Exploring the Role of Blockchain in Online Gambling

Image by Dean Crosby from Pixabay

Blockchain is important to online gambling, and online gambling is important to blockchain. While we tend to think of blockchain as being all about cryptocurrency, an essential element that gives a currency value is our ability to trade it for the goods and services we want. Crypto is increasingly breaking out of the margins and into the mainstream. However, one of the places where it is most readily accepted is for playing at online casinos. 

Topsy-turvy world

In a topsy-turvy world, many people are looking for certainty. That used to be what we could expect from government and the general world order. However, right now, with threatened tariffs, trade wars, and talks from south of the border about making Canada the USA's 51st state, nothing seems certain at all. Critics always said that crypto was volatile – but compared to the wild political and stock market swings we are witnessing, block chain seems reassuringly stable. 

Canada has been teetering on its own political crisis and now has a new, currently unelected Prime Minister in the form of Mark Carney. As a former Bank of England Governor, he knows a thing or two about finance, and it will be interesting to see whether his views on cryptocurrency have changed now that the world has tipped on its axis. He's a longstanding Bitcoin sceptic, which suggests he may endorse tighter regulations with a focus on protecting market stability and mitigating speculative risks in the financial system.

Will stricter oversight affect the stability of blockchain?

Stricter oversight might bolster the country's stability by curbing crypto volatility and reducing excessive speculation. It could also slow the rapid growth of digital finance in an evolving global economy.

In the past, he has said,

"Far from being strengths, the fixed supply rules of cryptocurrencies such as Bitcoin are serious deficiencies. Fundamentally, they would impart a deflationary bias on the economy if such currencies were to be widely adopted."

So he does not seem to be a huge fan, but many Canadians feel differently – particularly those who like to gamble. And let's be honest, gambling is a national pastime, which is excellent news for blockchain as gambling accounts for around half of all Bitcoin.2 transactions. Crypto and gambling seem to be inextricably linked. 

Perfect for online gambling

Another prominent Canadian has propelled crypto gambling to the top of the news cycle. Rapper Drake's partnership with the high-stakes crypto casino Stake has certainly got people talking. Blockchain appears to have changed Drake's luck when it comes to gambling. For a long time, the musician was notorious for his outrageous sporting bets and massive losses – in fact, a bet by him on a team got to be known as Drake's Curse. However, he has turned his ability to seemingly throw away money into an art form with the crypto casino. 

While he appears to have been taking insane bets since joining Stake and reportedly wagering over a billion in cryptocurrency since 2021, it appears that it might not have been his own money after all and that the events he now hosts on the platform are part of a partnership deal. However it worked, Drake's involvement has undoubtedly made the world aware of crypto gambling and how blockchain can be a go-to staple in the world of online gambling.

Lots of opportunity

While Stake might be the noisiest crypto casino, it is far from the only one. Other popular crypto casinos include True Flip, Bet King, Bustabit, Bustadice, Next Generation Dice, Primedice, Funfair, and Wagerr. The popularity of both online gambling and cryptocurrency has also led to a rise in hybrid online casinos, where crypto is one form of currency that is accepted. 

Something for everyone

Bitstarz is one such establishment. It flung open its virtual doors back in 2014 and has become one of the most crypto casinos in Canada. As well as accepting international fiat currencies and more conventional payment methods, punters can play using Bitcoin, Litecoin, Ethereum, and Tether. It is highly recommended by reviewers and industry partners and even won the LCB Best Casino Award. 

One of the major attractions of paying with crypto is that the transactions are very rapid and often seemingly instant. While fiat payments with Canadian dollars can be very swift, too, withdrawals at online casinos can take longer depending on the payment method used. Whichever currency you prefer, the joy of a hybrid online casino is that you can pick and choose. New Canadian players can enjoy the exclusive BitStarz bonus code CORG2000  to see what all the fuss is about. 

Blockchain has other important roles when it comes to iGaming. Playing at offshore online casinos can sometimes be a risky business, and players need to ensure they are depositing at legitimate sites. Once you are happy that the site has the correct licenses and is not there to scam you, using cryptocurrency for online casino deposits and withdrawals has plenty of advantages. 

Fast and secure

As well as being very fast, transactions are non-reversible, meaning there cannot be any chargebacks, so fraud and non-payment risk are eliminated.  Cryptocurrency casinos are able to operate with a very low house edge because they are not carrying third-party deposit and withdrawal fees. For example, Bitcoin's Lightning Network marks its 10th anniversary as a pivotal tool in delivering low-cost transactions. This gives online casinos a built-in profit margin that they can pass onto their customers, and they should, therefore, offer a better Return to Player rate.

Anonymous

One crucial role is that blockchain allows players to retain their anonymity. While it could be argued that someone would only want to do this for nefarious reasons, this is often not the case. In some cultures, gambling is discouraged on moral grounds and in some jurisdictions, it remains illegal. However, this does not mean that people do not gamble. Block chain allows players to play without needing an account. In addition, players and operators do not need to protect funds and accounts as the security is on the blockchain. There is no need for an additional operating system.

Perfect partners

While there are still limitations on where blockchain currencies can be used 'in the wild,' there are no such concerns when it comes to online casinos. Gambling is a great entertainment option for many Canadians. Using cryptocurrencies for online gambling is a fantastic way to keep your gambling budget separate from your day-to-day expenditure.