One might wonder how smart contracts and the gambling industry can be even linked with each other. Well, blockchain technology has immense potential to transform any industry with its countless benefits like transparency, privacy and security of transactions. So, why will the gambling industry lag behind?
According to Statista, the size of the global online gambling market is increasing exponentially. In fact, the value of online gambling market is estimated to reach $94.4 billion by 2024. Interesting, isn’t it? If that is the case, startups and entrepreneurs should not lose such a golden opportunity to integrate blockchain technology with the gambling industry.
Smart contracts can be applied to Ethereum-based gambling sites and allow anyone worldwide to make bets on any commodity. Smart contracts are nothing but unalterable lines of code that can take inputs and return outputs. Users across the entire blockchain network can interact with each other as the code of the smart contracts is publicly available on the Ethereum blockchain. It ensures easy auditing process and there is no need for any middlemen because it reduces costs drastically. Smart contracts can revolutionize the online gambling market in the following ways:
Smart gambling
What else will players need when they can place bets ranging from cents to millions of dollars without any need to trust a third party? Though classic gambling games were the first ones to be transformed with smart contracts, peer to peer style betting is also gaining popularity.
Prediction markets
Prediction markets have been there for decades. Even though they have had their own limitations, by using smart contracts for online gambling, intelligent players can make bets on events that will happen in the future and earn rewards if they predict correctly. Moreover, forecasters and researchers can also use this data for predicting the chance of future events. Companies like ‘Gnosis.pm’ have actually developed protocols that adopt a wide range of prediction market apps.
Dice gambling
The whole logic behind dice gambling is simple as the bets are placed on whether a given rolled dice will be higher or lower than a threshold set by the player. Players can send their Bitcoin transactions to specific Bitcoin addresses and winning or losing the bets would be paid out accordingly. Some of the major advantages of smart contract gambling include anonymous platforms with highly secure and fair betting procedures. Since the day of sale of SatoshiDice.com in July 2013, the dice industry has expanded a lot. Not to mention the fact that even smart contract gambling sites like Etheroll and Dice have raised millions of dollars through their token sales.
To sum up, the shifting of the gambling industry to smart contract betting will definitely prove to be a boon for all online players. However, smart contract prediction markets will grow much faster than other smart contract platforms as they do not need many onchain transactions. If you want to develop smart contracts for online gambling, Blockchain App Factory is one of the leading smart contract development companies that can guide you through the entire process from start to finish. So, what are you waiting for? Contact them now and enjoy their services.