Today, the gambling sector is one of the largest industries in the world. The online area of the industry especially will grow dramatically in the next few years. As smartphone usage continues to grow in developed and developing countries, online gambling could soon make up the majority of the industry. Online casino games, in particular, have the most significant growth potential.
According to a study by PWC, the Global Gaming Outlook reveals that the online market is complementary to the offline. However, the former is showing growth potential. As it stands, the global gambling market is huge. The global betting market is worth approximately $280 billion. At the same time, online betting platforms only make up a small part of the four percent year-on-year growth in value.
In addition, the study reveals that this percentage (four percent) is growing rapidly. As a result of the global migration from offline to online infrastructure, the entire industry is fast approaching total disruption. In particular, given today’s global society, it is astounding how a majority of lottery players only use the option of local lotteries.
However, these players have to deal with poor odds. More precisely, a player’s chances of winning are one hundred and fifty-six million to one. Alternatively, if the player is looking for lotteries with better odds of winning, he can only play low jackpot prize lotteries. Not only is this option unattractive, but also uncomfortable, since the player has to walk to the shop and buy a paper ticket!
Blockchain technology can give gambling a competitive advantage
With the advent of blockchain and cryptocurrency, the world seems set for truly global and regulated crypto-powered gambling platforms. Bitcoin and alternative cryptocurrency are also gaining traction as global currencies, paving the way for a globalized gambling platform. Additionally, with blockchain, jackpots could be progressive, and offer players better odds.
So, what is blockchain gambling?
By integrating blockchain technology, a gambling platform will allow all parties to benefit from transparency. This is to say, all records of wins and losses exist in a permanent record which is easily verifiable. In addition, developers can’t alter the records, allowing users to audit the system for any unfair practices. Consequently, blockchain gamblers benefit from the assurance of knowing the destination of the prize money. Additionally, players can easily audit the system to ensure that the game was fair.
Furthermore, with blockchain technology making its way into the online gambling landscape, players can be assured of no confusion of the rules. In other words, blockchain gambling platforms will utilize smart contracts, which make rules clearly legible to all parties. As a result, gambling on the blockchain reduces the instance of disputes and guarantees instant pay-outs.
Above all, blockchain gambling sites will offer players zero concerns about the gambling site withholding their winnings. Since smart contracts are used to coordinate exchange in the platforms, there is no central authority governing. Hence, players can receive funds directly with no middlemen, but smart contracts.