The global lottery market is worth an estimated $180 billion. At the same time, $10 billion of this market capitalization comes from online lottery platforms. According to a study by the World Lottery Association, online lotteries will experience rapid growth. Aside from the migration to an internet-based lottery, blockchain-based lottery platforms are coming onto the scene promising users total fairness and transparency.
So, how does gambling work on the blockchain?
How does gambling work on the blockchain?
The market for lotteries is evolving. As it stands, gambling enthusiasts have no reason to trust the current system which is run by centralized authorities mainly focused on maximizing their profits. Similar to the traditional model, some lottery and blockchain companies have also attracted strategic gaming partners. The reason for this is to provide the gambler with games he/she is already familiar.
Additionally, gambling games from the crypto space will also make a debut to the gambling scene. Some of the content gambling enthusiasts should expect to see on gambling games includes slots, roulette, poker, blackjack, baccarat, and dice. Above all, these crypto-based games will provide blockchain gambling platforms with exciting games which can rival traditional gambling games.
Future Prize Payouts
Some blockchain-based platforms have gone an extra mile to bring in global card providers. For instance, the blockchain-based lottery platforms will not only revolutionize the lottery model but also the
When a player wins on the lottery platform, they can have prize pay-outs sent to their wallet. Afterward, the payout transfers into the player’s pre-paid card. As a result, the lottery platform solves one problem that other lotteries on the blockchain have to deal with, allowing users to win and spend their earning without going through a crypto exchange.
Creating the global currency of lottery and associated games.
At the core of a blockchain-based lottery platform is the base of the international client. In particular, the client at the core of the blockchain lottery processes the millions of transactions. Similar to other decentralized applications, lotteries on the blockchain will leverage one of the most popular aspects of blockchain technology, smart contracts.
Specifically, these platforms will provide users with access to smart contract exchanges. In other words, players will have the ability to change between cryptos with ease. For instance, on the WILD winning platform, users will be able to change ETH (Ether), into WILD Tokens, the platform’s native token. In the same way, players can exchange their favorite cryptocurrency for WILD Tokens on any number of public exchanges.
With the additional innovation, blockchain-based gambling platforms can offer users extended capabilities, increased winning chances, and transparency.