Around 12 months ago, the word ‘cryptocurrency’ was catapulted into the consciousness of everyday folk. Even technophobes were asking what Bitcoin was and whether you can get rich with it thanks to the incredible media coverage it generated.
Regardless of what your opinion is of cryptocurrency, many will agree that the most interesting part of the technology is quietly sat in the background — but is essential to everything.
Blockchain technology is what makes cryptocurrency possible. However, cryptocurrency isn’t the only thing that’s made possible by the blockchain.
Startups around the world are busy creating businesses in a range of industries, aimed at disrupting the status quo. One such industry where this innovation is taking place, is the gambling industry.
Over the next 6 minutes, you’ll discover the pros and the cons of gambling on the blockchain.
It may help you form your opinion over whether this really is the future of gambling, or if it’s a false dawn.
Over the past few years, the lines between video gaming and gambling have slowly started to blur.
The gambling industry has slowly but surely created a more gamified experience.
Gambling platforms are forever adding new mechanics such as cash out and bet boosts. Casino games are growing in entertainment value, and even simple games such as poker are starting to evolve.
The video game industry has started to add gambling elements to their games. Loot boxes have come under massive scrutiny recently, and people are starting to question whether they’re actually a form of gambling.
In fact, The Belgian Gambling Authority claimed that player packs in EA Sports’ Fifa Ultimate Team were illegal and classed as gambling.
EA Sports argument was that because players can’t cash out on their in-game assets, it can’t be viewed as gambling.
That’s before you consider the burgeoning eSports industry, and the fact that betting on video games is growing at a huge rate.
This situation is expected to become extra complicated thanks to blockchain technology. In this article we’re going to explore the mechanics that are causing the lines to blur and whether this is a good thing for the future of gambling.