Another important thing to consider is that online casinos often are not trusted by banking institutions when placing deposits, and there are cases of people’s accounts being blocked after transferring money for online gambling.
Of course, blockchain will not increase the number of lucky winners, and will not change online casinos’ reputation, but this technology is granting huge opportunities to keep the records of bets, results, and pay-outs to make it trustworthy and clear for the players. And that is a key issue in online gambling.
Blockchain technology is utilized for decentralized gambling operations giving a clear and trustworthy foundation for the players. They should not worry about the safety of their deposits, about accounts blocked right after huge winning and big pay-outs scheduled. All the financial transactions are recorded, stored, and performed in a secure manner and they are available all the time for the players to be checked.
Journals.plos.org arranged a deep study of the phenomenon of decentralized casinos using cryptocurrency bets. They issued a profound research paper where they analyzed 2 232 741 transactions from 24 234 unique addresses to three applications operating Ethereum cryptocurrency over 583 days.
This substantial study compared players’ activity in this technologically advanced domain with those, who are not using tokens. And the amount of the spendings of one player is $110 per average of 6 bets, which is two times higher than in the online casinos with banking deposits. They proved more intensive activity by counting how much money is spent while betting.
One more peculiar feature was the comparison of the annual spendings of cryptocurrency empowered casino players with that of standard online better: the first one tends to spend less at first sight, but after analyses of the heavily involved players of decentralized gambling platforms, researchers concluded that they invest heavier.