- >Decentralized Apps Show Amazing Potential for Gambling
Decentralized Apps Show Amazing Potential for Gambling
One of the properties of cryptocurrency, is that the transactions cannot be stopped, that is, transactions are resistant to censorship. This is a property that online casinos, sportsbooks, and poker sites are taking advantage of, all over the world. The reason is that many governments, from the municipal level, to the federal level, have various restrictions on the kinds of gambling and gaming that they allow their citizens to partake in. What gaming sites have figured out is if they teach their user base how to transact in cryptocurrency, they can not just remain in operation, but thrive.
Keegan Francis | Oct 12, 2020
While there are plenty of sportsbooks and casinos that allow either deposits or betting directly with bitcoin. The point of this article is to focus on the projects that are pushing the boundaries of online gaming and gambling. There is a movement taking place in the online gambling industry where application developers are taking advantage of the censorship resistant, and decentralized properties of blockchain. The main issue that can be solved with blockchain, is removing the geographical limitations of gambling online.
Peerplays is a peer to peer, “provably fair gaming” platform. Provably fair means that users can independently verify that the house didn’t have an edge, or that they weren’t cheated in any way shape or form. Peerplays has existed since 2015, and has been working to bring several gaming and gambling projects to the world. Peerplays focuses on giving the public the ability to gamble online, from anywhere, safely and securely. There are no KYC requirements, no geographical restrictions, and no deposit, withdrawal, or win limits on Peerplays.
Their largest success to date, is a fully decentralized sports betting exchange called BookiePro. This sports betting exchange is able to create, and settle real world events without human interaction. Bets take place on a peer to peer basis between users on the platform. Currently you need to own peerplays tokens (PPY) in order to bet. However, the developers behind peerplays are working on enabling users to bet with bitcoin.
Wagerr is a betting exchange that has managed to achieve significant reach and engagement with the betting community. Their user base has grown, despite the technical challenges to acquiring their WGR token that you need in order to place bets. Wagerr is built on Ethereum, a global application supercomputer that hosts decentralized applications. Ethereum is home to millions of users, each with their own cryptocurrency wallets that seamlessly interface with Wagerr. By choosing to build on Ethereum, Wagerr inherits the user base more easily than attracting crypto newbies.
Betting with Wagerr is a two step process, the first is simple, but the second requires crypto kung-fu. Wagerr has built a killer mobile app for interfacing with the sportsbook, but in order to fund your app with tokens to bet with, you need to acquire WGR tokens through one of the exchanges that sell WGR.
The Future of Sportsbooks
The future of sportsbooks is no doubt in decentralized technologies. As proven by bitcoin, regulations simply do not stand a chance against decentralized applications. As regulations for online casinos and sportsbooks increases, so too will the demand for applications that are resistant to censorship. If you’re a regular online gambler, it’s probably about time you learn a thing or two about how to bet with cryptocurrency.