The European gambling sector accounts for nearly half of all gambling transaction online and has been growing year on year since the inception of the internet. New mobile technology made it possible to bring casinos games and sports betting to the masses which has completely changed the industry. Now cryptocurrencies are about to do the same and take gambling to the next level. In this article, I will talk about how crypto and the technology behind it is been used to transform one of the world’s oldest industries.
Each country in Europe has its own set of regulations and laws for gambling and you will find all the top sites cater to numerous countries such as German language versions. Regulation is required to keep players safe and when a ban is in place it puts players at risk as there is no protection should they encounter problems. Cryptocurrency is transforming this as the regulations can be part of the protocol and use the blockchain to provide 100% accurate results. Due to the fact that games cannot be tampered with, it means that fewer regulations should be required.
One of the biggest breakthroughs in the blockchain sector has been smart contracts which enable automation on a scale never seen before. The technology is so good that once set up all the process are run by code without human operators. The systems are able to find out their own information and act on that so that everything runs without human interference. This means that the costs dramatically fall for this new form of a casino which is great news for players as it means that the saving can be passed on to them.
Traditional online casinos make profits through a house edge which is a small percentage that the operators are estimated to win via odds stacked in their favor. It means that if a player for instant plays 100 games he is certain to lose more than he wins over a long period of time. Cryptocurrency based models are changing the ways profits are made and are able to give an equal chance of winning with zero house edge. Instead the profits are generated through an increase in the value of the operators own crypto that powers the games.
One thing that has been lacking online has been the transparency of the games and a few casinos have used this to their advantage to rig games further in their benefit. When games run on the blockchain that is not possible as everything is carried out in a transparent environment that is impossible to manipulate in any way.
It is still early stage in the development of the European gambling sector but the signs show that this technology is going to transform the industry. It is going to be difficult for regulations to control this sector due to the decentralized nature but thanks to how the blockchain works, gambling has never been so trustworthy, transparent along with having the best chance of winning.
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