Casinos are one of the oldest forms of entertainment and although after the invention of the personal computer and internet, the popularity of casinos has taken a hit, it is still a go-to option for a huge chunk of society. In fact, the evolution of technology has also transformed the casino industry with Online Casino Games emerging as a preferred choice among prospective gamers. The online casinos offer a host of advantages over their brick and mortar configuration and among others, the convenience of playing from the comfort of your place is the most important advantage that online casinos offer over the physical ones.
Crypto Casinos: Emerging Phenomenon
In the space of online casinos, we are now witnessing the emergence of altogether new kind of format called Crypto Casinos. The reason behind the growing popularity of the crypto casinos is their high transparency factor. In an ideal situation, online casinos should be paying a major chunk of the revenue back to the players in terms of prizes. The gaming machines in the casino are programmed in a manner that they need to pay back anywhere between 80% and 99.9% to the players. These rules are specific to regulations, but despite all the prescribed sets of norms, most of the time, casinos don’t comply with these standards.
Many online gaming websites are shabby in their operations and try to dupe players by returning less percentage of revenue as prize money. This is exactly where the relevance of crypto casinos comes into the picture. Thanks to the blockchain technology, crypto casinos have a payout rate, which has already been programmed into the system. Gamers can check the records of all wins and losses on the blockchain and the record is open to all in order to exhibit a higher level of transparency. It is indeed very reassuring as gamers need not worry about the influence of malpractices adopted by the casino. In fact, this is the one biggest difference between online casinos and crypto casinos as the high transparency aspect of the latter makes it more safe, secure, and genuine in its approach.
Another big difference between online casinos and crypto casinos is the absence of any third party in case you play on the latter. This simply means users can play any game of their choice without any third-party interference, the very inherent characteristic of the cryptocurrency and blockchain technology. The money will be stored on the smart contracts and transactions can be done instantly as and when required. You can check the data of the game on blockchain and your chances of winning will be decided as per the random number generated by the smart contract. Of course, you can check that number and data too once the game is complete.
Famous Crypto Casinos
Some of the most influencing names in the crypto casinos include EarnBet, CasinoFair, and 888TRON. All these casino platforms use different kinds of blockchain to run their operations. While EarnBet is based-on EOS, CasinoFair utilizes the ethereum blockchain to provide a decentralized, seamless gaming experience to players. 888TRON, on the other hand, is underpinned by TRON and the popularity of the platform can be estimated from the fact that daily betting on it is in excess of $150 million. It also offers more than 2000 games, which means players have a wide range to choose from.
The high level of transparency offered by crypto casinos is the principal reason behind their emerging popularity. The technology of blockchain has made even the casino industry more transparent, which means the potential of the segment will definitely grow in the future. In addition to transparency, the fact that there is no third party involvement further makes the process genuine and straightforward.
It will be difficult to predict how much the proportion of business the crypto casinos will take away from the online casinos in the coming years. Online casinos are quite resourceful and if gamers continue to get the desirable gaming experience, these casinos will keep on flourishing in the future. Visitors usually are not aware of the difference between online casinos and crypto casinos, which also means that there is little chance of crypto casinos eating into the share of the online casinos anytime soon. Also, many visitors play games just for enjoyment and fun; these people might not be interested in technicalities of open platform, smart contracts, third party involvement, etc. That said, there is a niche among players which is quite serious about their gaming experience and wants to have as much transparency as possible. And this is the segment crypto casinos are betting onto for their long term success.