11 June 2020
Let’s be honest – money spark all sorts of passions. People love money. They love spending it. They love having it in their hands. Some people even love money as a father loves his child. The truth is, a lot of people would do a lot of things to make a bit of money. There is a very particular industry from which some millionaires have been born. Yet, the vast majority who enter this industry end up losing. This industry is gambling.
If you win, the money is yours in seconds. If you lose, it’s Hasta La Vista Baby.
The vast majority of those who bet lose because they gamble with their feelings. They bet that their favorite team is going to will all the time. They bet that their favorite number will come up in roulette. Even if a gambler has a stats-based system, this system can be highly biased and will likely end up with them losing; the house always wins.
The gambling industry has, of course, evolved with technology. Once the internet came, online betting arrived to meet it. It is a matter of taking your phone out of your pocket, logging into an app, checking what bets are available, and placing them. While we can’t do anything about sentimental gamblers, a lot can be done to help the industry become more transparent.
An industry that has embraced new tech before can do the same thing with the blockchain.
Gambling’s Biggest Enemy: The Enemy Within
The online gambling industry grows at an awe-inspiring speed. With an annual growth rate of almost 9%, one would expect a much healthier industry. Truth is, gamblers still face a lack of high-quality services in the industry.
Many users have reported having their accounts frozen. They were never able to withdraw their funds. These are well-founded fears. For example, imagine winning the jackpot on one of these platforms. You’ve already planned what you’re going to do with that money – pay off debts, maybe a dinner at the best restaurant in the city. When you’re about to withdraw your money, your account is frozen. You never get an email with a notice. You can feel your heart skipping a beat. In situations like this, the blockchain could clear the air.
Similar to other industries, the gambling industry could also make an increased profit by using a system of decentralization via the blockchain. Having a blockchain would make gamblers more trusting of the system. This is because all transactions are transparent. The transactions are recorded, verified, and unchangeable.
Another major feature has to do with the security of the money that users bet with. On a platform with blockchain, there are wallets where users deposit their money. These wallets are digital. Nobody can manipulate them. No third party would have access to this wallet. Nobody other than the user has access to this wallet. The risk of losing that money is much lower.
The Blockchain Bets On Transparency
Bringing clarity to the gambling industry is the mission for FunFair, a white-label casino platform. A white-label casino is an empty software space that someone rents. Here, whoever buys the space operates their casino with the content they want. The operator decides which games will be available on the platform. All games within the platform are decentralized and cannot be manipulated. FunFair never gets involved in this process – neither by the users nor by the operators.
In the betting world, the house always wins. Now, what if there is no house? This is the case for Bethereum. Bethereum is a social betting platform. This means that you are not betting against the house, you bet against other players. Bethereum uses blockchain to make sure that betting is transparent. They also have their own utility token called Bether. They also gamified their platform with leaderboards and different achievements for each player.
There is still a long way to go, but the blockchain offers a lot of things that the industry needs. The freedom given by it is something that is lacking in betting.
The first steps are already being taken – it is only a matter of time.