A quick glimpse of an afternoon of television will show you that casino gambling is here to stay. Casinos and sportsbooks are skyrocketing in popularity, and are regularly official sponsors of a variety of brands.
The Business Research Company estimates that the global gambling market is on track to becoming a $702 billion industry.Â
High demand for games of chance and the advancement of the digital age are all combining to revolutionize the casino industry in ways it has never seen.
Here are some of the ways that blockchain technology is changing the casino industry forever.
Blockchain is improving security and recordkeeping
At its core, blockchain is a sophisticated way to keep records. It keeps a secure digital ledger of information that is virtually impossible to alter or tamper with.
Casinos today are beginning to use this for their games. Blockchain allows casinos to use blockchain-based recordkeeping for every single transaction. This means every pull of a slot machine, virtual roll of the dice or hand of poker.
It creates accurate, real-time records that are stored forever. This sophisticated encryption and recordkeeping protects players’ sensitive information and protects the integrity and fairness of casino machines.
This is important since online casinos today stress security measures. With Playstar’s New Jersey launch, the company highlighted strict password requirements, cybersecurity measures, and user verification. Casinos all over are doing the same, because users now expect and require this level of protection.Â
Expect blockchain technology uses to keep evolving as companies keep doubling and tripling down on these sorts of measures as the popularity of online casinos grows.
Players demand transparency so that they know where their money is going and that the games are fair, so this sort of technology will only become more important.
Crypto offers a payment option
Both brick-and-mortar and online casinos today are accepting cryptocurrency as a form of payment. This not only gives players more options, but also shows that the industry is forward-thinking.
Casinos are starting to accept Bitcoin, Ethereum, and other forms of crypto, and you should expect this trend to continue.
There’s plenty of room for non-fungible tokens (NFTs) to have a huge presence in the online gaming industry since they are sophisticated forms of recordkeeping based on blockchain. According to Investopedia, NFTs were created in 2014. It’s a young technology that will heavily contribute to the casino industry for years to come.Â
Blockchain improves efficiency
Online gamblers want an efficient experience more than anything. Blockchain helps with that. With this technology, users can expect the sites to run faster, games to flow seamlessly, and money withdrawals to be quicker.
It also cuts out the middle man of third-party banks and other entities that have to verify transactions before they’ll go through. People who like online gambling will come to expect these levels of speed and efficiency, which will force other casinos to evolve and catch up.
A new frontier for casinos
Technology forces evolution in all sectors. There have been several instances in history in which the technology of the day made an entire industry run more efficiently and effectively, and made it easier for customers to partake.
The casino industry is no different, but it’s clear that it is embracing technology rather than being reluctantly pulled by it. In the end, the consumers of the casino industry are the biggest winners.Â
Also read: Will Casinos Still Hold Their Top Spot In The Gaming Industry In 2023?
