iGaming is becoming ever more popular as people look to expand their ways of having a flutter, but what exactly is it?
Basically, iGaming is online betting, on things such as sports betting, casinos, poker, taking the lion’s share of the iGaming world. But the problem with platforms today is the lack of trust.
Even with this distrust, however, iGaming is one of the biggest online industries, and market research firm Modor Intelligence forecasts a growth of 8.77% CAGR in the next 5 years.
Popular iGaming platforms like 1xBit.com are leading the way in virtual gaming with an offer of thousands of different things to bet on.
IGaming is popular worldwide, but with favourable regulations Gibraltar, the UK, and Malta are the hubs of the iGaming world, and with America opening up to online gambling the iGaming sector is set for a big future.
But despite this, iGaming platforms are still faced with problems such as a lack of transparency.
Related Reading: Blockchain Casinos Will Transform the Gambling Industry
Blockchain, the technology that underlies cryptocurrencies fixes this. Blockchain technology is expected to make iGaming ever more popular. Many see it as a seamless evolution for iGaming because of the possibilities it offers for platforms and their customers.
Everyone knows the centralized gambling platforms are heavily rigged. Cryptocurrency gaming platform FunFair are making an open source platform for iGaming, with the algorithm being open to audit each gambling platform on will be assessed to see whether it’s rigged in favour of the casino.
Their system is all programmed into smart contracts that are coded to self execute once conditions of the code are met. They make things like online gambling much fairer, as they cannot be rigged, and it is the natural way forward for iGaming.
Blockchain payouts are much fairer, too. Well, at least they will definitely happen. All too often, there are stories of customers not being able to cash out of an iGaming platform. This can’t happen with an open source blockchain platform.
Of course, the majority of Internet iGaming platforms are legitimate and adhere to the regulations in order to keep their gaming licence. However, an open source code will make things much more transparent and fairer.
By using this technology online gambling is going to be modernised, and the payments will be automated, which will make it much cheaper for the platforms to run.
What’s more, the transparency will prevent criminals from exploiting loopholes in the system, which is prevalent in today’s platforms, and make for a much safer environment for all.
Gambling is a huge industry and with the growth of the Internet it will continue to grow. It’s well-known that casinos and other platforms rig things in their favour but with blockchain, it will introduce transparency in the iGaming space.
We’re a way off all the leading players shifting to blockchain, but it is inevitable, and as it happens, I believe iGaming will grow at a much faster rate than it is today.
Author: Tommy Limpitlaw