The last major revolution that transformed the gambling industry was the introduction of the internet and now most bets are placed online. The high street bookmakers and land-based casinos have lost the battle with record numbers shutting down each year. Gamblers prefer the easy access that online casinos and apps give them when placing bets. To enable these platforms to work, they require a middleman to handle the different processes but this is about to change. Now thanks to crypto and smart contracts, a computer code can act as the operator which streamlines the process and eliminates cost. To find out more information about this click here.
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Bitcoin Gambling Innovation
The crypto gambling revolution started with Bitcoin and the first game that was built for this purpose was a simple higher or lower dice game. At one point it accounted for 50% of BTC transactions and what fueled the popularity was the fact that it had the lowest house edge ever created. The graphics and gameplay were simple but the chance to win was far greater than any other which is was it gained such popularity. Now they are many different blockchain games you can play including Blackjack, Craps and Baccarat which all produce the lowest house edge in the history of gambling.
Crypto Gambling Innovation
The next big change came when other cryptos aimed at overtaking BTC entered the marketplace. Ethereum was one of those coins but so far in 2018, it has suffered greatly in price. What makes this such a revolutionary invention is that other new coins can use the ETH network to create their own currency. It enables smart contracts to be run on its network which can process transactions on its own by collecting information from sources and then using that to carry out transactions without any human involvement.
Smart Contract Gambling Innovation
We are only at the start of the smart contract development stages but if it can deliver what is promised the whole gambling sector will be transformed. Due to code handling the whole process via protocols set it means zero operators are required to run the platform. That means that the costs are almost zero and with the license as part of the protocol on the blockchain, anyone can display the games without the requirement of setting up a very expensive casino license.
Conclusion
The way profits are produced by online casinos is going to be transformed by smart contracts as due to offering full automation there are no requirements to hire staff. New platforms that use this technology such as Edgeless Casino do not profit from the games and are able to offer titles with zero house edge. The profits are generated through the increase in the value of its own coin EDG. The more popular the platform, the higher the price so all of the people that are holding EDG will make money. It is a win, win situation for both the casino and the punter which has never been the case before.
If you are interested in even more entertainment-related articles and information from us here at Bit Rebels then we have a lot to choose from.
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