How Blockchain and Cryptos Have Revolutionised Online Gambling

People have been gambling since the dawn of time. 

So, it seems pretty stupid to ban it or legislate the hell out of it just because. I mean, we start gambling as kids. We bet marbles and baseball cards and simply bet each other who can run faster or hold their breath longer, or climb higher in the front-yard tree, etc. 

For some reason, we like both the thrill of chance and testing our ability against another’s. 

Sportsbetting is finally getting legalized throughout most of the United States. But there have been a few age-old problems with offshore, online gambling – whether it be online casinos or sportsbooks: 

  1. Security
  2. Moving money

The first issue has always been tough because it isn’t strictly limited to gambling sites. Any time you are entering your personal information along with financial information into a website’s database, you are at risk. Especially when there are thousands or millions of people doing the exact same thing, that website suddenly becomes a high-value target for talented hackers.

Blockchain has made this problem almost go away. So, much so that sportsbooks even suggest that you use bitcoin.

For those of you who don’t understand blockchain and how it has not only revolutionized online gambling but the security levels of online shopping in general. Blockchain, which is a technology that is now widely used, started with BTC. It’s beautiful in its simplicity. 

All the blockchain is a series of ledgers. But, instead of there just being one ledger book with one owner who can alter it at will, the book is owned by everyone and updated on thousands of servers at the same time. So, when a transaction is verified and validated, the record happens in thousands, even millions of instances all at once. This makes it nearly impossible to change the record of the transaction. 

Why is this important?

Well, it makes it nearly impossible for any undesired changes to occur. You know when you use your debit card, sometimes there is a double-charge? Well, that simply can’t happen. Unapproved recurring payments are a thing of the past with blockchain. 

When it comes down to it, billing mistakes, whether intentional or by honest mistake, don’t happen. You send the amount you want to pay to a specific crypto address and that’s that. If there is a mistake, it’s because you sent the wrong amount … which is why it’s vital to only send BTC and other cryptos to trusted recipients who will work with you to resolve any issues.

The other reason that blockchain makes online shopping more secure is that you don’t have to enter any of your personal financial info. So, even if a website gets hacked, all they will get is your bitcoin address – or Litecoin, Ethereum, etc. It’s similar to a hacker getting your email address … there is not much they can do with it without having the encrypted passwords and two or even three-factor authentication – and if you are really careful, a wallet dongle.

The Second Way Cryptos have Revolutionized Gambling

The second reason that blockchain and cryptos have become the preferred method of payment for sportsbooks and online casinos is the speed at which you can move money in and out of your accounts. 

In the past, you had to have all of your banking information or third-party accounts set up, like NetTeller or Skrill. Then, when depositing money, you have to wait for international transfers and verification that all is on the up and up. If your NetTeller account isn’t already funded, you would have to wait for the international transfer to hit your third-party account and then still wait a couple of days for the website to confirm the legitimacy of the NetTeller or Skrill transfer. 

This is all because there is no immutable blockchain ledger doing all of the verification work. With Bitcoin and other top cryptos, instead of waiting days or even a week to fund your account, it happens in a matter of minutes.

Imagine if you realize that there is a super soft line that you want to take advantage of but you don’t have enough money in your account. Then, by the time everything transfers and you have the cash in your book, the line has shifted and you missed out. 

These are the top two reasons why Bitcoin and blockchain have revolutionized the way we gamble online.

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