Join the world's fastest growing online poker room PokerKing. With a new player deposit bonus, exclusive tournaments, and the industry's best loyalty program.

The Tie Between Online Gambling Industry and Blockchain

by Poker King|January 11/2019|views: 1321

As both industries grow, both get more and more tied to each other. Gambling is expected to surpass $525 billion by 2023.

The fast-paced growth of the virtual realm through extensive usage of mobile devices and tablets is aiding to the significant increase in people playing online games. The aggressive penetration of mobile applications across Asia, Europe, and North America will help attract more players over the upcoming years.

The global online gambling market is growing because of the increasing online betting activities across the globe. The growing interest and fast adoption of the technologies are changing the dynamics of the industry.

But how does blockchain tie to online gambling? Who benefits the most?

Blockchain technology is trustworthy because it’s transparent. Due to the distributed ledger system, the user is being ensured his money is fully protected before placing the bet.

Users can now make deposits in multiple cryptocurrencies, with Bitcoin, Litecoin, Ripple, and Ethereum being the most popular ones.

Blockchain solves another huge problem that the industry has been facing for the past few years. User data leakage is not likely to happen, so players can stay assured their personal information is safe and won’t face any monetary losses.

Another interesting piece of information is that according to a study by Worldwide Asset eXchange (WAX), 62% of respondents believe after adopting the blockchain technology, this would make spending money on online gambling more worth it.