Online casinos are a very competitive market. Margins for online casino operators are shrinking. Most online casinos have similar levels of house edge. They charge deposit and withdrawal fees too in most of the times. The problem of fair play by online casinos or lotteries has arisen almost at the same time as these projects. The lack of confidence has put online games far behind traditional ones. For this reason, all online casinos, lotteries and gambling powered by crypto technologies seek to use transparency and accountability of solutions based on blockchains to demonstrate the fairness of their game and thus gain a competitive advantage over their centralized rival.
Another issue with online casino gaming is that players have to wait for 2-3 days to get their money after a payout request. Then, there are concerns about data security, financial fraud, and lack of transparency in the operations of online casinos. Because of the anonymity of cryptocurrencies, these gamers are secure from anti-casino gaming regulations and restrictions of their geographies. Blockchain technology can address more than one of these issues.
In 2013, Vitalik Buterin came up with the idea of Ethereum, public, open source, and blockchain based distributed computing platform, with smart contracts technology. Intelligent contracts work by storing an application’s state information in the blockchain. This enables the facilitation, verification, and enforcement of agreements. Ethereum based smart agreements can be implemented in many Turing complete scripting languages. Because contracts can be public on the Ethereum system, there are tremendous opportunities for good casinos to leverage the platform.
Relevant Projects in Blockchain
Funfair from Jez (founder of PKR) is a decentralised gaming technology platform which uses the Ethereum blockchain, smart contracts and their own Fate Channels to deliver casino solutions with games that are provably fair, extremely fast and that can help anyone manage an online casino business at low operating costs! They got their own token (FUN) and regarding their roadmap we expect to see first casinos adopting this technology in early 2018! And don’t get confused. Funfair wants to license their tech to online casinos, Funfair isn’t a casino!
Edgeless.io is a decentralized, smart contract-based casino and could be other big company in the future providing the first fully transparent casino in the world with blockchain technolgy. EDG is the token to be used on their platform built on the Ethereum network, meaning that all key operations will be regulated by smart contracts. The Edgeless team proud themselves on offering, not only a 0% house edge, but also the most transparent gambling service on the market.
Smartbillions.com brings the concept of a lottery to smart contracts. SmartBillions is an Ethereum smart contract where all operations are recorded on the blockchain and made public. The site is now available to play and the company has big plans for the future, and it could turn into the world’s largest blockchain-based lottery game!
PrimeDice was the very first bitcoin betting experience that will laid the walls for precisely what dicing has grown to be today. Is a “Probably Fair” dice game, where the player can analyze and verify the fairness on the part of the service operator.
Is to deliver you the best online casinos with blockchain technology and respective news! At the moment we are waiting for the first ones that starting to operate with that technology so, very soon we gonna present you on our homepage the first blockchain casinos where for the first time in internet history you can bet with 100% transparency!