It is impossible to ignore how fast online gambling market is growing. With growing numbers of Internet and smartphone users around the world, online gambling is set to overtake land-based casinos eventually. Currently, the online gambling market share is around $50 billion. This number is set to increase to over 90 billion in the next five years. Part of that money will come from customers who used to go to land-based casinos and betting shops.
The Internet is changing the way people spend their money on products and entertainment. DVD rental shops and music CD shops are long gone. Land-based casinos could be next.
However, online gambling has some problems like any other industry. The key to success when you provide online services is to embrace innovation to stay ahead of the competition. Blockchain technology and cryptocurrencies are bringing much-needed change.
One of the greatest things about cryptocurrency is that it is global. For example, you are a Canadian resident who came across a brilliant UK-based casino online. It only accepts Great British Pounds. So, you will have to waste money on currency conversion if you wish to play at that casino.
Bitcoin casinos endorsed by ICOPulse and many other well-respected information portals accept cryptocurrency as a method of payment, which improved the number of customers they attract. 1 Bitcoin is 1 Bitcoin anywhere in the world. No need to pay currency conversion fees. Also, you do not need to deal with banks.
New Level of Transparency
Some online casinos are going even further by building games using blockchain technology. Blockchain pushes fairness and transparency to a new level. Every instance of random number generation in a casino game is recorded in the blockchain and can be viewed by any member of the public. It means that a casino is less likely to cheat because of the increased likelihood of getting caught. There is no way to alter RNG information recorded on the blockchain. Blockchain ledgers are decentralised. Any information recorded will stay there forever unaltered, serving as proof in case a casino was cheating.
No Personal Information
You can create a cryptocurrency wallet without providing any personal information. Online casinos and betting websites can become privacy-focused as well if they choose to. No account casinos already exist. If you combine no account gaming formula with cryptocurrencies, it can bring in many more customers.
Internet users are becoming more aware of corporations and governments infringing on their privacy. They are turning off data mining options. Some people even delete and boycott services that do not have the “off” switch.
A Bright Future
To grow faster iGaming industry must embrace innovations brought by the blockchain technology. Key features that will improve services for customers include global access without limits, transparency, and privacy. However, it is not clear if the governments are going to allow this to happen.