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 internet based lottery, Blockchain based lottery platform are coming into the scene promising users to total fairness and transparency. So, how does gambling work on Blockchain?
How does gambling work on the blockchain?
The market for lotteries is innovating. 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 gamers he/she is already familiar.
Additionally, gambling games from the Crypto space will also make a debut to the gambling scene. Some of the gaming content gambling enthusiasts should expect to see gambling games such as; slots, roulette, poker, blackjack, baccarat, dice. Above all, these crypto-based games will provide the blockchain gambling platform with exciting games which can rival traditional gambling games.
Future Prize Pay-outs
Moreover, some blockchain-based platforms have gone an extra mile to bring in global card provider. For instance, the blockchain-based lottery platforms will not only revolutionize the lottery model but also the
To illustrate, 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. More precisely, the users win and spend their earning, as they will be circumnavigating 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 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 from 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.