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 up 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 made being settled and stored on a public ledger, providing complete transparency for both the casino and the player. When using Blockchain tech when creating and settling wagers, it means that the job of the casino regulator could be in danger, in that, should a dispute occur, as everything is transparent and on a ledger visible to both the player and the casino, then 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, and while we’re sure that regulators will of course have their say on the matter, the fact remains that 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, therefore instantly getting rid of the need for account verification and player ID being submitted. The disruptive nature of this new technology is only now being understood and implemented, however one thing is for sure, and that’s that casino regulators need to catch up pretty quickly and not only give the thumbs up to cryptocurrency and new Blockchain casinos, but also to find out if they even have a role to play.