The first online casinos launched in the late 1990s and their growth has escalated in the last few years, a trend that is expected to continue for a while. The online gambling market worldwide, which includes casinos and sportsbooks, reached USD 66.7 billion in 2020 and is forecast to be worth USD158.20 billion in 2028, developing at a steady rate of 11.4 per cent each year.
The online casino business is extremely lucrative, which has seen many new operators willing to invest in Blockchain technology to secure a good reputation for their sites. Industry experts provide information about particular sites like this 21 Casino review that confirms their licensing and regulation as well as the latest encryption technology in use. Online casino sites were early adopters and could be considered pioneers in the practical use of blockchain technology.†
Blockchain-based online casinos
To users trying out an online casino, a blockchain-based casino will appear similar to any regular online casino. Yet when blockchain technology was first introduced it was the only way that players could use cryptocurrencies as an additional payment method. More recently, most casinos accept cryptocurrency without needing to be built on the blockchain.†
Initially, online casinos used blockchain technology to lock in bets during games or for processing payments in a way safer than anything possible before. This has helped overcome suspicions of unfair or dubious practices that have followed the industry for decades. Using blockchain, online casinos have a transparent and indisputable ledger which can categorically end any unfair accusations of shady practices because it records games and bets that show the accurate odds and that payouts are fair and on time.†
Blockchain technology can also confirm the randomness of the random number generators used by online casinos. It is possible to check every dice roll or bet on the blockchain. Perhaps the most important security to the visitor to an online casino is that their details cannot be hacked as they simply have a secure wallet address.†
Blockchain technology provides anonymity.† Those signing up to a blockchain-enabled online casino simply need a wallet to hold their funds.† Increasingly, regular online casinos that are not built on blockchain allow cryptocurrency payments so that no other financial body needs to be aware of the gamblerís activities.††
When processing payouts or withdrawals some online casinos can take days, weeks or months to approve the transaction for no clear reason when other regular online casinos can pay out within hours or days. With cryptocurrencies, the long processing times do not apply and there are no excess fees that some banks may apply to players signing up at some regular online casinos.
Blockchain technology has ensured that some online casinos have no geographical boundaries to players who want to gamble using cryptocurrency. The lack of limits also extends to money, with no restriction on the amount of money that can be moved.†
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