Anyone who has gambled, whether with a couple of friends during a game night, in a traditional casino, or on an online sport betting site, knows that the winnings and losings are fifty-fifty. Players also know that in most cases than not, the odds are in favor of the firm taking in the bets. This is the angle that most firms in the gambling industry have capitalized on in order to make profits and stay in business. It is also why of all million players for a jackpot price, only one lottery winner is realized after weeks or months of playing!
Every once in a while I take the risk of placing a bet for the adrenaline rush and to have a little fun with my friends. And every time I place the bets, especially in the online betting sites, I can’t help but worry about the safety of my personal information, the money I have just placed, whether the odds have been calculated fairly and whether if I win, I’ll get my winnings without any major delays. Adverts from most of the online companies boost of instant payouts and fairness at all times, but can we really trust what we see and hear from the publicists?
For anyone who has tried gambling like me, trust is and it has remained the main issue of concern (not mentioning addiction and the money to gamble for the gamblers!) for ages! Before the introduction of online gambling, traditional casinos worried about carrying out their activities without passing the thin line where their operations would turn to crime! Essentially, the phrase, ‘the house always wins’ has always been used to indicate that no matter how many times a gambler placed a bet and the amount they bet, and also regardless of their experience, the Casino would always make more. In fact, in order to keep making profits, most traditional casinos have been noted to offer their players complementary drinks for playing all night and even manipulate the games to ensure that the players do not win! (Like it’s a secret right!)
With the introduction of online gambling and the presence of gazillion online betting sites on every corner you turn, an individual would think that things have been changing significantly in this industry. However, the truth is that while some of the tricks the casinos would play, like getting a gambler to lose their sense of responsibility with countless complementary drinks, are no longer possible, some other old issues are yet to be resolved! Case in point, trust is still a major issue of concern! Even now than ever before, gamblers like me are not only likely to show concern over the fairness implemented while calculating the odds as well as the security of the money they place as bet, but the gamblers are also likely to worry about the safety of their personal data/ banking details, and credit card information for those who borrow funds from banks to bet!
The use of block chain technology, which essentially means application of decentralized technology to remove centralized control by an individual, has come in to ensure enhanced data privacy with its application of anonymity aspects. As a result, in the gambling industry, use of block chain technology is capable of resolving the two main issues that were affecting online gambling industry since its launch on the internet, the fair calculation of odds and security of personal information.
However, why go through so much trouble just to make people play games and place bets they will never win more than the ‘houses’? Financial records on online gambling revenue indicate that it is among the most profitable ventures in the 21st century! Currently, this segment makes more than a-quarter of all the revenue in the gambling industry. This is with the 2020 financial forecasts revealing that the gambling industry is likely to hit $50billion in total revenue. This is quite a lot of money and in order for shareholders to keep enjoying the huge profits they are already used to, they have to act fast and offer solutions to the key concerns facing their clients, the gamblers. Once gamblers are assured of their security, legitimate online gambling firms are likely to see sky-rocket profits.
Hence, block chain technology is likely to save the day, like it has been rumored over the past few years in the online gambling industry. The recent developments show the seriousness of the matter and faith stakeholder have consequently placed in block chain technology. Implemented a customized technology, or rather a block chain system suitable for online gambling, would serve to offer some-what ‘permanent’ solution to the key issues of concern for online gamblers.
One of the major benefits associated with the use of block chain technology is inability for individuals to manipulate records in the system after they have already added them. This aspect is going to provide the gamblers with much needed faith in the gambling system across the online industry. Once an online gambling casino has delivered their verified, legit records on a distribution leger, the storage is permanent and manipulation will be next to impossible! With this sort of assurance, those who enjoy gambling will be willing to place even more bets since they are aware that the entire process is transparent and their wins are guaranteed once they take place. Knowing that the odds for the bets were also calculated fairly and hence the results will be produced in a fair way, would also increase the confidence of online gamblers in legal online gambling companies.
Block chain technology also brings in Ethereum. This is a smart contract platform that will be proof of an existing digital contract between a gambler and the online industry. The presence of such a platform serves to eliminate doubts that gamblers will be denied their winnings or that the online gambling firm will relegate on their obligations and fail to provide instant payouts! Ethereum would also ensure that there is no need for middle-men who always cause delays when disputes arise between the gambler and the casinos.