The impact blockchain could have on traditional gambling platforms

[hoaryal1]

I don't know if you all of you know but the gambling industry experienced massive growth during the COVID-19 pandemic lockdown. However, the current lottery model is severely outdated and it seems many users are switching to decentralized platforms in search of efficiency and

As the global economy continues to deal with the economic fallout, companies are coming to terms with the fact that normalcy may not return for quite a while.  Many economists are wondering how the business landscape will look a year or more from now.  It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn.  But while some businesses will falter, others will emerge stronger than ever

Current Lottery Model is Severely Outdated
It’s safe to say that nearly every human that has ever walked the earth has fantasized about winning the massive jackpot that would completely change their life.  These dreams have turned the global lottery industry into a $302 billion market that is expected to reach $380 billion by 2025.  Despite this predicted growth, the industry suffers from a variety of problems that are preventing it from really exploding.

Perhaps the biggest problem is that traditional lotteries are centralized. 

Because of this, there is essentially no oversight on what a lottery provider may or may not do.  This lack of transparency leads to high levels of fraud and hidden costs that cause a great deal of trust issues among the lottery participants.  In addition, players often have to deal with highly restrictive limits on withdrawals that can be burdensome to deal with.

More info and numbers here

Personally I don't trust the current Systems, and the number I don’t play the lottery is because I don’t believe them. It’s government-run. If it was on a smart contract (eth chain) that I can read then I would be more inclined to throw my money away playing the lottery.

I think it's a blessed change, and I cant wait to see how it is going to transform the current system, however, im sure it will take a decent amount of time until people will be really able to adjust.

What do you think?

[1715637550]

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[1715637550]

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[1715637550]

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[boissonnea]

You cannot bet on this growth. Growth means that there is a recovery in the markets, which may not be true if there is a recession in the world.
Many people lost their jobs, and with increasing financial difficulties, there will not be enough money to venture into it.
What the fuck, it challenge to the ability of these platforms to gain followers and thus achieve profits or continue, but the negative part of the wave will reach them soon.

What is impact blockchain could have on traditional gambling platforms, the adventure is much greater than, which is not considered legal in many countries.

[webtricks]

Well there is a better concept hopping around than the traditional lottery system on blockchain right now and i.e. Pooling together!

Instead of traditional lottery where everyone buys a ticket and few players win the entire money while the others lose their ticket money, in pooling concept no one loses money! Suppose 100K participants joined the game and bought a ticket worth $10 each. This will be a sum total of $1M. A smart contract is written, recording the addresses of each user as a participant. Then $1M is rooted to capital market through DeFi where it will generate money in the form of interest. Suppose $1M generated $2307 at the rate of 12% in a week. So after a week, every participant will get back his money i.e. $10 and $2307 will be distributed to random winners by the Smart Contract. This is a fascinated modification of traditional lottery system and I found it quite interesting.

Here's one of the success implementation of this concept which is growing strongly: https://www.pooltogether.com/

[ATSgrowth]

I personally love the idea of EarnBet casino - the more you spend, the more you earn. Actually you are earning tokens that entitle them to share in the casino's profits. Great idea, but you need constantly bigger and bigger volume to earn nice profit .

[Yaunfitda]

I don't know if you all of you know but the gambling industry experienced massive growth during the COVID-19 pandemic lockdown. However, the current lottery model is severely outdated and it seems many users are switching to decentralized platforms in search of efficiency and

I agree, the online gambling industry (fiat/crypto based) made a splash silently in this pandemic because people are in lockdown and just enjoy playing at home.

As the global economy continues to deal with the economic fallout, companies are coming to terms with the fact that normalcy may not return for quite a while.  Many economists are wondering how the business landscape will look a year or more from now.  It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn.  But while some businesses will falter, others will emerge stronger than ever

We are going to see the real impact in the last quarter of this year and early 2021. If countries have recovered a little because most of them have eased their lock-down policy and business are re-opening in this new norm.

I think it's a blessed change, and I cant wait to see how it is going to transform the current system, however, im sure it will take a decent amount of time until people will be really able to adjust.

What do you think?

Yes, it will take some time to see what the impact, for sure, I'm expecting a positive effect.

[TradingBull.io]

It is clear that the use of audited and public smart contracts to handle gambling rewards and money games' mechanisms could bring more transparency and trust (gambler perspective).

On the other hand, for the gambling platforms, it is not as interesting to expose the profits generated on each games.
It could also lead the industry into a competitive war, decreasing their net margins to attract more users.

