toes into the crypto but they are all closely monitoring its developments. Already it accounts for more than 10% of the market and is growing rapidly. With new developments such as profits generated via cryptocurrency growth and not a house edge, the competition could be eliminated within a very short space of time. As the technological advances increase in the blockchain space it is exciting times for players as finally, they will get a provably fair chance of winning a jackpot.