5 Ways that Blockchain is Reshaping the Betting Business

If there’s one takeaway that society has gained from the betting industry, it’s that traditional casinos are not designed to favor the bettor—the house always ends up winning. At the end of the day, a casino is simply a business, and like any other business, it is designed to ensure profitability. The reality is, traditional casinos have a slew of built-in advantages to ensure that it always comes out on top, not their customers. This is known as the “house edge” and represents the average gross profit the casino expects to make from each game. The more users play, the greater the odds are that the result of their play will match up with the house edge—and that they will lose money. This house edge vastly varies among the different casino games, with blackjack being the lowest and keno the highest. In 2013, The Wall Street Journal gained access to a private casino database, discovering that only 13.5% of bettors end up winning. Bettors getting taken advantage of by casinos is a culture that unfortunately continues to be the reality for traditional betting. However, the emergence of blockchain technology aims to change this by giving the power back to the user. Players who bet on the blockchain can bet against one another in eSports, regular sports, and other games without going against the house. While emerging metaverse casinos hold a lot of similarities to traditional casinos, there are also some notable differences. More op...