Will probably happen progressively though, as it is what the market/users want.
Some gambling dApps on EOS and TRX are already getting some traction.

TradingBull.io

[Jating]

It is clear that the use of audited and public smart contracts to handle gambling rewards and money games' mechanisms could bring more transparency and trust (gambler perspective).

I think the trust is based on casino's provably fair, but how many online gamblers are really looking at it?

On the other hand, for the gambling platforms, it is not as interesting to expose the profits generated on each games.

Yes, but you have to think the offline casino's need to report it because of tax purposes. If online casino's one day are regulated by government, for sure their books are going to be open in the public and we will know how much they profited.

It could also lead the industry into a competitive war, decreasing their net margins to attract more users.

Will probably happen progressively though, as it is what the market/users want.
Some gambling dApps on EOS and TRX are already getting some traction.

TradingBull.io

It's very competitive market, however, I don't think it's going to be saturated are there are gamblers born every minute so to speak. So the more the better, as least we have options.

[TedMosby]

I don't know if you all of you know but the gambling industry experienced massive growth during the COVID-19 pandemic lockdown.
-snip-

*online gambling industry

1. they start to gamble because they want entertainment.
2. don't know what to do during this pandemic.
3. they are economically hopeless, and they tend to gamble for a side hustle.

this year, google searches for "online poker" reached a five-year peak during the coronavirus pandemic,
https://www.marketwatch.com/story/online-poker-betting-hits-a-record-high-during-the-pandemic-2020-05-29

[milewilda]

It is clear that the use of audited and public smart contracts to handle gambling rewards and money games' mechanisms could bring more transparency and trust (gambler perspective).

On the other hand, for the gambling platforms, it is not as interesting to expose the profits generated on each games.
It could also lead the industry into a competitive war, decreasing their net margins to attract more users.

Will probably happen progressively though, as it is what the market/users want.
Some gambling dApps on EOS and TRX are already getting some traction.

TradingBull.io

Well said and you did actually have the point and this is one of the reason why it didnt really get much traction or attention up to this day.We might see some significant rise or demand on some games but not totally covering
as a whole.When it comes to competition then its normal and with this current pandemic situation where it do somehow get some attention but not on the sense that it did really give out that big impact on where majority been talking into.Talking about lottery system compared to government vs blockchain based then we can really tell the difference but we cant really avoid the fact that majority do still prefer on betting on government-held
lottery games.

[imstillthebest]

I don't know if you all of you know but the gambling industry experienced massive growth during the COVID-19 pandemic lockdown.
-snip-

*online gambling industry

1. they start to gamble because they want entertainment.
2. don't know what to do during this pandemic.
3. they are economically hopeless, and they tend to gamble for a side hustle.

Online gambling is still part of the gambling industry but during these times most of offline gambling places are close so it's impossible to say that they are growing or indemand now but we should say that it's the online version of them are the real one that is booming . We all knew this @op and it happens because of the reason that is listed by @TedMosby . It's boring and it's not bad to gamble to have fun but we must also do other things that are far better than gambling and lastly we shouldn't get hopeless because of the virus .

[Cratoon]

I think crypto gambling business has a great growth potential, but it's still a niche business.
The classic lotteries will still hold strong at the market and won't be impacted by crypto gambling too much in near future.
As for the long run - who knows...

[terrong]

I think crypto gambling business has a great growth potential, but it's still a niche business.
The classic lotteries will still hold strong at the market and won't be impacted by crypto gambling too much in near future.
As for the long run - who knows...

I agree with you, in my opinion crypto and traditional gambling has their own potential, crypto gambling is popular with educated people and familiar with technological developments.

while traditional gambling is favored by people who do not know the world of technology, but make no mistake, currently traditional gambling like lottery is also very different from before, since the existence of the internet, traditional gambling can be accessed online.

This has proven to make it easier for gamblers to gamble without having to go to lottery place, and this makes the possibility of fraud less likely.

[Lordhermes]

In my country, many gamblers turned into playing virtual games during the lockdown period in continuing their gambling zeal, but the meantime, the majority turned into considering betting online games leaving out traditional gambling like Whot, however what helps most of them is the availability of tutors teaching them how to gamble online with free computers, more of the gambler here uses Fiat currency in betting than cryptocurrencies, although technology had creates more impacts than before, hoping to see more adoption of using btc to bet soon.