Blockchain Betting Platforms are replacing the conventional betting platforms like a virtuoso!
If there’s one takeaway that society has gained from the betting industry, it’s that conventional casinos are not designed to favor the bettor. At the end of the day, a casino is simply a business. Betting is like any other business, it is designed to ensure profitability.
The reality is conventional casinos have built advantages to make sure that they always come on the top, not just their customers. Also, this is basically known as the “house edge”. It represents the average gross profit the casino expects to make from each game.
Remember, the more users play, the greater the odds are that the result of their play will match up with the house edge.
For instance, In 2013, The Wall Street Journal gained access to a private casino database, discovering that only 13.5% of bettors end up winning.
However, the emergence of Blockchain Betting Platforms aims to change this by giving the power back to the user. They want to empower the users by introducing the metaverse casinos that work on the blockchain system.
The players who bet on the blockchain can actually bet against one another in eSports, regular sports, and other games without going against the house.
Furthermore, the emerging metaverse casinos hold a lot of similarities to traditional casinos, there are also some notable differences.
Here we are mentioning the 5 ways by which blockchain is reshaping the Betting business:
Blockchain Betting Platforms Offer More Variety
One of the finest advantages of conventional casinos is the gaming range available to the masses. Further, Bettors will not only be able to bet on blackjack, slots, and roulette on the Blockchain Betting Platforms.
Endless experiences
Not only will metaverse casinos have endless betting opportunities, but they’ll also have a limitless pool of live experiences to immerse themselves in. Planet Maya plans on giving users the option of experiencing live entertainment such as concerts and stand-ups, and live sports. Further, they will also give the esports championships, and boxing matches via the immersive experience of virtual reality.
Convenience
Not only will the Metaverse make betting more diverse for users, but it will also make the activity simpler. From signing in to playing online games to sitting through betting sessions.
Transparency
It’s no secret that online poker allows users an advantage by not being able to display their poker faces. The metaverse allows for reality to set in here since users can move their avatars around. They will have real-life simulations of body language. This way, it’s much easier for players to gauge their opponents. The transparency of blockchain allows bettors to verify the odds prior to setting bets. Its immutability of it means the odds cannot be rigged or changed mid-bet, unlike most online casinos.
Security on Blockchain Betting Platforms
Within the transparency of blockchain is the power of privacy. Through the anonymity blockchain offers, casino metaverses are able to offer the most privacy users can get. Finally, one of the key differentiators between traditional casinos and metaverse casinos is the payment method. Metaverse casinos mainly cater to cryptocurrency transactions, allowing for much faster, cheaper, and more secure payments to online casinos. No more running to the concierge to convert cash for tokens; betting in the metaverse makes transactions not only more secure but also decentralized and free from a single authority.
Conclusion
Up until the dawn of the metaverse, casinos in both real-life and online traditionally have one goal, to profit from players. Further, The emergence of DeFi and blockchain technology is giving rise to a new form of betting Blockchain Betting Platforms.
This is the place where players can have not only more diverse experiences but also more security, transparency, and choice.
