The crypto ecosystem is emerging as a decentralized hub for existing industries, including finance, healthcare, logistics, and online gambling. Today, this nascent market enjoys a total market cap of $1.6 trillion, with multiple projects accounting for this figure. Most notably, online gambling has grown tremendously since the debut of blockchain technology – a trend that seems to be gaining more traction by the day.
Before the inception of blockchain and crypto, online gambling ecosystems were centralized. This centralization aspect means that the house is likely to have the upper hand as they control most online gaming operations. Blockchain eliminates the centralized nature of online casinos through a decentralized architecture, making the games provably fair. Unsurprisingly, veteran online game providers are also pivoting to blockchain solutions.
Going by this adoption trend, most iGaming products will likely be hosted within decentralized ecosystems as more people appreciate the value proposition of blockchain. Some popular online gaming providers have already debuted a blockchain-based gaming ecosystem supported by cryptocurrencies like Bitcoin and Ether.
The Value Proposition of Bitcoin Gambling Games
Unlike regular casinos where players settle with fiat currencies, Bitcoin gambling ecosystems allow users to place a wager or play an online game by paying in crypto. These upcoming online gaming environments are now capturing the attention of lawmakers. Wyoming recently passed a law that allows prospective online gamblers to make crypto deposits for online gambling.
That said, Bitcoin gambling ecosystems offer a wide range of advantages in comparison to centralized gaming platforms. The decentralized architecture of blockchain solves existing pains in the gambling industry, including data security, payouts, and universal gaming. Furthermore, blockchain sets the pace for the mainstream adoption of online gambling.
So, what makes bitcoin gambling more lucrative? There are several fundamental aspects of cryptocurrencies that enhance online gambling. As mentioned earlier, Bitcoin gambling eliminates third parties, including the house, which mostly has an edge in every game played. With decentralized gambling, players have an opportunity to receive a more significant stake in their wins.
Blockchain ecosystems also feature anonymity – a feature that online gamblers could leverage to conceal their operations. This is not the case for centralized gaming ecosystems, requiring players’ details before they can be allowed to play.
While blockchain introduces a certain degree of anonymity, it maintains a transparent nature as anyone can view the transactions recorded on a public blockchain such as Bitcoin or Ethereum. The technology also makes online gambling games more accessible, given that players can connect from across the globe. In traditional gambling, the setting is mainly limited to a geographic zone.
Provably Fair Bitcoin Gambling Games
Though a potential niche, Bitcoin gambling games may not be as fair as presented by stakeholders. The crypto ecosystem is notorious for grifters and hackers looking to manipulate loopholes to their advantage. This applies to blockchain gaming environments as well. However, some genuine Bitcoin Gambling casinos, such as FortuneJack, date back to 2014.
FortuneJack has been involved in online games since Bitcoin’s early days and now hosts a wide range of Bitcoin gambling games. One outstanding aspect of this online casino is the ability to check the fairness of a game. This revolutionary ecosystem eliminates suspicion by building a trustworthy gambling environment for all stakeholders.
Notably, FortuneJack also supports other cryptocurrencies, allowing players to place a wager in their preferred digital asset. Some of the provably fair gaming categories featured within
FortuneJack casino include Slots, Live Casino, and Table Games. In addition, gamblers can leverage the FortuneJack SportsBook to place bets on virtually all sports across the globe.
It is also quite noteworthy that FortuneJack features bonuses for veteran gamblers and new players. The online casino runs an incentive program that rewards its users with bonuses for registration, online gambling, and deposits.
The Future of Online Gambling
Online gambling has been around for quite some time and continues to be more popular with the invention of digital ecosystems. This industry accounts for a significant part of the world’s economy despite a skeptical outlook by regulators. Going by its growth in recent years, innovators and the target market are just getting started.
Blockchain and cryptocurrencies are expected to fuel this growth and set the stage for decentralized gambling ecosystems. So far, there has been significant progress in integrating both industries with iGaming activity picking up in the past two years.
The trend is also changing the fundamentals of building online games through innovations such as Non-Fungible Tokens (NFTs).
NFTs allow online gamers to represent their gaming tools/accessories on the blockchain, allowing them to trade digital assets. Ideally, an NFT is unique, which means that gamers can buy extra accessories to game online. This burgeoning niche is also creating a virtual reality ecosystem where participants digitally own existing features.
The crypto ecosystem is quite similar to casinos, as both industries are partly driven by speculation. These two ecosystems have proven to be compatible and will likely define the future of online gambling.
That said, stakeholders who include innovators, regulators, and consumers have a significant role in this paradigm shift.
Regulators are now playing catch up to protect consumers while innovators continue to build decentralized online casinos. Eventually, this will be a complete ecosystem where all players can enjoy a fair online gambling game.