Online gambling is easily amongst the most notably disrupted industries by blockchain technology. In fact, going by the latest reviews and news, online gambling apps constitute almost half of all the Dapps (decentralized applications) created with Ethereum’s blockchain protocol.
Furthermore, 8 out of every 10 applications developed using the TRON ecosystem are some type of online gambling apps. It’s worth noting that such TRON-based decentralized online casinos had processed transactions to the tune of $ 3.9 billion+ by the end of 2019. That’s a remarkable figure as it constitutes almost 90% of the entire transaction volume witnessed on the TRON blockchain.
Online gambling has grown by leaps and bounds over the past couple of decades, and a fair share of this advancement over the past few years can be attributed to the impact of cryptocurrency and blockchain tech. It’s well-evident that going forward it won’t take much time for its effects to reach even reputed online casino platforms like Jackpot Village and others. Let’s now look at some well-evident examples of how blockchain tech and cryptocurrency are disrupting the online gambling space.
Improved independence
A great multitude of players residing in restricted countries are now able to indulge in their favourite online casino games thanks to cryptocurrencies and blockchain technology. They can do so without any fear of losing their winnings to the authorities.
New kind of games
The emergence of cryptocurrency and blockchain technology resulted in the creation of an entirely new segment of games that involve the same kind of decentralization that crypto is well known for. These new games enable players to check and verify them for the fairness of their outcomes. This greater transparency is actually one of the many benefits of blockchain’s applicability.
Reduced tax obligation
Several online gambling brands and their related affiliate programs are subjected to tight regulation by the local authorities. Resultantly, they have started paying affiliates through cryptocurrency, something that enables them to avoid unwanted attention from the tax authorities. On the other hand, money won by players on such platforms can also be withdrawn as cryptocurrency, without the need of paying any tax on it.
Unlimited growth opportunities
Although the turnover generated by cryptocurrency gambling is still nowhere close to the kind that conventional online gambling delivers, it must be noted that it’s still an emerging trend. It is expected to witness tremendous growth in the times to come, especially considering the unlimited growth opportunities it offers.
Players’ anonymity
When it comes to cryptocurrency transactions, it’s far more difficult for the authorities to discover the identity of the player. In some cases, it’s almost impossible. Therefore, many people staying in countries with strict gambling laws, are able to effectively use such anonymity feature to their benefit.
Conclusion
Despite the fact that not many people are aware of and are comfortable with the concept of blockchain technology and cryptocurrency right now, it is only a matter of time when everyone will come on board and benefit completely from this revolution.
