The global iGaming market valuation was around $46 billion in 2017. As this figure will likely reach new heights in the near future, the iGaming industry can rightly be described as one of the most profitable and rapidly-growing markets in the world.
However, what is even more interesting is the fact that this whopping number does not consider the unregulated sectors.
If some estimates are to be believed, grey iGaming markets are worth up to 10 times more than the regulated sector. As it goes, a lot of bettors and governing bodies suffer from a huge loss due to the undisclosed amount of unregulated platforms.
How, you ask? The bettors find the unregulated market completely unprotected, and the governing bodies find it difficult to collect the related taxes.
This is when blockchain seems to be the ideal solution. Reportedly, blockchain will bridge the gap between illegal and legal Gaming sectors. Let’s see how this technology will empower the industry.
Blockchain and iGaming industry so far
Although blockchain technology is still getting shaped, it is not a stranger to iGaming.
An increasing number of gamblers are already using cryptocurrencies for playing unregulated games. According to a study, almost more than half of all bitcoin transactions were related to gambling since 2013.
This is because cryptocurrencies make gambling easier as it is not bounded by government laws. What’s more, since gambling and placing bets are banned in certain countries, cryptocurrencies prove to be an alternate solution through which they can participate without getting caught.
These were just some of the ways in which blockchain was used by bettors so far. However, this is not all about this amazing technology.
Let’s see how blockchain will change the future of the iGaming industry moving forward.
How Blockchain will revolutionize the iGaming industry
Blockchain is all set to revolutionize the iGaming industry, all thanks to its immutable, decentralized, and transparent nature.
- Stronger security
Cybercrime is on a rapid rise, more so because of the increased complexity of the digital environment which makes it easier for them to hack the network. Blockchain-based networks rule this possibility out. They are simple and offer a high level of security.
Most online casinos that accept Bitcoin and other cryptocurrencies make use of decentralized applications. These apps rely on smart contracts which are extremely tough to cheat.
- Enhanced fairness
One of the biggest challenges that the iGaming industry is struggling with today is the distrust.
This is when blockchain technology aims to make the entire scenario transparent and secure. It will reveal important details like gambling odds and the results of placed bets using smart contracts.
This will mean that if a gambler gets the bet right, their winnings will be automatically credited to their wallet by the platform. On the other hand, if they get it wrong, the placed bet will be transferred to the operator’s wallet automatically.
- Easy auditing
Ask an auditing authority and they will tell you how difficult it is to regulate current iGaming platforms. But this process is now way simplified through blockchain.
The transparent nature of blockchain provides quick insight into whether the required rules have been followed or not. A regulator would only need to go through the records, and they are done!
The Wrap Up
These were just a few of the use cases in which blockchain can streamline the iGaming industry. It will be interesting to see how things unfold in the near future, and how blockchain makes gambling more secure, reliable, and transparent.