Blockchain and Gambling

[hello_good_sir]

Theoretically, yes.

But in reality I think that you're not going to see a lot of complicated applications of blockchain in gambling for a long while.

I do think that cryptocurrencies will be increasingly used as the medium through which people transact with centralized casinos, but I definitely don't see integrations of smart settlement contracts for wagers any time soon.

Why? Once a blockchain is ready (meaning it's fast, secured AND decentralized) I see it's implementation as proof that casino can give to it's clients that they can't and won't tamper with any transactions. I'm not saying casinos are doing that now but with the blockchain implementation clients won't have to trust casinos because everything will be publicly visible on a ledger.

Of course, it could happen when the user interface/experience is friendly enough.

But as of currently, there is no prospect of that happening in the near future.

All of the decentralized casinos are clunky to use and extremely hard to understanding for a novice who is just trying to have some fun on a Saturday night. They'd rather use something like Stake or Bitsler which is way more established.

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[Lucasgabd]

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well, we have descentralized exchanges working just fine, maybe its just a matter of time until we have a good descentralized casino
the good news is that if code is open source it will be verifiable so people can check if its really provably fair.

[sikke]

An essential method to solve conflicts in the long run which does mean that there will be less problems and we will have more proof in case of some dispute

Not only that it have immense potential account to the author, the knowledge, license, the compliance, data, gambling, approach safety it's all very well received with blockchain technology.

It can also be used to track a players journey apparently which I don't really understand about how it's under the privacy map.

Well the article was overall a good read, what do you think ?

I definitely agree.

Smart contracts are going to be the future of peer to peer wagers and fast betslip grading.

The centralized model simply doesn't work for this, especially when there are fringe cases that are quite contentious. I think that it'll definitely be a great idea in the future for some centralized crypto casino to embrace their own decentralized counterpart (sort of like Binance & Binance DEX).

[uneng]

The gambling sector might not have been so easy without blockchain technology. One can participate in online gambling from different countries of the world through block-chain technology. Moreover, through blockchain It is easier to withdraw and deposit.

Yes, this blockchain technology give some very good improvement in fairness and transparency now most of online casino going with this all with better confidence in both sides players and casino both have fair things to do on this sometime back most of the punters was facing some serious issues regarding deposit and withdraw but after adopting this they have very quick access with this all which bring some revolutionary changes for this industry.

Biggest advantage for members is now they don't need third parties for solving their issues' blockchain can do this all with fairness and this is going to be acceptable for both parities.

Well, that is a big advantage indeed, but I don't expect lawyers are going to agree with you.
Those who profit with legal disputes, the third parties, are going to be very upset as blockchain adoption increases day by day, solving different issues of the modern society, just by being transparent and immutable. More blockchain means less legal issues, leading to a decreasement in the demand for professionals of the legal sector. The sad part is: these are the people who create the laws and regulations.

[dunfida]

The gambling sector might not have been so easy without blockchain technology. One can participate in online gambling from different countries of the world through block-chain technology. Moreover, through blockchain It is easier to withdraw and deposit.

Yes, this blockchain technology give some very good improvement in fairness and transparency now most of online casino going with this all with better confidence in both sides players and casino both have fair things to do on this sometime back most of the punters was facing some serious issues regarding deposit and withdraw but after adopting this they have very quick access with this all which bring some revolutionary changes for this industry.

Biggest advantage for members is now they don't need third parties for solving their issues' blockchain can do this all with fairness and this is going to be acceptable for both parities.

Well, that is a big advantage indeed, but I don't expect lawyers are going to agree with you.
Those who profit with legal disputes, the third parties, are going to be very upset as blockchain adoption increases day by day, solving different issues of the modern society, just by being transparent and immutable. More blockchain means less legal issues, leading to a decreasement in the demand for professionals of the legal sector. The sad part is: these are the people who create the laws and regulations.

There would be effects as we do go ahead because technology does really goes better and better which would really affect out some parts or industries because their service would be no longer needed.
Lets just accept that fact and for sure they are aware with that.

Advancing on new ways or paths is something that cant really be avoided.WE had progressed that much on the sense that it isnt really much needed with those outdated things.

[CaVO32]

The gambling sector might not have been so easy without blockchain technology. One can participate in online gambling from different countries of the world through block-chain technology. Moreover, through blockchain It is easier to withdraw and deposit.

Yes, this blockchain technology give some very good improvement in fairness and transparency now most of online casino going with this all with better confidence in both sides players and casino both have fair things to do on this sometime back most of the punters was facing some serious issues regarding deposit and withdraw but after adopting this they have very quick access with this all which bring some revolutionary changes for this industry.

