If you’re reading this you’ve probably already realized how popular online gambling has become. Over the past fifteen years, online gambling has become an increasingly sizeable part of the total gambling industry. Online gambling has grown from a global market size of $20 billion in 2009 to $37 billion in 2015 and is projected to reach $60 billion by 2020. This is no surprise as online gambling is much more convenient, there is no need to leave your house as you can literally gamble in your pajamas.
So what is blockchain?
A blockchain  — originally block chain   — is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.  By design, blockchains are inherently resistant to modification of the data. A blockchain is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
In simpler terms, a blockchain removes the necessity of trusting a centralized party like a bank or corporation. The trust is built in (or created if you like) within the code of the blockchain.
There’s a number of reasons how blockchain improves on the current online “centralized” gambling experience……
Blockchain enables complete transparency of transactions as all records are kept on a digital ledger which is stored on the blockchain for all to see. This means there is no way for casino owners to manipulate results.
You can read more about provably fair results on blockchain here.
Have you ever wanted to own a slot machine? Well, now you literally can! One of the most exciting aspects of blockchain technology is the ability for businesses to their share profits with users.
To give you an example, a popular decentralized application (dApp) running on the EOS blockchain named EOSreel has a token economic model that rewards users every single time they bet on one of their slot machines with a certain amount of ER tokens. Users can then stake their ER tokens on the EOSreel platform which then entitles them to a percentage of the house profits!
We all know that “the house always wins” but exactly how much is the house winning? One of the main problems with online gambling is users have no idea what is happening behind closed doors, no idea what the house edge of a particular gambling game is set to. Blockchain is here to change that. With increased transparency, online casino owners become more accountable which forces them to set fair and competitive house edges.
When you start to weigh up the clear advantages blockchain online gambling platforms have over their centralized counterparts it seems ridiculous to even consider choosing the latter of the two. It’s only a matter of time before the online gambling community begins to recognize these advantages and makes the change to a fairer and more rewarding alternative.
Online gambling is just one of the many industries about to be shaken to their core by blockchain technology. It levels the playing field between consumers and business owners and this is particularly important within the online gambling industry.
If you’re new to blockchain and EOS you can learn more here.
If this article has sparked your interest in blockchain online gambling dApps check out some of our picks below which are currently running on the EOS blockchain.
Disclaimer. EOSwriter does not endorse any content or product on this page. While we aim at providing you with all the important information we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as investment advice.