Gambling in one form or other has always been a popular pastime in the past. As per info graphics, at present gambling amounts to £2.5 billion on a single sportsbook Betfair. Even though gambling license issuers are making regulation strict, the industry is still evolving. The biggest recent evolution is transition of gambling industry from computers to handheld devices through apps.
Today, more than 5 billion mobile phones are connected with the internet allowing people to place bets on sports or casino games from anywhere and even while travelling. As there is an increase in use of Smartphones the number of bettors will also increase. Ability of using Smartphone to wager has given a rise to Bitcoin revolution.
How is gambling with bitcoin revolutionary?
The protocol of Bitcoin, cryptocurrency and blockchain technology blends perfectly to what bettors look for, while gambling.
Provably fair system
Humans are skeptical about many things and where there is the question on money involved people like to ask many questions. It is wrong to term them as inquisitive because there have been lots of scenarios in the past that caused them to doubt on every aspect of gambling industry ranging from rigging of games to withdrawals. The integration of bitcoin in gambling includes many features that prevent any kind of mistrust from bettor’s side.
Provably fair system adds cryptography hash functions to the random number generating software employed to determine the spins outcome on online table and slot games. Hash function plays the role of marker for every game round. The player choses their input for game round like selecting number on roulette wheel then the marker, bettors input and results get displayed. This allows the bettor to compare information prior and after the spin. This transparency guarantees bettors that game result is legit.
Online gambling sector need different licenses, so as to operate efficiently from around the globe. Anonymity is provided with bitcoin payment method because digital currency is not connected with any bank or third parties. So punters can use bitcoins for deposit and withdrawal without giving any personal detailed information. There is no concerns about being restricted by country or from where funds originated.
Bitcoin is totally decentralised. This digital currency is not controlled by any country or government, so the situations where company website and funds got sealed never occurs. Bettors will be totally confident that their betting account funds will be freely available and not be sealed by anyone.
Less information required
Information regarding every bitcoin transactions are transparent, stored, and accessible within blockchain. Less personal details are needed with bitcoin or other crypto currency transactions in comparison to their fiat equivalents. Therefore, account creation as well as the deposit & withdrawal processes are very fast and user-friendly in comparison. Bitcoin-only casinos offer more control on your personal data, thus bettors can rely on such platform for privacy and legitimacy of gameplay results.
As online gambling experiences heavy regulatory fire, bitcoin seems best cryptocurrency [financial option] for bookmakers and bettors all around the world to gamble easily.