Biggest advantage for members is now they don't need third parties for solving their issues' blockchain can do this all with fairness and this is going to be acceptable for both parities.

Well, that is a big advantage indeed, but I don't expect lawyers are going to agree with you.
Those who profit with legal disputes, the third parties, are going to be very upset as blockchain adoption increases day by day, solving different issues of the modern society, just by being transparent and immutable. More blockchain means less legal issues, leading to a decreasement in the demand for professionals of the legal sector. The sad part is: these are the people who create the laws and regulations.

There would be effects as we do go ahead because technology does really goes better and better which would really affect out some parts or industries because their service would be no longer needed.
Lets just accept that fact and for sure they are aware with that.

Advancing on new ways or paths is something that cant really be avoided.WE had progressed that much on the sense that it isnt really much needed with those outdated things.

Anyway, there are still a lot of industries that badly needed their services. And also, the use of blockchain tech in gambling is still not very popular. Still a large percentage is fiat-based. But when these gamblers learned that with this new tech, they are less prone to being cheated, a lot will convert themselves to crypto or blockchain-based gambling. It is now easy to check if the games of the casino are indeed provable fair because you can just check their system easy. There are also some provable fair system verifiers available.

[passwordnow]

And also, the use of blockchain tech in gambling is still not very popular.

It is popular. Before it even emerge and became in the mainstream, there were many casinos already that were running in blockchain because even it's still new before and they don't get much attention yet they've managed to adopt it and some of them until now still exists.

Still a large percentage is fiat-based.

This won't be gone, there will really be a big percentage for those casinos that are fiat based and they don't have to adopt everything that's on the trend if their casinos/business is remaining in good terms with their customers.

[xSkylarx]

The gambling sector might not have been so easy without blockchain technology. One can participate in online gambling from different countries of the world through block-chain technology. Moreover, through blockchain It is easier to withdraw and deposit.

Yes, this blockchain technology give some very good improvement in fairness and transparency now most of online casino going with this all with better confidence in both sides players and casino both have fair things to do on this sometime back most of the punters was facing some serious issues regarding deposit and withdraw but after adopting this they have very quick access with this all which bring some revolutionary changes for this industry.

Biggest advantage for members is now they don't need third parties for solving their issues' blockchain can do this all with fairness and this is going to be acceptable for both parities.

Well, that is a big advantage indeed, but I don't expect lawyers are going to agree with you.
Those who profit with legal disputes, the third parties, are going to be very upset as blockchain adoption increases day by day, solving different issues of the modern society, just by being transparent and immutable. More blockchain means less legal issues, leading to a decreasement in the demand for professionals of the legal sector. The sad part is: these are the people who create the laws and regulations.

There would be effects as we do go ahead because technology does really goes better and better which would really affect out some parts or industries because their service would be no longer needed.
Lets just accept that fact and for sure they are aware with that.

Advancing on new ways or paths is something that cant really be avoided.WE had progressed that much on the sense that it isnt really much needed with those outdated things.

Anyway, there are still a lot of industries that badly needed their services. And also, the use of blockchain tech in gambling is still not very popular. Still a large percentage is fiat-based. But when these gamblers learned that with this new tech, they are less prone to being cheated, a lot will convert themselves to crypto or blockchain-based gambling. It is now easy to check if the games of the casino are indeed provable fair because you can just check their system easy. There are also some provable fair system verifiers available.

Agree in technical terms, but it would be interesting to see how they do it if it is verified. It is similar to solidity in that you can see the codes if they were verified so you can judge if it was truly fair. However, most owners prefer a fiat-based system because they want everyone to be able to play, even if they are elderly or non-technical. This was really new to everyone because not everyone was using it because it was still new, but now it is becoming popular among those who use the internet, but what about those who don't really understand or know about it?

[noorman0]

Disputes will always occur if there is centralized management in it. Many casinos eschew blockchain solutions on all aspects that are prone to conflict even though they offer transparency and fairness. As much as they set the company's terms and rules, some of the customers get inappropriate treatment like withdrawal not allowed, account lockout etc because they are considered to be violating written rules or based on casino's unilateral policies (after manual subjective research).

[FinneysTrueVision]

So I recently read a very interesting article which actually defines about how blockchain is responsible for more responsible gambling.
https://www.gamblingnews.com/news/hashing-it-out-ep-11-blockchain-as-a-solution-for-more-responsible-gambling/

One of the attendees whom CoinGeek interviewed is Peter Higgins – a commercial mediator whose work is to solve disputes between gambling operators and clients. Higgins explained that sometimes these conflicts involve big sums of money and that his job is to prevent things from escalating to court where possible.

