Decentralized gambling is an approach that uses the power of the blockchain to give a new way to play casino games. In recent years, online gambling has benefited from several enhancements thanks to the introduction of decentralized casinos and sports betting sites.
This change has occurred relatively recently. The arrival of Bitcoin in 2009 brought the blockchain to the mainstream, although the technology behind it had been known for some time before that. This led to the decentralized casino industry arriving using the blockchain as its basis. As more crypto tokens have been released, the industry has continued to expand and attract new users.
We’ll be looking at how the change from traditional online casinos to decentralized online casinos has helped players in various ways. To do this, we can assess the benefits offered by a Web3 casino and the key differences from other gambling sites to look out for.
How Decentralized Gambling Works
The blockchain is a series of blocks of information that is contained in distributed ledgers. This makes it a decentralized and transparent process. Anyone can see the information but no one controls it or can change it.
While digital currencies provide the best-known example of the blockchain being used, it has also transformed many other industries. Among them, we can see how online betting has been brought into the Web3 era.
How the Blockchain has Improved Online Gambling
This method has proved to work well with online gambling sites. Casino games and sports betting have been popular since the end of the 21st century. However, the introduction of decentralized gambling sites has added several benefits to this activity that fits perfectly with what the majority of players look for.
The safety issue is a huge benefit for decentralized casino sites. This way of storing information ensures that the information is transparent and can’t be altered. Add the highly secure, cryptographic nature of the blockchain and we can see how decentralized casinos have benefited.
Smart Contracts
Smart contracts are automated contracts used on the blockchain. They play a big role in the best decentralized casinos as they help to ensure fairness.
The use of smart contracts helps to ensure that classic casino games are offered more safely. There is no fear about the random game outcomes provided, as smart contracts ensure that fair play is built into each game from the start.
With a minimum deposit, anyone can start playing easily without linking their physical bank card to the casino. Yet, the security and transparency ensure that everything is above board and can be easily checked by players.
Centralized and Decentralized Platforms Comparison
The growth of online gambling sites has led to many different ways of playing casino games. The move to online gambling sites occurred at the end of the 20th century and in more recent times Web3 casinos have taken things a step further.
While both types of online casinos sound very similar, there are some important differences to bear in mind that let us demonstrate the way this sector is evolving. To understand the way that works, we need to assess the following differences.
A decentralized casino accepts various cryptocurrencies. Traditional online casinos accept conventional banking methods like credit cards or bank transfers. This adds more options when making deposits or withdrawals through decentralized online casinos.
The list of casino games is likely to be similar in both cases. Expect to see classic casino games such as slots by Pragmatic Play, live dealer games, and other games. Sports betting is also offered on many decentralized web casinos.
For the user, the layout and ease of use is unlikely to differ significantly in other ways. The main differences come from the banking process, smart contracts, and added security, which aren’t visible as you play games.
Benefits of Decentralized Gambling
The gambling industry has gained a number of benefits from the move to the Web3 casino model. Some of the key advantages are listed below.
Increased Transparency for Players
This is a massive benefit in decentralized games. There is no need to feel concern about whether your money is safe and the games are fair. Blockchain technology guarantees complete transparency in both issues.
Provably fair games are crucial to the success of the best decentralized gambling sites. This is the aspect that lets us know that their games are always going to give us a fair chance of winning. There is nothing hidden from users in terms of what goes on to determine whether they win each game or not.
Enhanced security on Decentralized Networks
With the chance to play anonymously instant deposits through cryptocurrencies, offer a lot of privacy. The use of cryptographic protocols also ensures excellent security. This is a great benefit for anyone interested in playing some gambling games and wants to find the safest method possible of doing this.
The blockchain is almost impossible to hack directly. This is a good starting point for understanding the enhanced security of a decentralized gambling site. You can move your money in and out safely within the agreed deposit and withdrawal limits with no fears.
Of course, you also need to take standard security measures. This involves setting a secure password that you store safely. Also, use two-factor authentication to keep your account even safer at all times. Don’t take any risks that could compromise your password.
Lower Costs and Reduced Transaction Fees
Moving cryptos into a decentralized casino is a way to leverage blockchain technology to save money. Blockchain casinos have reduced the cost of deposit and withdrawals by offering this approach.
Bank cards and transfers can eat into your transfer. But if you use the peer to peer approach of Bitcoin and other tokens to deposit funds, the fees are smaller, limited to any network fee or gas fee needed.
