Blockchain adoption in the online gambling industry is divisive. Those who are in favor cite the transparency and immutability of the system as advantages. On the other hand, detractors claim that blockchain would just all the more promote casino addiction.
Bitbook.ag chief marketing officer Filip Poutintsev has shared his thoughts on the issue. As a corporate executive of a blockchain-based gambling and betting platform, he views blockchain adoption in the internet gambling industry as a benefit and not a drawback.
For Poutintsev, blockchain—the backbone of cryptocurrencies like Bitcoin—could be the solution to the issues being thrown at online casinos. It could also be a powerful tool that would rectify the bad reputation of many virtual gambling platforms. He made such assumptions after examining the favorable nature of blockchain.
Since time immemorial online gambling and betting have been viewed by many consumers as inherently unfair. Many believe that the odds are always in favor of the casinos, for they could easily rig the software they use and the results of the games.
Another disadvantage has to do with the high fees involved in accessing online casinos. Commissions charged by the payment system as well as the house-cut rates are being blamed in this aspect.
Then, there’s the issue with online casinos possibly delaying payments intentionally. It is no secret that many players wait days and weeks to receive their winnings. This, of course, is linked to the ongoing struggle of virtual casinos to partner with banks.
There are many other problems that give online gambling sites a bad reputation. However, Poutintsev strongly believes that blockchain could be a panacea for all these problems. “Blockchain can actually solve these issues quite easily,” he told Forbes this week.
“Blockchain will store records of all games and bets, their results, and the amounts that were won and paid out. Players can always access the transaction history to confirm that the system paid out all that was due and that the odds were not rigged,” he explained of how blockchain could address the trust issue surrounding online casinos.
“Being independent of banks will bring many more users across the world into the fold of legal gambling, as they currently have to use shady services because they cannot pay with their credit card. Of course, the same legal principles apply to blockchain casinos … if gambling is illegal where you live, you should not break the law,” he added.
As for the issue on internet gambling sites possibly rigging their systems, Poutintsev admits that there is no remedy for that. “This will not change, blockchain will not magically transform gambling into a wonderland where players win most of the time.”