The start of casino craze has sparked from the year 1683 from the streets of Venice to the casinos of Vegas. From Casino di Venezia to online/cyber betting, the concept of gambling has seen many transformations. But the biggest revolution of all is the integration of Blockchain technology into the gambling industry. And this technology has raised contradiction to the traditional idea of ‘House Always Wins.’
House never wins in the crypto world. Why? Because there is no house. Yes, the technology has facilitated the eradication of house (casino) involvement in the gambling industry. Like any other business, it has a business model in place designed to ensure its profitability. Casino games are designed in a manner where whatever game you play, the casino gets a percentage share out of the potential payout of the players. This house edge ensures the survival of the casino, payment of its employees and profits to satisfy shareholders.
This is where the concept of Smart Contract comes in. A smart contract is a computer protocol designed to digitally facilitate, verify, or enforce the negotiation or performance of credible transactions without third parties. In other words, smart contracts help in the creation of a program comprising a set of rules and penalties that guides the exchange of money, property, or anything of value between said parties, without any intermediaries.
Smart contracts run on the blockchain, which is automated to do functions performed by human beings. They can be tailored to perform the following tasks:
- to deliver gambling services, betting on sporting events, lotteries, etc.
- enable players to deposit currency into the smart contract until the end of the game
- to check the results from multiple sources to ensure that the correct result is obtained, and
- reward payments to winning players based on predefined rules and odds.
Aforementioned provide the players with more transparency in transactions as everything in that runs through the smart contract, remains on record within the blockchain and can’t be tempered without everyone on the network knowing about it.
Genuinely versatile, smart contracts eliminate the need for human or infrastructural management and significantly reduce the house edge, making them ideal for the gambling sector.
YOUnited is such a startup, taking inspiration from the blockchain gambling revolution and using its own blockchain technology to bring a completely new experience for betting & gaming industry. Their decentralized platform provides player vs player betting & gaming and guarantees 100% return to player (RTP) in combination with zero house edge through YOUnited protocol and unique distributed Random number generator. Instant payouts, no house control over player’s deposit and maximum transparency via smart contracts are inherent.
Going by what smart contracts have to offer, just like all the other industries captured by Blockchain Technology, blockchain gambling seems to be a promising industry with huge potential.