The Gambler’s Guide to Bitcoin Casinos

The online gambling industry and Bitcoin illustrate how profitable they can be when combined with various casinos that accept digital currency payments. The online gambling industry and Bitcoin demonstrate how well they can be combined with multiple casinos that accept digital currency payments. So much so that between February and March, an average of $4,000 bitcoin was wagered every minute. Iceberg is currently distracting players and traders from something much more interesting going on deep in, the underbelly of cryptocurrency gambling.

“If you want to see the cutting edge of online gambling, then you should look at Ethereum, not Bitcoin,” Fuller told Cointelegraph. “Many casinos are afraid of missing out on bitcoin, but if you look a little closer, you’ll see that Ethereum’s smart contract technology is about to rewrite the industry as a whole.” Bitcoin is succeeding as a replacement for gambling with fiat currency. Its value comes from its security and, for some, anonymity – when playing at online casinos. However, Fuller says that while this is a valuable currency application, it forms a new paradigm on the back of Ethereum smart contracts.

Trustless gambling

Trustless online gambling has only recently become possible thanks to Ethereum’s innovative contract enablement. Smart contracts, the code publicly available for inspection, ensure that a bet is paid out to the appropriate party according to the terms agreed between the parties involved. These contracts do not require intermediaries, and a collection of arrangements can replace entire game operators without monitoring: the code is guaranteed to run thanks to Ethereum’s virtual machine. These smart contracts result in drastically reduced operational costs for the companies that implement them. .” With lower prices comes a lower house edge, and it’s possible that smart contract gaming applications will operate with a zero percent house edge in the future,” says Fuller.

“It’s hard to imagine what a zero percent house edge gaming industry would mean for players and operators, but it would certainly shake up an industry that has been fairly stable for the last two decades. However, other means of monetization would have to be found, and it would be challenging to compete with the marketing budgets of land-based casinos. Contracts are too young, leading to issues with adoption and user experience that “can’t be beaten right now.” ‘Frills’ attached,” he added. “But developments beneath the surface of this market are moving fast and what we’re seeing could engulf the gaming industry whole.”

The future of cryptocurrency gambling

It’s not just the traditional casino experience that Ethereum aims to revolutionize. Entirely new facets of online gambling are being realized, with Fuller postulating that the Augur prediction market platform is proving to be the most promising real-world application currently in development. Augur aims to enable the prediction of future events by allowing anyone in the world to place bets on a specific outcome without permission. With crowd wisdom, tipsters can make predictions with greater accuracy, while players can place bets and earn Real Value Tokens (REPs) if their prediction is correct. Despite such promising applications for the gambling industry, the reality is that gambling, a pastime that originated in Europe and China, is unlikely to change anytime soon.

And yet, with the advent of Bitcoin and, more recently, Ethereum smart contracts, trustless and permissionless gambling could become a massive market in the distant future, Fuller says. They want to get involved, which is great because to participate, they need to get on the Ethereum blockchain,” Fuller concludes. “Excellent for adoption.