Tuesday, October 19, 2021

Decentralized Betting Platforms Aim to Reinvent Online Gambling

Decentralized Betting Platforms Aim to Reinvent Online Gambling

As cryptocurrency use begins to impact industries around the globe, Bitsonline takes a look at the potential of using the blockchain to reinvent the online gambling industry, the aim being to bring transparency and innovation to the $56 billion USD online gambling market.  

Also see: Supply Chainin’: Blockchain to Fuel Samsung’s ‘Digital Transformation’?

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Gamblers Now in Control

As the online gambling industry continues to face problems regarding misconduct from centralized third parties, unclear fee policies, and lack of transparency regarding rewards, many entrepreneurs are crafting up solutions to help gambling become fairer and more decentralized. Their hope is that as blockchain technologies go mainstream, so will their platforms.

Industries pioneers such as Ryfts or FunFair imagine a world where there is no one party in control of an online casino’s database — all code is publicly accessible and all odds are paid out automatically using the latest in smart contract technology built atop the Ethereum network, at least for these two project’s purposes.

Imagine a situation where you knew with complete confidence that any online raffles you participated in could be freely audited and that aside from a marginal fee there was no direct involvement from the house. That dynamic is looking like the future more and more.

Transparent Platforms with Instant Payouts

Specifically, platforms like Ryfts will introduce two-game models (Time and Cap-Based) that will allow each player to choose the most appealing combination of odds, pool sizes, and final prize amounts leading to flexibility that was previously thought impossible when it came to online gambling. Additionally, by opening up the draw process via open source code and tying in instant payouts via smart contracts, the result is a frictionless player experience.

FunFair aims to be a complete turnkey solution to help developers and third parties create a casino in seconds. By introducing fate channels on top of the Ethereum blockchain, developers can quickly create and brand their casinos using FunFair’s white-label technology.

Regardless of how the blockchain industry develops, gambling has existed in human society for thousands of years, and as the global economy continues to connect gamblers around the world, the need for secure, quick, and revolutionary online gambling experiences as provided by Ryft and Funfair will continue to draw interest from users and businesses alike.

Where there’s a will, there’s a way.

Do you believe lotteries and raffling would benefit by being decentralized or do they need to remain in the hands of a trusted third party? Sound off in the comments below. 

Images via Casino.org, Technavio

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