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How the Role of Blockchain in iGaming is Increasing

Luis Silva (April 2022)

Ever since Bitcoin was created in 2009, the world has become more familiar with the term Blockchain. Over the last five years, as the crypto space has increased in popularity, this type of technology has been hailed for its innovative security features and decentralized nature. In this article, we explore what role blockchain technology plays in the world of iGaming.

Benefits of Blockchain Technology at Casinos

The iGaming industry embraces new technology with open arms. Businesses in this sector are often keen to test the latest payment methods, gaming software, and online systems to streamline operations. This is true for blockchain technology and cryptocurrency. Which is excellent news for casino players, with easier access to high-quality games, faster payouts, and world-class entertainment.

Online casinos started to integrate blockchain technology to offer smoother payments with a layer of privacy, making it easier for players around the globe to get started. In 2022, it's become easier to find safe gaming sites that offer crypto banking options, with fast payouts available in BTC and other leading tokens. Some casinos are powered by Microgaming software which means customers can play the latest online slots for real money. The best Microgaming casinos also feature progressive jackpots that reach over $1,000,000. These prizes can be found on slot games from their Mega Moolah, Major Millions, and WowPot jackpot series.

There are several benefits for both businesses and players at Blockchain casinos. We've outlined the main ways blockchain technology has helped online sites in the iGaming world.

  1. Transparent and verifiable payments are key benefits of using a blockchain at online casinos. Payments sent via cryptocurrency are fast and recorded on a decentralized ledger. Allowing players and the casino site to easily verify the transaction if there were any issues. This is a huge improvement compared to payments like bank wire or credit cards, which can take several days to appear on the statement if needed for verification.
  2. Players using cryptocurrency to play at online casinos can enjoy increased privacy, without having to reveal personal bank or card details. After a win, crypto withdrawals are fast and arrive straight back into a personal wallet, ensuring players keep complete control of the funds with no middlemen.
  3. Casinos have started to offer a newer style of game known as Provably Fair. These types of games are favored for their high RTP rates. Provably fair titles involve cryptography, and each player can independently verify that each bet, hand, or spin is 100% fair and random. This open nature allows casinos to build trust with players and also reduces the need for third-party testing agencies.
  4. Verifiable funds. Some of the most open blockchain casinos will have their operating wallet openly verified. This way players can be sure they are playing at a casino that can successfully payout.
  5. Due to the decentralized nature of crypto, casino sites often allow players to make larger deposits and withdrawals in these tokens. This is perfect for high rollers and professional gamblers that may find traditional payment method limits too low.
  6. Another area in which blockchain tech can help casinos is managing data. By integrating a blockchain network, casinos can improve data management, organize records, and store them securely across a decentralized network. Over the long run, this will enable sites to enhance their services and improve customer relations.

What is a Blockchain?

The concept of a Blockchain was actually created in the 1990s by a man named Jean-Jacques Quisquater. He envisioned designing a secure timestamping service with low trust requirements. This was famously quoted as a reference in Satoshi Nakomoto's Bitcoin white paper.

The idea of a blockchain is to provide a shared ledger across a decentralized network. There are many nodes across a blockchain, and each helps store the records, process cryptographic equations, and record new transactions. These are referred to as blocks, and complex mathematical equations ensure the data is stored securely. This type of system is decentralized, meaning the data isn't stored in one central location. This is ideal for security, as the network can't be corrupted.

This example explains how a transaction is recorded on the Bitcoin blockchain. If you hold Bitcoin and make a deposit at a casino, you will receive a transaction ID after sending the funds. This is a random string of numbers, and you can search this on Blockchain.com. The details stored within the transaction include the time of sending, amount of funds sent, transaction cost, sending address, receiving address, and the confirmation process. Both the sender and receiver receive this transaction ID and can verify the payment easily.

Growth of Provably Fair Casino Games

Provably fair casino games are a recent development born thanks to increased research in cryptography, and how it can improve casino games. The mathematics involved in the system are complex, but the idea is revolutionary. Players can generate a unique client seed that interacts with a server seed from the casino. This generates a random string of numbers and determines a unique bet result. Players can verify the results are fair by inputting the unhashed seeds in the tester and seeing if it creates the same result.

Provably fair technology has given rise to many exciting and rewarding types of games at crypto casinos. The Return To Player (RTP) rate for these games can reach 99%, offering better value than many traditional online casino games. Some leading provably fair titles to play include Bingo, Crash, Dice, Hi Lo, Keno, Mines, Plinko, Wheel, and 3D Video Slots. Casino players using mobile devices will be happy to hear these games are mobile-friendly and work excellent on smartphones.

As more businesses and people engage in the blockchain space, the role this industry plays in the iGaming world will continue to grow. It's great to see this technology being used to benefit casino sites and players. Cryptocurrency ensures players can make fast deposits and withdrawals, with low fees, higher limits, and extra privacy. While the development industry will continue to be revolutionized with new provably fair titles that allow everyone to easily enjoy fair games online.

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