Connect with us

Hi, what are you looking for?

Editor’s Pick

Crypto gambling a growing trend in 2022 

2022 will not go down in history as a great year for the crypto markets.

Bitcoin, valued at around $50,000 in late 2021, dropped almost as low as $15,000 in June and as of October is still below $18,000. Ethereum and altcoins have had similar fortunes. However, while investors have been understandably cautious amid the free-falling prices, it’s not been all bad news for crypto.  

In particular, the use cases for crypto and blockchain technology in the gambling industry has grown, and in more ways than you might think. Yes, more individuals are choosing to gamble using bitcoin, but that is only the tip of the iceberg when we consider broader ways blockchain is being used to transform the iGaming market.  

Crypto betting hitting the mainstream 

Blockchain technology does not always seem relatable to the man or woman in the street. However, crypto gambling is an option that thousands of individual gamblers are choosing. The days of crypto casinos being an obscure market niche are long gone. A growing number of big name brands are now adding Bitcoin to the choice of payment methods. This is particularly the case in the Australian market, where players flock to sites like Playamo that specialize in crypto gambling.  

Why Australia? Well, the regulatory framework there is quite different to the UK, and is closer to the stance taken by the more conservative states in the US. Online casinos are not permitted in Australia, and while the authorities cannot prevent Australians from visiting offshore ones, they do all they can to discourage the practice. Some Australian banks are on board and will not process payments to gambling sites, so crypto is the ideal solution.  

Complete anonymity  

The anonymity factor has always been an attraction of Bitcoin gambling. But this has nothing to do with gambling in secret, something that is certainly not to be encouraged. It’s more a case of security and convenience.  

With a conventional casino, you register your details, filling out forms, sending scans of your passport, bank statement and goodness knows what else then sometimes waiting a week for them to be verified. It’s time consuming, it’s inconvenient and it’s boring.  

With blockchain, you have a digital identity associated with a unique URL. That’s it, that is all you need and you can start spinning the reels or playing the card games. Your data is secure, and so is your money, as any winnings can go straight to your digital account.  

Casino DAOs – the next step 

The next step is for casinos to be built entirely on a decentralised blockchain infrastructure, known as a DAO. This is not science fiction, DAO casinos already exist, although they are in their infancy right now. The games, indeed the entire casino platform, can operate on a series of smart contracts.  

It makes for a casino structure that is provably fair, entirely automated and vastly safer and more efficient than what we have right now. There are exciting times ahead in the crypto world, regardless of how Bitcoin fares on the money markets.  

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> The exodus of workers from the jobs market over the pandemic has weakened prospects for Britain’s economic growth, the governor of...

News

Elon Musk talks about his company’s Starlink project at the Mobile World Congress, Barcelona, Spain, June 30, 2021. — BRISA PALOMAR / PACIFIC PRESS/SIPA...

News

PHILSTAR FILE PHOTO The National Economic and Development Authority (NEDA) has approved seven “high-impact” projects, ranging from agriculture to transportation, the agency’s top official...

News

Television (TV) advertising is shifting toward addressable TV, a service that allows advertisers to show different ads to different audiences watching the same program,...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Wayne Janse Van Rensburg, Chief Executive of education company Learndirect talks to Business Matters about the inspiration behind their business, which...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Rokt, the global leader in ecommerce technology, is today announcing a new partnership with Oracle Red Bull Racing, the leading Formula...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.