Mobile technologies have led to the growth of online casinos. And it is not surprising – who doesn’t want to have fun quickly, interestingly, and with the opportunity to win money? However, this raises ethical and responsible questions, as statistics show 1.2-6.0% of people with an addiction worldwide.
This text will consider the industry’s impact on society and how to find a balance for safe gambling. Blockchain technology is vital, so we will also discuss this payment method.
Blockchain in the Gambling Industry
Blockchain is a distributed data storage system. It consists of blocks that are stored sequentially and linked cryptographically. It offers the following advantages:
- Anonymity. Blockchain stores and processes data using modern encryption methods, ensuring complete confidentiality of personal information. You must provide your name and numbers or upload documents with cards or bank transfers.
- Speed and efficiency. Deposits are instantaneous, and cashouts require a wait, but less than other systems.
- Low fees. Blockchain reduces processing costs, which allows operators to set better conditions for players and increase their competitiveness.
- Reducing the risk of fraud. All transactions are open and verified. It helps to avoid counterfeiting, which is often a problem in the industry.
Previously, it was challenging to find a website that accepted digital coins, but now they are in the majority. Some casinos specialize exclusively in crypto, so there will be no difficulties.
How To Overcome Challenges in Responsible Gambling
The main thing in betting is self-control. Quality operators help with this by providing the necessary tools. Here are some tips for safe gambling:
- Analysis and management. Regularly evaluate your statistics, which you can find in your account. Also, set time or money limits before the game session. Take adequate breaks, and don’t let betting interfere with other aspects of your life.
- Learn the rules. Whatever game you choose, read about its features and management. Also, familiarize yourself with the payouts and how to get them. At first, it is best to use demos for training.
- Information literacy. Learn more about the signs of problem gambling. Pay attention to its impact on physical and mental health. Get tested for addiction from time to time.
- Communication and support. Talk to friends and family about your gambling activity. Join online communities of bettors on forums or social media.
In case of serious problems, operators offer a self-exclusion function from the British commission – GamStop. Others, as said in the article by Paul Hayward about UK casinos not with GamStop also provide tools for responsible gambling but use different blocking applications. You can find the available options in technical support.
What is the role of blockchain? It allows tracking transactions, which helps operators detect suspicious activity. Smart contracts allow players to set automatic limits, which we mentioned above. In short, it is about security and openness.
Regulatory Aspects and Compliance
While the technology provides a great degree of security, it must be balanced with anti-money laundering and anti-terrorist financing legal requirements. The second challenge is creating a unified regulatory framework for the global use of blockchain in gambling. Different laws in different countries create confusion and uncertainty for players.
We have mentioned anonymity as a plus, but in some cases, it makes it challenging to track fraudsters. Nowadays, operators and regulators cooperate to improve control, which is why we also see verification in crypto casinos. Verification makes it possible to exclude fraudsters and minors. Some gamblers don’t like to upload documents, but it won’t hurt if they choose a reliable website.
Getting Started with Blockchain in Gambling
Here are some steps for operators to take to implement blockchain:
- Needs analysis. Identify the specific problems that blockchain can solve, such as improving security, transparency, or optimizing transactions.
- Platform selection. Choose the right option for your business, considering the speed, scalability, and cost requirements.
- Integration. Add a blockchain solution to your existing infrastructure, ensuring interoperability and security.
- Testing and evaluation. Conduct extensive system testing to ensure compliance with standards and effectiveness in real-world conditions.
- Take care of customers. Ensure easy access for players by developing an intuitive interface and providing sufficient information.
As for players, everything is much simpler. The most crucial step is choosing a casino. Read other people’s reviews about their experience of responsible crypto investments and ratings to find a good site. Check for a license and its validity period. If you do not have digital coins, go to an exchange and buy them for fiat money. You will also need a wallet for the safe storage of cryptocurrencies – register with a convenient one.
The next step is to choose a game. Beginners usually choose slots, but card and live formats are also worth considering. More and more developers are supporting crypto, so the choice is just as wide. The good thing is that operators even encourage using coins by creating unique welcome packages. They include money and free spins, so do not miss such promotions.
Bottom Line
Cryptocurrencies are a game-changer in the truest sense. Both parties benefit from increased security, speed, and convenience, so it’s no wonder why its use is only growing. We have already explained how to start using blockchain in betting, so go ahead and try it.
