The Future Of Crypto Gambling
The advantages offered by blockchain technology in gambling, including its inherent transparency, robust security, and decentralised nature, are far superior to those of conventional online gambling platforms. This raises serious questions about the ability of the latter to remain competitive over the long term.
Undoubtedly, there are still obstacles to overcome in the widespread adoption of cryptocurrencies, Bitcoin and Ethereum still face limitations in terms of widespread acceptance as payment methods, along with concerns regarding their volatility. Despite this, Housebets, a crypto gambling protocol, has developed a payment system that allows users to deposit using stable coins. This innovative approach mitigates the risks associated with volatile tokens, making it a more reliable option for users.
The Future of Crypto Gambling:
The emergence of blockchain technology has transformed the gambling industry, and the future looks promising. Here are some predictions for what we can expect in the years to come:
As previously mentioned, one of the major advantages of crypto gambling is its decentralised nature. The absence of a single entity in control of the games or funds enhances the industry's resistance to government regulation. Furthermore, a decentralised structure creates an opportunity for profit-sharing with users.
The most novel concept that comes with Lunafi is the idea of contributing to the "House Pool." Traditionally when a bettor places a wager, they are betting against the bookie who provides enough liquidity to payout if the call is good. In doing so, the bookie seizes all the profits that can be made from bad calls.
Rather than forfeiting these revenues to centralised companies, Housebets, on the other hand, turns the house into a house pool where any user can contribute liquidity. In return, Liquidity Providers (LPs) are rewarded with a share of the profits from the house pools and earn additional yield in $LFI rewards.
On the flipside, we anticipate an increase in regulation within the crypto gambling industry. As this sector gains more popularity, it will undoubtedly draw the attention of governments worldwide. As a result, we expect more countries to introduce legislation specifically targeted towards gambling with cryptocurrencies.
This isn’t necessarily a bad thing, regulation can help improve investor confidence in the market, as it provides assurances that the tokens being traded are legitimate and that the exchanges are operating in a transparent and fair manner. This could potentially lead to an increased demand for tokens and reduced volatility, resulting in an increase in the use of alt coins as payment methods for online gambling and more innovation within the space.
Lower House Edge
One of the key advantages of crypto gambling is that it enables casinos to operate with lower overhead costs, allowing them to offer games with a lower house edge, which is particularly beneficial for players. Dapps like Housebets built on Lunafi, offer wagers with a lower house edge and rewards users with a percentage of its house edge.
- A share of the expected value of the house edge on Housebets is sent to the Lunafi treasury. A percentage of the revenue is then distributed to House Pool liquidity providers in $LFI.
- A % of the house edge is also distributed back in $LFI to users as a reward for their wagers through the ‘Bet Mining’ incentive.
More Games and Betting Options
The crypto gambling industry is still in its infancy, leaving vast potential for growth and innovation. We expect the emergence of a plethora of new games and betting options in the years ahead.
Furthermore, the rise of the Metaverse is set to revolutionize gambling, as virtual worlds offer an immersive experience for players. Picture walking around a virtual casino, interacting with other players, and participating in games with them. Additionally, imagine playing poker and learning to manage your avatar's poker face. The opportunities are boundless.
Metaverse casinos are already present on platforms such as Decentraland and The Sandbox, and we anticipate more of these in the years to come. We have already seen an array of creative games developed in the Decentraland Metaverse, and we believe this trend will continue, ushering in an era of innovative and new games.