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The Fairspin casino example shows that combining classic casino games with blockchain-powered transparency is possible.
The online gambling industry has seen a lot of developments in recent years, especially with the adoption of new-age technologies like blockchain and cryptocurrencies. As the industry diversifies, there are now different kinds of online platforms, each with its own set of benefits and drawbacks.
Currently, there are three major types of online gambling platforms using cryptocurrencies. The simplest of all are crypto casinos, which are nothing but regular casinos of the last decade that now accept cryptocurrency deposits. And then there are gambling dApps that are completely decentralized gambling solutions built on a blockchain. The last kind is the one that tries to combine the best of both worlds — traditional, non-blockchain games and blockchain-based transactions.
When it comes to crypto casinos, there isn’t much innovation as they are just regular gambling platforms with cryptocurrencies as an additional deposit option. However, gambling dApps and classic casinos with blockchain integration are different and more technologically advanced. Each of these makes use of blockchain technology in different ways to solve a few problems that have been plaguing the online gambling industry. While both solutions have their strengths, there are drawbacks too that can affect a user’s gaming experience.
What’s the Difference?
Gambling dApps are highly decentralized and automated gambling applications built on a blockchain. This relatively new solution offers a limited number of gambling options and makes use of blockchain randomizer algorithms to decide the outcome of each bet.
While gambling dApps offer complete transparency, they lack in player experience compared to regular online casinos. dApps have fewer gaming options and no additional bonus or promotional benefits.
When it comes to blockchain-based classic gaming platforms, they offer a familiar experience similar to traditional online casinos, with lots of gambling options, a variety of game titles, bonuses, promotional events and offers. However, they are more than just regular casino platforms due to the use of blockchain tech for the transparency of transactions and provably fair gameplay. Smart contracts and underlying blockchains allow users to query all the transactions using a block explorer and verify all the deposits, bets, and payouts.
The Golden Mean
Classic casino platforms offer an endless choice of games created by the most reputable development teams. In addition to games, they also provide a range of benefits in the form of promotions and bonuses. A classic casino game backed by blockchain technology is the best bet as it offers excellent player experience and more ways of winning.
The perfect example of such a platform is Fairspin, a blockchain-supported online casino with its own ERC20 tokens and Ethereum smart contracts. The platform, integrated with TruePlay’s complex Ethereum blockchain and token solution for the online gambling industry, offers high levels of transparency along with all the benefits traditional online casinos are known for, including deposit bonuses, cashback, free spins, affiliates, referral bonus and more. Even games on Fairspin are all well-known classic casino slots, as well as roulette, poker and more.
The advantage of bonuses and promotions for a casino patron was recently demonstrated by Fairspin when a player managed to win $17549 on the “Book of Gold” (Playson) game. New to the platform, the player made his first deposit of 1.74 ETH and ended up losing it all while betting on various games. However, thanks to the 100% first deposit bonus and cashback received soon after losing the entire deposit; he was able to place a few more bets until a $50 worth wager turned lucky. The player managed to win a lot more than he could have imagined possible at that time. The 1.74 ETH he deposited and lost turned into 1.79 BTC that he later withdrew. Thanks to the blockchain integration, the payout can be readily verified by anyone on a blockchain explorer.
If the player had bet under similar circumstances on a gambling dApp instead of Fairspin, the chances of getting the deposit bonus would have been next to none, and he would have had no way to reclaim what’s lost. Gambling dApps are still in their nascent stages, and maybe someday in the future, they might be able to offer similar benefits to its users as present-day classic casino games integrated into a blockchain-based ecosystem.