blockchain use cases in gambling
All use cases

Blockchain & Gambling Industry

The Gambling industry is one of the fastest-growing in the world. It is known for its complicated and open to fraud payment processes. In the traditional tournaments, players may face numerous issues like lack of transparency in funds receival, controversies over prizes payments, unprotected players’ rights, difficulties with withdrawing funds, and fraud on the part of third-party services. One of the biggest bottlenecks is that the majority of tournaments are centralized, meaning that companies set all the rules and have power over the community. Cheating, fraudulent reporting of match results, and hacking – players can never be sure in their opponent.

Benefits of Blockchain for Gambling Industry?

The benefits that blockchain technology provides are many. Some of them include secure and reliable storage of provably fair and immutable data. This means that it will be possible to store pre-committed data for example ‘Playing Card Decks’, prior to playing casino games. The pre-commitment needed to be trustlessly verified in order for the players to be sure that the game was played in accordance with the rules and maximize trust. Also, blockchain technology will make it possible to accept crypto payments which can lead to an increase in user base and ROI. Check what are the most common blockchain use cases in the gambling industry:

Blockchain Use Cases in Gambling

  • Shared KYC Marketplace – most popular of all blockchain use cases in gambling – companies spent millions for “Know Your Customer” and “Anti Money Laundering” procedures every year. Blockchain can reduce those costs significantly and even bring additional revenue. By utilizing the blockchain technology, a permission-based KYC/AML ledger can be created, where casinos can put data about customers who are already verified. This data can then be shared with other casinos through a secured channel and only if they are allowed to access this data. In order to incentivize casinos to put data about verified customers on the ledger, a marketplace can be created, which will allow others to pay for this data.
  • Pre-committed “Playing Card Decks” – players usually don’t trust the software and think that it has an on/off switch, which allows the casino to manipulate results. 
  • Better loyalty programs that motivate fans to perform certain actions.
  • Cryptocurrency payments / reward settlement.

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