Blockchain technology is usually associated with FinTech. The financial industry is a huge market for innovation. Another market where it could shine is gaming. The recent decision to legalize gambling by the Supreme Court of the United States (SCOTUS) is happening at an interesting time.
Not only can blockchain be used for betting, but it could also play a role in other forms of online games. The upcoming NIFTY conference in Hong Kong will explore options for gaming development. There are many areas in gaming where blockchain could be used to establish trust. Gaming represents one of the biggest consumer markets on earth for software
The synergies that exist between traditional event-driven betting and online gaming are potentially large. People can also use Ethereum based smart-contracts to cut out the middleman. Removing intermediaries makes anything more efficient. This represents a new area where blockchain could change the way people gamble, and play.
No House To Win
Right now online gambling is plagued with problems. People often complain about dishonest practices by some of the worlds largest betting sites. Smart contracts can resolve this issue. When some smart contracts are created, cryptocurrency must be pledged to initiate the contract. This eliminates the risk that the person who is taking the bet won’t pay.
Smart contracts can also be used to connect two people who want to bet directly with each other. Instead of paying a business to make odds, gamblers could use a blockchain-based platform to connect. Many online betting platforms currently charge a double-digit percentage to make sports bets. Removing the oddsmaker from gambling would significantly reduce the cost.
Online betting platform FansUnite is working on this goal. They think that blockchain could make online betting much cheaper for betters. Victory Square Capital has backed the venture, and their CEO had this to say about the company, “FansUnite is utilizing blockchain technology in an industry ripe for growth and have the opportunity to build a protocol that can significantly change the landscape of the sports betting and sports data industries.”
Bet on Blockchain
Depending on how gaming law in the United States is written, blockchain could create new ways to gamble. Many small-scale events aren’t covered by larger gaming services. Smart contract-based gaming platforms could allow wagering on events that aren’t normally possible to bet on. This is especially true for online games.
Smart contracts could allow gamers to wager on events in their games. Online casinos could even be created within MMORPG’s. Much of what is possible depends on state and national laws. As long as the movement towards a more relaxed legislative environment for gaming continues, the new forms of gambling blockchain could facilitate are nearly endless.
Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.