Gambling and Blockchain Technology. The End of Corruption?

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Corruption and gambling walk hand in hand together throughout history. Sport corruption dates back to ancient Greece, where cheating athletes were forced to pay for statues of their Gods. This means that people looked for ways around the rules even more than 2500 years ago.

Modern societies and sport face similar, but at the same time far more different and harsh challenges when it comes to cheating and betting. With the rapid globalization many people can argue that betting and match-fixing has already ruined modern sports. In the last decade or so, gambling websites have appeared on almost every team’s jersey as sponsors and you can see their ads everywhere.

Gambling is more dangerous and rewarding than ever

The amount of things you can bet on is absurd and it’s really no surprise how quickly gambling websites and companies grow. The Asian betting market is far bigger than the European and US one and has resulted in heavy damage to all types of sports on the continent.

On July 11^th police officials in China seized more than $1.5 million worth of cryptocurrencies. The operation was against gambling on the 2018 FIFA World Cup in Russia. Tracking the rigged gambling platform begun back in May as reported by Chinese state-run media Xinhua.

There are “fixers” who travel the world and set things in motion with the local criminals or governments. They operate on practically every continent but the highest reports of fixed matches come from African and ex-Soviet countries. A very large percentage of sports fans in such countries don’t take the results seriously simple due to the immeasurable levels of corruption. There have also been a few large scandals in Western Europe and the US.

The betting websites are very quick to innovate and have swiftly started to adopt blockchain technology and cryptocurrencies. The whole industry itself is based on innovation, since most users will always look for new things to bet on and seek potential new ways for profit.

In the future there will probably be coins which will offer gamblers lower fees and quicker deposit/withdraw times. Cryptocurrency usage will also allow online websites to evade certain commissions and restrictions. The Gambling Commission has already classified cryptocurrencies as real money.

Gambling’s biggest issues answered easily by Blockchain technology

Something gamblers need to take into account is that the cryptocurrency market is still very volatile. Harsh swings can be expected and different valued cryptocurrencies can be taxed equally. Different laws in different countries can make gambling hell for some people. While everyone can agree that need to be restrictions, sometimes even harsh ones, the introduction of cryptocurrencies will let new gamblers dodge some of those restrictions and regulations.

“The house always wins.”

This is an age old saying which refers to the fact that casinos and betting institutions lack transparency. There is no way to tell that if a betting institution is cheating and this hurts most betting websites. Blockchain technology quickly eliminates that problem with the automatically created record which cannot be changed. Transactions are also verified by users and this is a proof of honesty. Since transactions not being in a government or private facility like a bank, allows users to verify at will. The playing field becomes transparent and fair quickly and easily.

Without a doubt the biggest issue is security. The limited amount of personal information required to use online betting websites is a big problem for a centralized network. In the event of an attack or hack, a cryptocurrency may provide more protection since the attackers can’t transfer it. It’s a higher percent of protection but the risk is by no means eliminated.

Gambling institutions share the same resentment financial ones do

Cryptocurrencies are still a very new part of gambling and finance in general, but the advantages blockchain technology offers can clear the tarred reputation of the betting and financial industries.

A very safe bet to give will be to say that a whole set of regulations and rules will be required for things to start functioning. In due time, the technology will set root and who knows how different gambling can look after 20 years.

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