The current online gambling market will witness 11.5% CAGR between 2019 and 2025. Impressively, this will propel the market size of the online gambling market to $ 102.97 billion. It is important to note that Online Casinos are making a noteworthy contribution to the same. With the increased proliferation of smartphones and the internet, Online Casino market dominance is on the rise. To make the most out of the existing growth opportunities the Online Casinos need to ensure credibility of operations.
For such a big industry, it’s pretty sad that the number of challenges it faces is humongous. Most questionable is the way Casinos generate their revenue. Additionally, it is a proven fact that Casinos generate revenue from losing players. And that is where the Casino credibility is being repeatedly debriefed by the players. They believe online gambling is unfair.
To understand the market sentiments, Online United States Casinos conducted a player survey conducted. It established some very important factors that determine the eminence of Online casinos.
According to the survey reliable and quick cashouts plays a pivotal role in establishing trust. The Online Casino players strongly believe that the casino with quick payouts offers a fair play and is more transparent.
But that is not the only hurdle in establishing an Online Casino. Almost every jurisdiction seems to have its own set of regulations around Online Casinos. And this limits a digital Casino from having a global reach. In fact, the players also face challenges in making deposits for betting amounts. This is because their banks consider gambling to be an illegal activity. Many credit card companies blocked user’s cards as they attempted to place a bet using a credit card.
In spite of so many roadblocks, Online Casinos will grow faster than ever. And that is because decentralized technologies like blockchain are penetrating the sphere. The introduction of blockchain technology can help build trust between the houses and the players.
We don’t expect blockchain to do some magic and turn luck in the player’s favor. But with blockchain, we can envision the existence of a trustless Online Casino ecosystem.
What can blockchain do for Online Casinos?
Blockchain directly promises to address the existing gaps in the industry. Some of the gaps that need attention are:
- First and Foremost is the trust factor
- Profit Margins for both house and players are getting squeezed
- The industry is yet to entice the millennials
Many blockchain projects are mushrooming to address the gaps. But it seems they are all working in silos. And this could lead to more chaos. Both the players and Online Casino owners will struggle with the learning curve. Innovative projects like FunFair are approaching the challenges with a more progressive approach. The iGaming veterans Jeremy Longley and Oliver Hopton built the project. It’s a White Label Casino and blockchain technology backs it.
Such a platform makes it easy for Casino operators to make use of blockchain. With FunFair, the operators directly get a feature-packed platform:
As each game is provably fair, it restores the trust of players in fair gaming. All the moves stand recorded on a distributed ledger that cannot be tampered, a fair play by houses is ensured.
Players are not required to give casino operators the custody of their assets. This lowers the risks for both parties. And all wins and losses will execute in real-time over the blockchain.
As all the transactions are decentralized in nature, there is no single point of failure. Thus in case a player wins big, no authority can block or withhold his payments.
Utilizing blockchain makes it easy to run an entire Casino ecosystem in a transparent manner. With FunFair protocol, the payments will happen in real-time. The same goes for the on-chain affiliates and game developers, who receive payments in real-time. This is because payment processing happens on smart-contracts. Affiliates enjoy the additional advantage of getting paid instantly for every win or lose their player books.
Profit Margin optimization
With Lite tech FunFair gets rid of multiple payment processors in the chain like the banks or forex exchanges. As the payment directly reaches the players and casinos operators, the profit margins don’t have to unhand multiple handling charges.
Anonymity and Uniformity
With blockchain in place, the players can choose to stay anonymous. Thus decentralization ensures everyone has universal access at the same costs to players across the globe. For punters and gamblers, anonymity plays a major role.
There is no easy way for the gamblers to move big sums of money in the traditional financial setup. As more crypto exchanges associate with the FunFair platform, the players and houses will have more options to place and cash out bets.
The major benefits to casinos:
- Gambling platforms attract hackers. Use of blockchain ensures impenetrable security
- Cross-border transactions without paying hefty handling fees
- Players are in complete control of their assets all the time reducing the liability of casino operators.
Summing It Up:
Blockchain promises to bridge a critical gap in the existing ecosystems. With trademarked platforms like FunFair, the online casino operators can easily make use of state of the art technology and that too at very low costs. As blockchain helps earn more trust of the players, the growth of online casinos is bound to propel.