Web3 online Casinos and Sportsbooks
There's been much talk of Web 3 of late and how it's about to transform the world of online casino gaming, but is this the case, and what exactly are web 3 casinos? Web 3 is all about decentralized tech and Web 3 casinos are based around it, along with smart contracts to provide better security, transparency and no central ´authority´.
Security is enhanced due to the cryptogarphy in use when protecting player data and due to outcomes of all games or events being stored on a blockchain it creates more tranparency, i.e, the result of any bet is stored immutably on the blockchain. This therefore increases trust and as all financial transactions take place using crypto, they too are blockchain stored, and immutable.
Payment processing is of course key to operating a successful online casino or sportsbook and the use of crypto simplifies this immensely, as with no third parties or intermediaries needed to facilitate payments it means no middle men. For example when deposoting bitcoin to a web 3 casino, that transaction is strictly between you, the casino and the bitcoin blockchain, and of course, with no middle men of any kind, fees, and therefore operating costs are reduced.
We may be a little while away from a world of web 3 casinos and betting sites but it sure does seem to be the case that things are heading that way and there are many US players especially that use bitcoin when depositing and withdrawing, marking the start of the transition.
Many new online casinos will be dApps, that is, decentralized applications that operate on a blockchain, with no central point of failure, and the games within them will run on smart contracts, with the benefits of this being obvious to many. The greater transparency, lower running costs and improved security due to smart contracts and use of blockchain tech simply make for a smoother operation, but will the player actually notice any difference?
As far as the player is concerned no real difference will be seen in the actual gameplay. The big differences for the player will be when making deposits and requesting payouts. BTC deposits into web 3 casinos are instant, and unlike when depositing with traditional methods such as cards or e-wallets, the minimum deposits can be much smaller, with the Bitcoin lightning network being able to process microtransactions at basically zero cost. Improvements on payouts are already being seen as BTC withdrawals are processed so much faster than any other method, and the transparency is already there in that you may see your request on the blockchain.
With lower operating costs, better transparency and security for both the player and the casino as well as faster payments, web 3 does seem to be the way in which the industry as a whole is moving, and for many, this is most definitely a positive move.