Speaking about blockchain, Higgins is quite optimistic about its use in solving such conflicts as their robust way of working will make it much easier to find out who is right and who is wrong.

“If you can have these ledgers in place that proves what was placed when with some different examples, in crude terms, it’s basically more evidence for the operator or for the client in that case,” Higgins explained.

- An essential method to solve conflicts in the long run which does mean that there will be less problems and we will have more proof in case of some dispute

Not only that it have immense potential account to the author, the knowledge, license, the compliance, data, gambling, approach safety it's all very well received with blockchain technology.

It can also be used to track a players journey apparently which I don't really understand about how it's under the privacy map.

Well the article was overall a good read, what do you think ?

I would not trust CoinGeek to be an unbiased news source. They are owned by Calvin Ayre who has many gambling related businesses and he is also heavily invested in BSV. They are even shilling nChain and BSV in the article. BSV is one of the worst options for gambling because most of the hashpower is owned by Calvin so if there was a gambling outcome where one of his casinos suffers a devastating loss then they could just reorganize the blockchain to undo that outcome.

[michellee]

Anyway, there are still a lot of industries that badly needed their services. And also, the use of blockchain tech in gambling is still not very popular. Still a large percentage is fiat-based. But when these gamblers learned that with this new tech, they are less prone to being cheated, a lot will convert themselves to crypto or blockchain-based gambling. It is now easy to check if the games of the casino are indeed provable fair because you can just check their system easy. There are also some provable fair system verifiers available.

It is a matter of time before those fiat gamblers move into crypto gambling because crypto gambling has become popular this year, especially since many people stay at their homes. Those gamblers who can not go out from their home will search for the casino and see that crypto gambling can serve them well now. Once they try to play on the crypto gambling site, they will feel comfortable using crypto and search the other crypto gambling site. Almost all reputable crypto gambling site is provably fair and not trying to cheat their member because the member is a thing that the casino will get the money.

[slackovic]

well, we have descentralized exchanges working just fine, maybe its just a matter of time until we have a good descentralized casino
the good news is that if code is open source it will be verifiable so people can check if its really provably fair.

True. But with DEXes you will either use them on some centralized blockchain (like Binance Smart Chain) or you will pay high gas fees like on Uniswap. Would you pay $50 for a transaction fee just to place $10 bet? I don't think so. And if casino uses centralized blockchain like BSC, then users again have to trust that casino won't tamper with it's blockchain. That's why I'm saying that casinos need a Blockchain that is not yet developed (decentralized, secured and fast).

[bitzizzix]

Anyway, there are still a lot of industries that badly needed their services. And also, the use of blockchain tech in gambling is still not very popular. Still a large percentage is fiat-based. But when these gamblers learned that with this new tech, they are less prone to being cheated, a lot will convert themselves to crypto or blockchain-based gambling. It is now easy to check if the games of the casino are indeed provable fair because you can just check their system easy. There are also some provable fair system verifiers available.

It is a matter of time before those fiat gamblers move into crypto gambling because crypto gambling has become popular this year, especially since many people stay at their homes. Those gamblers who can not go out from their home will search for the casino and see that crypto gambling can serve them well now. Once they try to play on the crypto gambling site, they will feel comfortable using crypto and search the other crypto gambling site. Almost all reputable crypto gambling site is provably fair and not trying to cheat their member because the member is a thing that the casino will get the money.

Yes, it is just a matter of time and it will most likely happen and it depends on the development of crypto in the convenience and security of how to use it in casinos rather than fiat.
and using blockchain in gambling is very advantageous because because blockchain is an unmodified and untraceable digital scale, it can be useful in providing stability to the casino industry as well as a fast, secure and convenient payment method because it is integrated with blockchain technology.
and besides the whole process cannot be manipulated and protected by predefined rules and many other functions which can be useful.

[AicecreaME]

AFAIK, Most of the online gambling operator are using blockchain for all the transactions entering on there casino since payment method is in crypto and its all recorded if the dispute is about whether the user indeed deposit/withdraw the exact amount.

There's a lot of online casino that completely coded on blockchain. The only problem was the slow transaction speed whenever lots of player is playing at the same time. Blockchain is indeed the solution to gambling industry to solve trust issue, the only problem was the blockchain that will give the right TPS to run this tons of transaction for a short period of time.

