With the world gambling statistics revealing that around 26% of the population gambles, the online market is expected to see an 11.5% compound annual growth rate (CAGR) from 2019 to 2025. However, digital gambling faces several challenges to be tackled with blockchain technology.
Blockchain for online casinos promises quicker payout and greater transparency as part of the solution it offers the online gambling market. Owing to the widespread adoption of smartphones, online casinos are beginning to see more patrons which make them dominate the market. However, for the market to make most out of this growth, online casinos have to be credible in their operations.
The source of income for online casinos remains a question as it is a fact that they generate the bulk of their revenues from losing players. These players continue to question online casinos’ credibility as they believe online gambling is unfair.
Online United States Casinos conducted a player survey to see how well players trust these gambling companies. The survey revealed the eminence of online casinos.
How Blockchain for online casinos aims to solve digital gambling issues
Blockchain technology guidance on how it works offers an immediate solution to solve digital gambling problems. Some of the identified problems with online casinos to be solved by blockchain technology are trust issues, squeezed profit margin for gambling company and players, millennial not patronizing and many more.
Blockchain for online casinos like FunFair allow casino operators to use a platform with many features like Trustless gaming, With the guarantee of each game as provably fair, the trust of players is restored in fair gaming.
The iGaming veterans Jeremy Longley and Oliver Hopton built the project, a White Label Casino as blockchain technology backs it. The platform allows players to play games without letting go of their assets, lowering the risks of both parties. The FunFair platform also allows global access as crypto exchanges continue to partner with their platform.