The Advantages of Probably Fair Algorithms
Once you’ve made your first crypto payments, you’re ready to start playing. You can withdraw funds at any time, taking into account any wagering requirements.
This is part of the way we can see the greater control you have over your funds. Added to the provably fair algorithms, this provides an online casino experience that protects players.
Decentralized Gambling vs. Traditional Online Gambling
The changes and improvements introduced by decentralized casinos can be seen by looking at the following areas.
Decentralized Gambling Platforms | Traditional Online Gambling Site | |
Comparison of trust models | Use crypto solutions for a peer-to-peer approach that increases trust and transparency | Reliant on third-party providers and central authorities such as banks and electronic wallet for financial transactions |
Speed and efficiency of transactions | Crypto deposits are instant unless the network is extremely busy. You can also withdraw funds quickly and efficiently. | Regular casinos offer different ways of moving funds in and out of accounts. The speed and efficiency vary according to the providers for each method. |
Variety of games | A big variety of slots and live games provides various ways of gambling. Sports betting may be added. | A selection of gambling product including slots, live games, and sports bets. |
Welcome bonus availability | New players can accept a welcome bonus based on their initial deposit amount. This makes their introduction to these decentralized platforms smoother and more enjoyable. | Welcome bonuses are also offered by the centralized counterparts of crypto casinos. These deposit bonuses create an enjoyable gaming experience regardless of the deposit method used. |
Cost of transfers | Low-cost transfers are among the benefits of using instant crypto payments. The Bitcoin Lightning network is one of the solutions that help create speedy, low-cost transfers. | Neither decentralized casinos nor traditional online casinos tend not to charge for transfer. Yet, some of the third-party providers like banks and card providers may charge fees. |
Overall security and licensing | The use of the blockchain makes a decentralized gambling site extremely secure for users. This is in addition to the gambling license required to operate in many jurisdictions. | General security protocols and a license (where appropriate) are needed. |
Popular Decentralized Gambling Platforms
The way that decentralized crypto casinos have grown in popularity has led to new sites emerging. We can look forward to this trend continuing, as more people decide to try online gambling platforms with cryptocurrencies.
The trend so far has led to Evo.io emerging as a leading decentralized casino. We accept tokens like Binance Coin (BNB), Polygon (MATIC), Bitcoin (BNB), and USD Coin (USDC) among others.
Unique Features and Game Offerings
As one of the best decentralized casino site platforms, we offer a variety of games for players to enjoy. Live casino games are based on games such as roulette and blackjack, with a live casino setting.
The slots cover many diverse themes, as you’d expect in an online casino. Some are based on crypto themes but the majority cover popular themes like Ancient Egypt, fruits, and Las Vegas. Take a look and you’ll find plenty that catches your eye and makes you want to start playing.
User Experiences
The use of blockchain technology has made the online casino experience more enjoyable. The positive reviews we’ve received from users can be partially attributed to the use of cryptos that make a Web3 casino more accessible and secure.
However, it’s worth noting that players are also pleased to get a genuine casino experience in other aspects. The offer of deposit bonuses and the excellent range of games are welcome elements.
This combination of the best parts of regular casinos with the latest blockchain technology helps Web3 casinos stand out.
Security Measures in Decentralized Gambling
Security is a huge factor in online gambling. You won’t want to run into problems that cause you to lose your tokens or compromise your personal information.
Web3 casino sites ensure a high level of security in the following ways.
Smart Contracts Role in Secure Gaming Operations
Smart contracts offer transparency and security. Every game’s rules and outcome are recorded on the blockchain. This gives a fantastic sense of security because each player knows that they have a fair chance of winning.
Common Security Threats
One of the main risks of going online is that hackers steal your details. However, the way a Web3 casino is set up lowers this risk. You don’t need to enter a lot of personal details to get started. Even better, your financial details aren’t exposed online as you don’t need to link to a card or account.
The use of encryption techniques like SSL ensures that hackers can’t gain access to your details. When a Web3 casino has a license, this confirms that they’ve met the regulatory requirements for that region, including security issues.
Fairness and Transparency in Decentralized Gambling
Provably fair games are needed to give the players a Web3 casino they can trust. Random number generators and extensive testing are carried out to ensure that every game has an unpredictable outcome.
This is achieved in decentralized similarly to the way it works in regular gambling sites. However, the addition of blockchain technology has made it easier for us to see the fairness and transparency.
Verify the Fairness Yourself
Look for the testing certificates and results if you want to find out exactly how a game’s fairness has been established. The top game developers make this information available on their own sites, while some decentralized casinos provide details of testing certificates.
