Will the Rise of Bitcoin and Blockchain Tech End Casino Regulators Role?

Bitcoin and Blockchain technology will have a serious impact on the online gaming industry. We're already seeing that many of the best online casinos now welcome Bitcoin and it's also been given the green light by the UK Gambling Commission, with the Malta Gaming Authority poised to do the same very soon. However, Bitcoin is just one use of Blockchain tech, and this new technology could have an even bigger impact when used in different ways.

Blockchain technology is set to raise levels of trust and fairness in the online casino industry. The fact is that whole casinos can now be designed and built using it, with all wagers being settled and stored on a public ledger, providing complete transparency for both the casino and the player. Using Blockchain tech to create and settle wagers means that the job of the casino regulator could be at risk. Should a dispute occur, with everything transparent on a public ledger visible to both player and casino, what's left to regulate?

The peer-to-peer nature of Bitcoin casino banking, combined with wagers settled on a Blockchain, means that third-party involvement of many kinds could no longer be required. While we're sure regulators will have their say, self-regulating online casinos will be a thing sooner rather than later.

We're already seeing smaller boutique Bitcoin and Ethereum casinos of this nature being designed. In fact, some don't even require a registration process, instantly eliminating the need for account verification and player ID submission. The disruptive nature of this new technology is only now being understood and implemented. One thing is for sure: casino regulators need to catch up quickly, not only approving cryptocurrency and new Blockchain casinos but also determining if they even have a role to play.