The rise of crypto has impacted many far-reaching industries, from ticket sellers to farmers. Of these, perhaps less surprisingly, have been online casinos and pokies. It makes sense that an industry that is about applying algorithms to games and handling money could benefit from blockchain technology. And, they have! But, is it better than the typical casino that uses dollars?
The Benefits of the Blockchain in Online Pokies
Blockchain operates using decentralized ledgers meaning users can access minimum deposit casinos without intermediaries. These casinos offer different payment methods, giving players more flexibility in how they manage their transactions. Peer-to-peer payments directly result in faster and cheaper transactions, and players benefit from faster deposits and withdrawals. This is particularly important when using overseas casinos, which may otherwise have friction like currency exchanges and more intermediaries to go through.
It also implies anonymity, because the blockchain operates on its own system. Users could dump their wallets after use (for full anonymity), and completely avoid having their casino activity appear on their bank statement. This privacy for some is the number one reason they use crypto, because there are circumstances in which individuals have issues with certain activity appearing on their official bank transaction history.
Game Design
So, playing online pokies with a cheap, fast currency that is decentralized may be great for the user, but what about the casinos? Currently, it’s possible to implement some of this blockchain technology, for example, Smart Contracts, on the games themselves.
It’s not just that all transactions are recorded on a public ledger, but the game outcomes can too. This means they can be inspected for rigorous testing of the game’s fairness (calculate how much is paid out, and how often, and discover the true payout percentage. Because they’re non-immutable, it also means it’s not possible for bad actors to tamper with them – and any fraudulent activity can be tracked.
Cryptocurrency’s impact on the industry
It’s clear that the integration of cryptocurrency on online pokies has improved efficiency, security, and accountability in a few different ways. The results though have been something even more important – a growing relationship between the gaming community and the blockchain/Web3 community.
It’s now possible for crypto enthusiasts to play at their famous casinos while still holding their favorite coins. But, it also opens up the door to interoperability and more gamified features. For example, NFTs can be used as in-game collectibles and rewards, and there may even be an opportunity for a secondary market to buy/sell these collectibles.
So, a much richer and broader ecosystem may develop off the back of these, as we are already seeing casinos make moves into the metaverse. This presents an opportunity for casinos to capture a demographic that otherwise may not play. For example, offering NFTs as opposed to free spins when depositing at their casino.
Challenges Remain
There are many benefits to building casinos on the blockchain, but there are still some concerns. The most prominent one is that many users may be less familiar with crypto – which inherits its own set of risks – than they are with online pokies.
There is also the issue of regulation, which hasn’t yet fully caught up with the casino-crypto developments. It requires more emphasis on the user to keep themselves safe, unlike the typical fiat casinos as mentioned in the introduction. Risks include coin volatility, losing your keys to the wallet, exchanges failing, sending deposits to the wrong address, and so on.
Looking ahead, there seem to be innovative ways that are filling these risky gaps. For example, casinos are implementing QR codes, so when scanned, you know you’re sending the deposit to the right address as you needn’t type it in. Similarly, there is increasingly more regulation on exchanges to keep hot wallets safe, so over time this should be a safer and more convenient way to handle currency.
Final Word
The convergence of online pokies and the blockchain is an inevitable one, but interesting nonetheless. It began as a way for crypto enthusiasts to join in with online gaming, but is developing into something much bigger and much more mainstream. Until regulation and safety catch up, though, it may not yet be convincing enough to non-technical users, who are often intimidated by crypto. Still, Smart Contracts and Blockchain tech being used by casinos under the hood, such as with game design, could yield benefits without players even knowing.
