Topic: HOW BLOCKCHAIN WILL DISRUPT GAMBLING? (Read 335 times)

Hi OP ! My point of view is that Blockchain Technology is similar to the Internet, because it is a foundation on which many projects will be built that will change the world. The first major project on the Blockchain – Bitcoin has already changed the financial industry and is making its way into mainstream industries with the many benefits and features it has over fiat currencies.

From government data protection, to economic or gambling revolution, Bitcoin does it all. An interesting phenomenon is currently developing with the Gambling industry. The Blockchain stores all data and transactions and it removes the ability to tamper with the information. Once it’s on the Blockchain, it will always be there. So paying with Bitcoin is perfectly safe, it depends more on the site you are using.
Many Bitcoin Casinos even encourage people to pay with Bitcoin to prevent insecurity and fraud. Bitcoin transactions are way faster, so if you deposit right now your money in Bitcoin, you can start playing in five to ten minutes. The only practical thing is government to regulate and put some rules on online casino like 7 bit casino, betchain, cryptowild , vegascasino.io and etc to monitor transaction .

Despite the market slump , i'm optimist that market shall bounce back slowly in the new year . 

I think the article is missing the point. The most important thing in crypto gambling is that it's never out of reach. It's always close and easy to access for everyone, despite their government's stance, local currency, economic conditions, religion and ethics. Once you have cryptocurrencies nobody can stop you. Your government may want to block you or ban casinos, you can be below the legal age in your country (which is 18 or 21 in some places), and so on.

Might as well I like the things you mentioned. But I really don't have an idea on how blockchain disrupt gambling. Maybe I will just read more discussions with regards to this topic.

Yes but it also depends on the way that you deposit funds, how do you withdraw them, and how you keep the traces of your money.

Also, i do not think that blockchain based casinos (specially crypto ones) are different from the ones in where you can deposit with your credit  card or bank account.

Both kinds are totally the same

Not only that, I'd say that gambling has also become a lot more fair, just because most cryptocurrency gambling websites offer provably fair results.
I had never even heard of the concept before, when I still played on regular gambling sites.

They also list the house edge, but you could never be 100% sure that they weren't cheating you.

I would say convenience as well as anonymity is one of the two major areas that blockchain is already disrupting gambling. Usually, with the way things have always been in the past, there is always a strict regulation with gambling in some places and since you will have to always make some sort of transactions with the bank, you can always be traced with your transactions with anything that has to do with gambling.

Moreover with blockchain, a lot of that has really changed, and even now it has been able to give a lot of people the chance, both young and old, to be a part of the gambling system without being traced. Not sure if that is going to be a huge problem in the long run or if it isn't already.

I was first surprised when I saw the word block chain will disrupt gambling which I don't see happening and as Thekool said the author is confusing. But, I believed he was definitely talking about the provably fair which we know it get more better with the help of block chain.

I also think this is neatly packed in articles about new promotions given by FJ but I'm quite satisfied reading the entire article.

How does viewing a transaction on blockchain make the casino fair? I mean you can view your transaction history on every payment processor. I don't know one which wouldn't allow the customers to view their history.


You are talking about SatoshiDice. Yes, I remember them but their "provable fair" system is same as other casinos. They utilize the server seed and the client seed to generate a random number.  The blockchain is just used for keeping a public record of their server seeds. I mean the only advantage I see here of utilizing blockchain for public record keeping is in the case of a dispute.

E.g If I claim that the casino manipulated their server hash to win a bet. I can fake screenshots and exploit them. The only defence they will have is their database record and if the community doesn't trust the casino they will most likely get tagged and their reputation will be ruined. So in that sense blockchain adds a layer of protection for them against scam accusations.


I dunno what do you mean by this.

They both contribute something, blockchain can also be giving far more information then is normally available to consumers on the exact transactions that take place.    Some of the very first gambling operations transacted purely on the blockchain back when BTC price was alot lower all the gambles would take place and be recorded for all time on the BTC blockchain.   I believe other blockchains have had similar operations.

I don't think this article really mentions anything interesting.
It seems to be full of advertisements & news about new features of FortuneJack, no real new information that I didn't know already.

I mean this for example:

Blockchain will help gambling to become more convenient. Even if we consider the system of smart contracts, imagine how easy it will be to use them in gambling? The blockchain system is the future that will come soon!

Does the article talk about how many online gambling sites use the term "blockchain" to appear innovative, while it's dying as a buzzword?

Blockchain can add transparency to games being provably fair.

Payments being viewed and transferred faster and cheaper for many (if not all) countries.

Access to gambling in countries that were blocked previously.

And Bitcoin is the only blockchain that has shown real and long term value to date.

If the article talks about that, might read it.

Anonymity's a big reason why people use crypto in the first place, and it's also why regulation is happening to such a large extent in crypto (KYC being a big example like kryptqnick said), but it's also a good marketing point for crypto-based services. I feel there'll always be decentralized and anonymous exchanges and casinos around in crypto, but the numbers of such services may decrease in the future due to government pressure, etc.

I feel the blockchain will and has changed gambling, especially online gambling, but the change isn't so significant in some ways compared to traditional online gambling or physical gambling. It's indeed nice and also good for crypto as a whole that there are casinos that accept crypto, though, as this helps adoption out quite a bit.

Thanks for sharing this article. I think that it generally makes a lot of sense, but I would also add the potential of smart contracts to guarantee trustless automated payments as elabor suggested. Moreover, it is important to understand that blockchain is not just about transactions, it could lead to whole new games possible only because of this technology. I am not a game designer and it's hard for me to come up with a good example, but I must imagine something to illustrate my point. Okay, let's say a player is selling fruits on the market and sees how people come and give him money. The player has to guess whether the money is fake or not by accepting or rejecting it. S/he can bet on these choices. In case the money is genuine and player accepted it or in case of rejecting fake money the player wins the bet, while in the opposite cases loses. Now, the interesting part is that the money from 'customers' is not fake or genuine randomly, it's either in the inner blockchain database or not.
The example is not very nice and is too primitive, but I guess it helps to get the idea.

Anonymity with big funds is pretty much illegal, because it doesn't meet the requirements of preventing money laundering. If a person is wealthy and has nothing to hide, I don't think KYC will be an issue. After all, it's not like the casino will disclose this information unless the court order requires that.

Correct, the ones which is disrupting is the information or comment between 'Blockchain' and Provably fair.As being said theres no such connection If we do
try to elaborate clearly.I cant see that Blockchain tech disrupts gambling but rather it do gives out benefits when it comes to its function plus the transparency.

Fortune jack has been shared his own site article here. However, blockchain is giving leverage to use the bitcoin and altcoins in gambling investment. I am not sure how it is been disrupted by blockchain.

Then gambling is completely safer in blockchain entity and it helps to grow and increase the usage of gambling with out trouble from the government since it is decentralized.

yeah guess they mean provably fair since players can verify the results unlike fiat casinos where players have no idea if they are getting scammed or not
of course the house will always win , but most likely provably fair casinos win less then there aren't manipulating the results

From the article:


"The House Always Wins" there is always a house edge Unless Fortune Jack has zero house edge policy, This statement isn't true IMO. Also, The author is confusing "Blockchain" with the "Provable Fair" method. Provable Fair has nothing to do with Blockchain. Blockchain doesn't ensures the players that whether you are manipulating results or not. The provable Fair method does.

it's just a generic article. I'm only interested in 2 things.
1) when will smart contracts be used?
2) absolute anonymity of the players even if large numbers are drawn