5 Ways that Blockchain is Reshaping the Betting Business
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If there’s one takeaway that society has gained from the betting industry, it’s that traditional casinos are not designed to favor the bettor—the house always ends up winning. At the end of the day, a casino is simply a business, and like any other business, it is designed to ensure profitability.
The reality is, traditional casinos have a slew of built-in advantages to ensure that it always comes out on top, not their customers. This is known as the “house edge” and represents the average gross profit the casino expects to make from each game. The more users play, the greater the odds are that the result of their play will match up with the house edge—and that they will lose money. This house edge vastly varies among the different casino games, with blackjack being the lowest and keno the highest.
In 2013, The Wall Street Journal gained access to a private casino database, discovering that only 13.5% of bettors end up winning. Bettors getting taken advantage of by casinos is a culture that unfortunately continues to be the reality for traditional betting. However, the emergence of blockchain technology aims to change this by giving the power back to the user. Players who bet on the blockchain can bet against one another in eSports, regular sports, and other games without going against the house. While emerging metaverse casinos hold a lot of similarities to traditional casinos, there are also some notable differences.
More options
One of the first advantages of metaverse casinos instead of traditional casinos is the range of games available. Bettors will not only be able to bet on blackjack, slots, and roulette. Take the new metaverse casino Planet Maya for example. Planet Maya has raised an undisclosed amount from some of the top players in web3 at a staggering valuation. The platform, which aims to become the world’s first collaborative and decentralized online casino metaverse, hosts over eight categories of games, including hundreds of sub-categories, from poker, binary sports, esports betting, racing, and many more.
Endless experiences
Not only will metaverse casinos have endless betting opportunities, but they’ll also have a limitless pool of live experiences to immerse themselves in. Planet Maya plans on giving users the option of experiencing live entertainment such as concerts and stand-ups, live sports, esports championships, and boxing matches via the immersive experience of virtual reality.
Convenience
Not only will the Metaverse make betting more diverse for users, but it will also make the activity simpler. From signing in to playing online games to sitting through betting sessions. The entire experience will be delivered via a virtual headset in an immersive, true-to-life experience where users can walk around without being bound to their chairs.
Transparency
It’s no secret that online poker allows users an advantage by not being able to display their poker faces. The metaverse allows for reality to set in here since users can move their avatars around and have real-life simulations of body language. This way, it’s much easier for players to gauge their opponents. The transparency of blockchain allows bettors to verify the odds prior to setting bets. Its immutability of it means the odds cannot be rigged or changed mid-bet, unlike most online casinos.
Security
Within the transparency of blockchain is the power of privacy. Through the anonymity blockchain offers, casino metaverses are able to offer the most privacy users can get. Finally, one of the key differentiators between traditional casinos and metaverse casinos is the payment method. Metaverse casinos mainly cater to cryptocurrency transactions, allowing for much faster, cheaper, and more secure payments to online casinos. No more running to the concierge to convert cash for tokens; betting in the metaverse makes transactions not only more secure but also decentralized and free from a single authority.
Up until the dawn of the metaverse, casinos in both real-life and online traditionally have had one goal, to profit from players. The emergence of DeFi and blockchain technology is giving rise to a new form of betting where players can have not only more diverse experiences but also more security, transparency, and choice.
