Proponents of blockchains and cryptocurrency have long held that the technology can disrupt many traditional industries. In some cases, like De-Fi, it might take some time for the use cases to evolve to such an extent that it conquers Trad-Fi, but in other areas, like gaming, we can see a clear pathway to that disruption. Indeed, one of the interesting aspects in the latter area has been the rise of cryptocurrency casinos. Now to be clear, crypto gambling remains relatively niche compared to the multibillion-dollar traditional global iGaming industry, but it is growing at a remarkable rate.
One of the key appeals of crypto casinos is that the UX is very similar to the blueprint laid out by ‘normal’ online casinos, so you don’t need to learn how to play at a bitcoin online casino if you have played on a traditional platform before. Indeed, you don’t need to know anything about web3 or blockchains beyond being able to connect your crypto wallet to deposit and withdraw. From there, it becomes more like a Web 2 experience than a web3 one.
Crypto casinos have the benefit of transaction verification
But – and this is a big “but” – that is not to say that crypto casinos are simply sites where you deposit crypto and have the same experience that you would have in a regular casino – far from it. One of the things that differentiate the experience is the prevalence of Provably Fair Games, a verification model that you can find linked to most games at a bitcoin casino.
Provably Fair games do just what they say on the tin – they “prove” that the games are “fair”. This is achieved through the use of the blockchain. Remember, for all the sophistication around cryptocurrency and its use cases, we should not overlook the fact that the blockchain is fundamentally an immutable public ledger. This record cannot be altered. It is this simple fact that allows players to have peace of mind – and check if they want – that the games are fair and payout as advertised.
The question of trusting a third party
Of course, regulations dictate that standard online casinos must also provide some evidence that the games are fair. The games are based on RNG (random number generator) software, and there will often be audits from bodies like eCOGRA, which will provide information on the game’s RTP (Return to Player), as well as the payout rate for the platform as a whole.
However, the beauty of Provably Fair Games is that you can check yourself. None of this suggests that regular casino sites would fiddle with the numbers. Although there are bad actors in every industry, the very fact that Provably Fair allows you to verify the results on the blockchain is a game changer. Indeed, one of the core components of the web3 and crypto movement is the decentralized aspect of removing the third party from transactions of all types. If we can do it for banking and removing money, why shouldn’t it become the standard for verifying the outcomes of casino games?
Of course, we aren’t saying that crypto casinos are perfect. It remains a nascent industry, but this is an ace in the pack if crypto casino operators wish to supplant or challenge the dominant position of their Web 2 rivals. As more and more people wake up to the benefits of crypto transactions ahead of fiat transactions facilitated by a third party, you can be sure that they will see the light in playing casino games that are verified for fairness using the blockchain.