The last time the gambling industry went through a revolution was due to the invention of the internet and the trend of gamblers using online sites along with mobile apps has taken over the sector. High street bookmakers are closing at record rates and this is only going to speed up due to the blockchain and smart contract casinos and sportsbooks.
The revolution started back in 2009 with the rise of bitcoin gambling which at one point was responsible for over 50% of all blockchain transactions. Popular games such as dice with almost a zero house edge and the ability of players to bet tiny amounts along with getting free BTC from faucets helped to fuel the popularity. There are now thousands of crypto-based gambling platforms and games which can be found on this bitcoin casino list of the best-rated platforms.
Over the last 14 months, the blockchain industry has grown exponentially and new companies every day are launching with new innovative ways of utilizing this new technology. There is a new breed of gambling platform on the rise that use smart contracts to change the way that the business model works. ICOs such as Wagerr and CashBet have both been outstanding successes which will have the main players in the sector shaking in their boots.
Decentralised betting platforms such as OneHash which is a bitcoin-only mutual betting platform are creating crypto communities that offer greater rewards compared with traditional sportsbooks. Smart contracts enable the removal of the human involvement in betting due to a code that is able to execute a whole host of processes, verifying each transaction with 100% accuracy. Everything runs in a completely transparent nature so that it provides the most trustworthy provably fair platform that world has seen.
It is still very early days in the development of blockchain and smart contract software but the signs are that almost all industries will eventually run on these networks. The main players in the casino industry have so far largely ignored this new technology which has brought about the rise of new platforms which are greatly disrupting the sector. The size of the crypto gambling sector is on the rise and already accounts for over 10% of the total worldwide gambling revenue.
So far in 2018, the price of all cryptocurrencies has fallen but that does not mean the sector is failing. We are at the start of the revolution and the technology is currently been created that will replace the old systems with ones that run on smart contracts and the blockchain. If you want to capitalize on the huge growth potential of this market you can get in at ground level by investing in new gambling ICOs. These are initial coin offerings of companies in the startup process and if successful you stand to make a life-changing money dependent on the level invested. They are high risk as many fail so make sure to do your research first if you looking to invest in this field.