We all know that blockchain technology is revolutionary, for so many reasons. First and foremost, it allows individuals to send money quicker and more efficiently than ever before in human civilization. Secondly, blockchain also creates transparency and security, and this kind of data can really help businesses store and manage consumer data. This helps in the understanding of the market for the business owner.
The truth is that the cryptocurrency market has been flooded with hundreds of billions of dollars because investors worldwide understand the capabilities of blockchain technology. Similarly, just like the internet, every sector is interested in the implications. It doesn’t matter whether you work for entertainment, sports, media, finance, healthcare, or somewhere else. There’s a good chance that tokenization and utilizing blockchain technology could truly help a company reach a whole new audience.
If blockchain can help businesses – why can’t it help the casino sector? If you think about gambling, it can make a lot of sense. First, blockchain technology can help make the entire online gambling sector much more transparent, to provide the needed accountability. This can be much-needed for the sector and give gamblers a new peace of mind.
It is well-known that casinos manipulate players into trying to play more. Of course, there are some gamblers that know this, and don’t mind, but there are many people who argue that their practices are deceptive. For example, they try to avoid actual time indicators, so that gamblers keep gambling. In addition, waitresses ply customers with food and drinks, to have them remain as tipsy as possible, so that they continue to spend money.
This is not to forget that casinos even provide some oxygen to “refresh” their customers. These practices aren’t technically illegal, but blockchain technology can digitize the process in a new way, so that gamblers don’t have to travel to a physical location to gamble. Instead, they can conveniently gamble anytime and anywhere, without having to deal with these additional practices, which might be manipulative.
Also – let’s take into consideration more information when it comes to how convenient the experience it is. Let’s say that you live in a rural area, and love gambling, but there isn’t a casino nearby. On top of that, there isn’t even much of a gambling community. This certainly is different in contrast to those who live in metropolitan areas, who are close to many casinos and businesses who offer the lottery of their choice. Now, no matter where you are, a blockchain lottery can allow you to enjoy online gambling irrespective of where you live.
On top of that, think about the convenience of it all! There are people who drive hours to their favorite casino to have a great gambling night. Often, this even leads to the consumer booking a hotel at the end of the night. This costs a lot of money! When you consider all the time, energy, and money required – from gas money, to taxes, to ATM fees, and hotel rooms – this can be costly!
A Wider Market
For those who love gambling, blockchain technology can certainly help expand the reach of gaming platforms. This could bring a whole new market segment that could lead to an online gambling boost. And more consumers worldwide who might not have had the opportunity to gamble can now do so by utilizing blockchain opportunities.
The truth is that billions are spent on lotteries, and that’s just in the United States. In fact, you might not realize this – but Americans, every year, have spent more money every year on the lottery than many other sectors. Believe it or not, U.S. citizens spend more on lotteries than books, movies, video games, and even sports tickets. Given the fact that these are industries that are worth billions of dollars, it is astounding to think about the potential of a blockchain lottery, and how these projects can truly help the online gambling sector in general.
Blockchain is also all about transparency, as well. Have you ever heard of a man named Eddie Tipton? There’s a good chance that you haven’t, but believe it or not, he is an important example of how blockchain lottery might be necessary.
Eddie Tipton was a former information security director of the American Multi-State Lottery Association who was sentenced to 25 years in prison. Why? Mr. Tipton was able to rig lottery games for years – in fact – over a decade – before being caught in 2017. He used malware to achieve all of this, which shows how corrupt officials could undermine the entire lottery system in general. Blockchain technology and its immutability and transparency could make it so that there another Eddie Tipton scandal does not happen.
Online gambling and blockchain lottery also can help with another aspect. It’s been well reported that lottery winners often have tragic stories after their wins. According to the National Endowment for Financial Education, over half of those who receive a windfall of cash lose it within a few years! In fact, the number is pegged at around 70%. It’s not surprising to see that this is the case, since it’s easy to see how family, friends, and acquaintances could pressure lottery winners.
There’s also the idea that criminals could target a lottery winner once their identity is revealed. A blockchain lottery can help the online gambling sector by truly protecting anonymity, through cryptocurrency payments, which could make the entire online gambling safer than it was before, while also simultaneously being more secure and transparent.
It’s easy to see that blockchain technology investments can do wonders for businesses, in every sector. The truth is that blockchain allows for better transparency and can also allow users worldwide to participate anywhere and anytime.
Lastly, the fact that a blockchain lottery would be more transparent and efficient is a major attraction. Compared with other lotteries, this is an obvious reason why blockchain adoption is sure to surge across the globe.
About Stevan Mcgrath,
Stevan, is a Bitcoin and cryptocurrency enthusiast, passionate about the potential these tools and blockchain technology bring to the world and writes consistently for CoinReview. He has been following development of blockchain for several years. To know his work and more details you can follow him on twitter, Linkedin, facebook.