Why is Decentralized Gambling More Accessible for Players?
One of the biggest hurdles of gambling at traditional online casinos in the UK, is the red-tape that gamblers are used to - including the Know Your Customer (KYC) rule. The law demands that online-based gambling platforms identify every player that uses their platform for gambling. The most basic information users share with these platforms include government-issued ID and physical proof of address; however, some make the demand for credit/debit card information.
The thing is, punters are forced to share a lot of their personal information, including , to be able to gamble. With all this red-tape, this is the reason why most gamblers are switching to cryptocurrency casinos. In these mobile casino platforms, gamers only get to share their email address and no other documents.
However, as much as revolutionary these new platforms are, crypto-centric casinos offering lower-house edge and instant withdrawals, are still controlled by a centralized platform. The gamers that choose to play in decentralized gaming platforms, don’t have to worry about the threats that come with centralized gambling.
The decentralized concept ensures that ‘Code is King’ as these platforms use Smart Contracts to ensure all transactions done are done publicly and recorded in the fool-proof ledger eliminating any chance of manipulation. For example, Mobile Casino Kings provide you with the best new slot sites UK where you can sign up and take advantage of the best bonuses at the latest slots sites.
Room for Growth
In decentralized platforms, Smart Contracts protocol execution means that they take out the need for using third-party platforms to execute transactions in the industry. Games in decentralized platforms are supported 100% by transparent Smart Contract dealings that can’t be amended once they get executed. It means that decentralized platforms have come up with self-regulation without needing any manual intervention.
With such an invention, niche developers are not allowed to undergo the expensive and cumbersome processes of getting regulatory licenses. Instead, they are allowed to design and publish games whenever they believe they’re the right fit. In as much as there isn’t any quality control mechanism in place, players have the final say on the games they decide to play.
Smart developers not only guarantee that the games feature innovative graphics, high-quality sound effects, and any other aspect the modern-day gamer desires, they ensure that the Smart Contract protocol remains watertight.
Is Decentralized Gambling Any Good?
In as much as the online gambling sector is going through changes right now, we can see more people switching from playing on their desktop to using their smart devices to gamble. Besides, with the popularity of crypto-centric casinos, gamers are now in control and setting their odds.
But, it’s good to remember that the online gaming industry still has a long way to go before they figure out a more level playing field. Fortunately, from what we see so far, decentralized gambling can solve a lot of issues we come across in the online space.
Whether this includes minimal house-edges, embracing niche creators, or becoming the banker, these are things that can be achieved without the need to use intermediaries. With this notion in mind, we can expect shortly that decentralized gambling will disrupt and take over the industry fully!
There is still a long way to go before decentralized gambling becomes mainstream in the UK. As more mobile gambling apps become available and the technology progresses, we should see a switch due to the advantages on offer to punters. The fact that gamblers can trust the betting results due to decentralization is a major move forward in the industry, and this is just the start of the blockchain revolution.
The UK is one of the largest and most important gambling sectors. It also has some of the strictest rules that gaming companies have to adhere to. Decentralization will cause a huge problem for regulators but also could present many solutions should the two parties work together instead of against each other.
With problem gambling in the United Kingdom on the rise, the Government is trying to solve this issue. The blockchain could be the answer but at present, it is just the start. If the technology can create a better and safer environment, it will be good for the industry moving forward.