How the iGaming Industry Has Changed After the Implementation of Blockchain Technology

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In the casino world, online gaming, popularly known as iGaming, has proven time and time again to be a massive upgrade to the traditional form of gambling.

Weighing the pros and cons of traditional and online gaming will often result in players tilting towards the latter. Aside from convenience, there are other reasons why iGaming seems to be the majority’s choice. iGaming, with all its perks, has been made even more attractive with the infusion of blockchain technology.

Blockchain Technology in iGaming

Blockchain technology has transformed the iGaming market and industry at large. Gambling and betting sites have adopted cryptocurrencies as payment options for players. It makes the gaming experience much more inclusive because no one is restricted due to payment methods. That is just one of the perks, and in this article, we will look at blockchain technology’s immense impact on the iGaming industry.

Secure Online Transactions

Blockchain technology’s uniqueness, and often the Unique Selling Point (USP), is decentralization. Financial transactions are very secure, and there are little to no chances of your transaction getting hacked/intercepted/bypassed by some random internet hacker. Deposits and withdrawals are instant, safe, and uncontrolled by any traditional bank institution (this is especially useful when trying to keep your bank statements clean). 

Besides speed and security, blockchain transactions accrue little or no charges/fees, especially when cryptocurrencies are used. Transaction costs between wallets could range from 0% to 2%, depending on the condition. Unlike blockchain technology, you are at the risk of diversion of funds when the payment chain is decentralized. At Slotozilla, you can experience the glory of the implementation of blockchain technology in Australian casino gaming. You can find the best casinos that support crypto payments and offer safe gameplay for Australian gamblers there.

Anonymity

Anonymity is a constant follow-up advantage of secure online transactions. Apart from the guaranteed safety assured to players, your anonymity is also certain. Gaming with cryptocurrencies makes you more inclined toward privacy than before. Unlike traditional banking, your crypto wallet information is all needed to complete a transaction, where you must provide some mobile banking details like passwords, codes, and OTPs. 

Sharing such information puts you at risk of falling into the hands of scammers and fraudsters. Protocols that encourage anonymity make sure that money laundering is, by all means, avoidable and the player’s financials are protected.

Transparency

The smart contract feature in blockchain technology ensures transparency in gambling. Smart contracts interpret an agreement in the form of a computer code that runs on the blockchain. This makes deposits and withdrawals safe from being tampered with by hackers. The code automates transactions based on agreements incorporated into the blockchain. 

With this feature, shady gaming providers cannot have their way with cheating players who rightfully win a bet either against the machine or a fellow player. Winnings, losses, deposits, and pay-outs are all 100% transparent with blockchain technology. Records are also kept to reduce the potential for fraudulent activities. Results can be checked and compared to verify the fairness of game outcomes.

Fair Gaming

The fairness of blockchain is extended into the iGaming industry. The ridiculous’ house advantage’ that casino owners leverage on players is mitigated with fair gaming due to blockchain technology. With the help of Random Number Generators (RNG), gambling outcomes have been 100% fair. Once the technology is enabled, results can’t be easily tampered with by third parties. However, an exception is some live casino games that deal with live dealers. The outcome in such games is not dependent on the RNG technology, so players have to painstakingly verify who they are gaming with and ascertain their fairness from third-party auditors.

Examples of RNG games in the casino space:

• Video poker
• Slots
• Blackjack
• Roulette

Attractive Bonuses

It is not uncommon to find many cryptocurrency gambling sites offer incentives to their players based on various eligibility criteria. These include deposit bonuses, free spins, VIP rewards, etc. An average human tends to tilt towards the option that offers the most, which introduces competition in the iGaming industry. 

Bonuses in crypto gambling sites start from the moment you sign up. You can be rewarded with a welcome bonus, extending into deposit bonuses, when you deposit a certain amount of money into your casino e-wallet. You can also get free spins alongside VIP rewards when you become a consistent, returning player.

Conclusion

The use of cryptocurrencies in casinos has allowed iGaming companies the chance to extend their customer base. Restrictive payment methods will limit companies to only getting patronage from players from a specific demographic. Blockchain technology breaks this barrier, as cryptocurrencies are a globally accepted means of purchasing and selling. The chain’s decentralized nature allows players worldwide to manage their wallets efficiently without unnecessary interactions with financial institutions. As a casino gamer, the advantages of blockchain technology in iGaming are fully enjoyed when you use cryptocurrency websites. The impact mentioned above, which doubles as benefits of the blockchain in gaming, makes the user experience easy for players.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.