The world of iGaming, often referred to as online gaming, has undergone a remarkable transformation thanks to the integration of blockchain technology. One of the main strengths of blockchain technology is its unparalleled security. Financial transactions conducted on the blockchain are virtually immune to hacking, interception, or bypassing by malicious actors.
In the world of iGaming, where a lot of money is at stake, this is a game-changer. Deposits and withdrawals are not only fast, but also secure, bypassing the control of traditional banking institutions. This security level is particularly attractive to players who want to keep spotless account statements.
In addition to security, blockchain transactions typically incur minimal to no fees, especially when cryptocurrencies are used. On the other hand, traditional payment methods are often associated with high transaction fees. This cost-saving feature is a great blessing for iGaming enthusiasts.
Privacy of the players is another compelling benefit of blockchain-powered transactions. When using cryptocurrencies for gaming, players don’t have to disclose sensitive information such as passwords, codes, or OTPs, as is often required in traditional banking. This means that they are exposed to less risks posed by fraudsters and scammers.
Furthermore, blockchain protocols emphasize anonymity as a means of preventing money laundering and protecting the players’ financial information. With these measures in place, players can enjoy their gaming experience with peace of mind, knowing that their identity and finances are safeguarded.
The transparency-enhancing features of the blockchain have also left indelible marks in the iGaming industry and ensure that fairness and integrity are maintained. At the center of this transformation is the smart contract functionality inherent in blockchain technology. Smart contracts are self-executing agreements encoded as computer programs on the blockchain. These contracts automate transactions based on pre-defined conditions, thus eliminating the possibility of manipulation by unscrupulous actors.
In the iGaming arena, this leads to a transparent and manipulation-proof system for deposits, withdrawals, and payouts. The records are meticulously kept, reducing the potential for fraudulent activities. Players can independently verify the fairness of the game outcomes and ensure that the odds are not stacked unfairly against them.
Perhaps one of the most significant impacts of blockchain in iGaming is the introduction of fairness. Traditional online casinos offer great sports betting options but the notorious “house edge” often leaves the players at a disadvantage. Blockchain technology, backed by random number generators (RNGs), has, however, leveled the playing field.
The RNG ensures that the results of games such as video poker, slot machines, blackjack, and roulette are truly random and hence fair. The manipulation-proof nature of blockchain technology also extends to game outcomes, making it extremely difficult for third parties to manipulate the results. Even though some online casino platforms do not rely entirely on RNGs, players can still verify the fairness of these games through external auditors.
The integration of cryptocurrencies and blockchain technology has had a profound and positive effect on the iGaming industry. This transformation has not only improved security, privacy, and transparency but has also ushered in a new era of fairness in gambling.
The use of blockchain technology has enabled iGaming companies to expand their reach and address a global audience, eliminating the constraints of traditional payment methods. As a result, players around the world can now reap the benefits of blockchain technology and shape their gaming experience to be safer, more transparent, and more rewarding than ever before.
The iGaming market, estimated to be worth $63.53 billion in 2022, is expected to reach $95.05 billion according to Statista data by 2023. With increasing acceptance of cryptocurrencies and blockchain, it is expected that the value will only continue to rise in the coming years.
