How blockchain is changing the online casino and betting industry – UKTN

Cryptocurrencies are popular financial instruments used by people for shopping, as a store of value, but also for playing on mobile casino sites – online gambling operators were among the first to add digital money to the list of accepted payment methods. At that time, when Bitcoin was seen as a gimmick and people knew almost nothing about this technology, casinos were keen to exploit the potential of the blockchain. Today, it is one of the fastest growing gambling niches and has a bright future ahead of it

Paving the way for digitalisation

We live in a digital world and live casino operators like JeffBet.com have long recognized the importance of adapting to the new set of values. Modern online gamblers expect, just like online shoppers and ordinary people, a fast and reliable service that keeps their activity anonymous. This is particularly important for online gamblers, given the fact that this activity is still frowned upon in some parts of the world. Some casinos also cater to people from countries where gambling is insufficiently regulated or outright prohibited.

Blockchain technology is not specifically used to avoid regulation, although some actors may benefit from its decentralized structure. The biggest advantage it brings to live online casinos and the banking industry is a combination of speed and privacy. Funds are transferred to and from the online casino’s accounts faster and anonymously. Players can rest assured that their gambling habits remain private, while enjoying direct deposits and instant withdrawals only.

Enter the world of provably fair games

One of the biggest concerns online gamblers had with live casino games was fairness and transparency. Modern casinos that are licensed and regulated while working with leading software developers project an image of reliability. Some go a step further and use the services of independent auditors to check the fairness of the games. All of these are aimed at easing the concerns of players who worry that the random number generator could be read and give the casino an unfair advantage.

Blockchain technology has largely dispelled these otherwise legitimate concerns by introducing the provably fair concept. Only players who deposit and bet in cryptocurrency can benefit from this system which applies to all RNG powered games. Instead of relying on the fairness of the casino, players can check the outcome of the games they have just played for randomness. This is fast, easy to understand and free, so it gives players much needed peace of mind.

Cryptocurrency casinos are growing all over the online ecosystem and new players are entering the arena every year. They offer bigger bonuses, and try to win a bigger market share while running better campaigns than their classic counterparts. The loyalty programs and VIP schemes are also better at casinos built on the blockchain and allow players to accumulate altcoins at a steady pace. These are all good reasons to give cryptocurrency casinos a chance and even prefer them over traditional operators.