Financial Transaction Transparency
The financial aspect of a decentralized gambling platform is crucial. This is where you can see how a transparent approach has been taken that lets you see exactly where your money is. The decentralized protocols mean that there is no secrecy in the process.
Every time you move money to and from decentralized casinos, it’s recorded on the blockchain. This means that there is complete financial transparency, which is a crucial advantage in the gambling industry.
Decentralized Gambling Regulations
The question of how the law looks at decentralized casinos can be examined by looking at the two key elements that require some form of regulation.
The first is online gambling, which is regulated in different ways across the planet. The decentralized protocols used in Web3 casinos don’t have any effect on this aspect. For example, in Canada each province can decide what casinos to allow while in the US it’s done by state.
The other issue is whether blockchain technology is allowed. This is another issue that varies by country, state, or province. If gambling is allowed and cryptocurrencies are accepted, decentralized casinos just need to meet the same regulations as any other casino there.
Challenge for Decentralized Platforms
The nature of blockchain casinos means that they may offer more challenges to regulators. In terms of financial crime prevention, the token based payment methods give a degree of pseudo-anonymity. With no central authority managing the currencies, their use for gambling products isn’t as straightforward as it is with fiat cash.
For the moment, the crypto regulations are considered to be extensive enough. If you comply with the local crypto laws – and online gambling is allowed – you can gamble wit crypto. Naturally, you also need to find a casino that accepts the tokens you use and has local support for players.
Future Regulatory Frameworks
The future looks set to bring us more innovative blockchain based games and ways of playing. This means that industry regulators will want to keep a close eye on what happens next.
The emergence of new currencies using decentralized protocols could lead to newer laws being introduced. However, the types of instant win games are unlikely to lead to major changes, unless the local gambling regulatory authorities decide to spring into action to introduce new rules.
Therefore, the biggest changes could be seen in the overall way that gambling and blockchain currencies are viewed by each place. Some provinces or states may change their stance on sports bets and casino gambling being carried out in this way. You should be aware of any updates to the regulations where you live.
How to Get Started with Decentralized Gambling
The registration process at Evo.io is fast and simple. Follow the few steps needed and you’ll soon be up and running.
- Choose the ‘register’ button to start the sign-up process.
- You’ll be asked for a few details, such as your email and password.
- Confirm where you live and that you agree to the site’s terms and conditions. This is also the stage where you confirm that you’re old enough to legally gamble.
- A code will be sent to your email address, allowing you to quickly verify it.
- Choose what cryptocurrency you want to use to make your first deposit and then follow the instructions to send it to the casino’s wallet.
- Collect the welcome bonus and start looking for the games that you want to play.
Register as a new member at Evo.io and you’ll soon be spinning the reels on slots or waiting to see whether you get a winning bet at a table game.
How to Set Up a Digital Wallet
If you’re new to the world of cryptos, you might wonder whether getting hold of your first tokens is going to be an issue. Thankfully, this process is now easier to carry out than ever before.
Firstly, choose which token you want to use. Evo.io accepts many of the most widely used cryptos. At the time of writing, the list includes Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Polygon (MATIC), TRON (TRX), and Binance Coin (BNB).
These tokens each have their pros and cons in areas like volatility, price, and future prospects. Take a moment to consider which of them are right for you. Once you’ve decided this, you need to think about how to get hold of the tokens you’re going to gamble with.
Cryptocurrency exchanges like Binance and Coinbase let you buy tokens while you can also choose peer-to-peer transactions if you prefer. You’ll need a cryptocurrency wallet too. We’ve put together this helpful article explaining how to open your first wallet and everything you need to know about using it.
Decentralized Gambling Makes Betting Easy
The increased popularity of decentralized casinos has been built on the foundations of some solid benefits. You can gamble with a higher degree of security and transparency by using your preferred tokens.
With fast deposits and instant withdrawals, it’s easy to see why so many people have been keen to try Web3 casinos. The use of blockchain technology makes it simple and reliable, which are two of the key benefits that players look for when starting to gamble online.
The range of games makes it possible for everyone to find something that they want to try, from themed slots with bonus features to live dealer games and video poker. The transparent and fair gaming experience makes this a reputable place to start gambling with no worries.
The benefits we’ve looked at here should ensure that decentralized casinos continue to grow and attract new players. Added to the feeling that cryptocurrencies still have a huge amount of potential to be explored, there is still a lot of growth to come in this sector in the years ahead.