Correct, but only the online gambling sites have access on those transactions that's been happening inside their gambling platform, the only transaction that player would see in the blockchain is the amount he deposited on that gambling platform but never the bets he'll made. The article that OP shared however is the opposite of it, the transactions inside the gambling sites are public for both parties (if I'm not mistaken) so that players could track their bets and could help them realize like putting an allotted budget for each day in gambling or quiting it for good.

[Victorycoin]

Blockchain technology digital currency and virtual casinos work together to drive gaming and work ahead by constantly looking for more advanced technological options virtual gambling eliminates the risks of meeting expectations. Cryptocurrencies have paved the way for cashless casinos dedicated solely to digital resources cryptocurrencies have added a number of new things to the gaming community ranging from advanced features to tokens.

[delfastTions]

Blockchain technology digital currency and virtual casinos work together to drive gaming and work ahead by constantly looking for more advanced technological options virtual gambling eliminates the risks of meeting expectations. Cryptocurrencies have paved the way for cashless casinos dedicated solely to digital resources cryptocurrencies have added a number of new things to the gaming community ranging from advanced features to tokens.

This is all correct.  I will supplement your observations.  Blockchain technology itself provides the highest possible reliability, and therefore, of course, is a priority for use in games.  And I must say it is used more and more in many areas.  In the gaming industry, it is obvious that its use should be developed and improved in every possible way, which is what we are observing.  Their tokens, their staking, and so on, all of this has already appeared and will continue to appear.

[Lucasgabd]

Blockchain technology digital currency and virtual casinos work together to drive gaming and work ahead by constantly looking for more advanced technological options virtual gambling eliminates the risks of meeting expectations. Cryptocurrencies have paved the way for cashless casinos dedicated solely to digital resources cryptocurrencies have added a number of new things to the gaming community ranging from advanced features to tokens.

This is all correct.  I will supplement your observations.  Blockchain technology itself provides the highest possible reliability, and therefore, of course, is a priority for use in games.  And I must say it is used more and more in many areas.  In the gaming industry, it is obvious that its use should be developed and improved in every possible way, which is what we are observing.  Their tokens, their staking, and so on, all of this has already appeared and will continue to appear.

yes, its nice because open source code makes it possible to verify, in games that have a luck component or random distribution this is really important
it's interesting that it can get quite hard to make something truly random too
chainlink is working on solutions like that if I'm not wrong
and lots of applications on ethereum

[delfastTions]

yes, its nice because open source code makes it possible to verify, in games that have a luck component or random distribution this is really important
it's interesting that it can get quite hard to make something truly random too
chainlink is working on solutions like that if I'm not wrong
and lots of applications on ethereum

Yeah.  Ethereum is definitely not suitable for gambling right now. 
Crazy commission for any transaction, and even more so if this smart contract immediately turns your winnings into a loss.  Unfortunately, I think this picture with Ethereum will continue for quite a long time, a year, maybe two.  And even when moving to the PoS, I suspect that it will still be large.  This is sad, because this blockchain is the most popular and well-known now.
 But I think gambling sites will gradually adapt and will use blockchains and tokens with small commissions

[KTChampions]

well, we have descentralized exchanges working just fine, maybe its just a matter of time until we have a good descentralized casino
the good news is that if code is open source it will be verifiable so people can check if its really provably fair.

True. But with DEXes you will either use them on some centralized blockchain (like Binance Smart Chain) or you will pay high gas fees like on Uniswap. Would you pay $50 for a transaction fee just to place $10 bet? I don't think so. And if casino uses centralized blockchain like BSC, then users again have to trust that casino won't tamper with it's blockchain. That's why I'm saying that casinos need a Blockchain that is not yet developed (decentralized, secured and fast).

Large commissions take place only because of the huge demand from people and the technical impossibility of satisfying them cheaply (bandwidth does not allow). After ETH2 starts working or other blockchains like Cardano or Solana become popular, the cost of swaps and transactions will drop sharply and the work of decentralized services will be efficient. Therefore, one can hope that real decentralized casinos will appear.

[worldofcoins]

The gambling sector might not have been so easy without blockchain technology. One can participate in online gambling from different countries of the world through block-chain technology. Moreover, through blockchain It is easier to withdraw and deposit.

Yes, it's easy to transfer and send money through blockchain but you have to get your money on the blockchain first, and looking at the history Banks tried everything they could to prevent that from happening.

What else is that you also have to consider the reputation of gambling website you're  playing on, They can show easy deposits and withdraws but might end up taking all the money when you win