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Smart Contract Technology Disrupting The Gambling Industry

Written by Charlie Jimenez   
Sunday, 03 June 2018 23:49

smart-technologyGambling is one of the oldest pastimes in human history dating back to the early 16th century. The world's first casino was established in 1638 and since then it has grown in popularity in all parts of the globe. The early establishments were commonly found in bars where the punters would gamble cards and drink heavily. Now we are seeing the next revolution thanks to games such as Bitcoin roulette and BTC slot machines running on smart contract platforms. In this article, I will talk about the vast changes happening in one of the world's oldest industries.

Today's gambling world is completely different due to experiencing a digital revolution in the late 1980 and early 1990s. Instead of having to visit their local casino punters could simply log online instead and access a huge range of casinos. Due to the vast advances in technology, mobile apps are now the most popular platform for place bets. New cryptocurrency sportsbook and casinos such as Cloudbet are becoming extremely popular due to offering many advantages over traditional platforms read more here.

The gambling sector over the last 20 years has experienced a boom thanks to technology making it fast and simple to place a bet. The estimated network of the casino industry worldwide is not estimated at $450 billion. It has made operators vast profits but things are about to get shaken up by the blockchain and smart contracts making the playing field completely fair along with transparent in the long history of gambling.

The popularity of online slots and table games is on the increase and by the end of 2018, this sector is estimated to be worth more than $56 billion. Operators have made vast profits but due to Bitcoin and the blockchain, a computer code can handle all of the operations that operators need to make. Instead of having a finance department handling transactions along with checks, the blockchain handles this autonomously without the requirement of a human operator.

Casinos have a big margin built into the house edge to make sure that all the running costs are covered along with producing a large profit. The blockchain and smart contracts all for a casino to run autonomously on a decentralized platform that is able to distribute profits to the community and not a single owner-operator. This reduces the house edge along with rewarding the players which is a brand new concept and one which is far more beneficial to its users than traditional platforms.

Cryptocurrencies and the blockchain help to solve a number of issues faced by the industry. Bitcoin casinos are one of the fastest growing sectors due to players making the switch so that they can enjoy the benefits. Over the next five years, the use of the blockchain to provide provably fair systems will increase dramatically due to demand.

Smart contract casinos work by an application being created to run on the Ethereum network. By using this technology they are able to verify, facilitate, enforce and perform contracts using scripting languages.

Conclusion

With new ICOs been released in 2018 like FunFair.io and Edgeless Casino, the gambling industry is going to see the biggest revolution in its long history. Players will be able to enjoy a transparent environment with the best odds ever thanks to the use of the Blockchain and ETH smart contracts.

Last Updated on Sunday, 03 June 2018 23:57
 
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