Blockchain & Gambling Industry

The benefits which technology provides are many. Some on then 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 lead to an increase in user base and ROI.

• Shared KYC Marketplace – 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. Let us explain how.  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” – A survey from Southern Cross University in 2013 conducted amongst more than 10,000 online casinos and players from 96 countries shows that about 37% of the players don’t trust the software and think that it has an on/off switch, which allows the casino to manipulate results. More than 90% of the respondents are in agreement that reputable independent third party reports on randomness and percentage payout are important to them.