Smart Contracts in Gambling Industry

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How Smart contracts can transform the Gambling
Industry
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• One might wonder how smart contracts and the
  gambling industry can be even linked with each
  other.
• Well, blockchain technology has immense potential
  to transform any industry with its countless
  benefits like transparency, privacy and security
  of transactions. So, why will the gambling
  industry lag behind?
• According to Statista, the size of the global
  online gambling market is increasing
  exponentially.
• In fact, the value of online gambling market is
  estimated to reach 94.4 billion by 2024.
  Interesting, isnt it? If that is the case,
  startups and entrepreneurs should not lose such a
  golden opportunity to integrate blockchain
  technology with the gambling industry.

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• Smart contracts can be applied to Ethereum-based
  gambling sites and allow anyone worldwide to make
  bets on any commodity.
• Smart contracts are nothing but unalterable lines
  of code that can take inputs and return outputs.
• Users across the entire blockchain network can
  interact with each other as the code of the smart
  contracts is publicly available on the Ethereum
  blockchain.
• It ensures easy auditing process and there is no
  need for any middlemen because it reduces costs
  drastically. Smart contracts can revolutionize
  the online gambling market in the following ways

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Start Gambling

• What else will players need when they can place
  bets ranging from cents to millions of dollars
  without any need to trust a third party?
• Though classic gambling games were the first ones
  to be transformed with smart contracts, peer to
  peer style betting is also gaining popularity.

5
Prediction Markets

• Prediction markets have been there for decades.
  Even though they have had their own limitations,
  by using smart contracts for online gambling,
  intelligent players can make bets on events that
  will happen in the future and earn rewards if
  they predict correctly.
• Moreover, forecasters and researchers can also
  use this data for predicting the chance of future
  events. Companies like Gnosis.pm have actually
  developed protocols that adopt a wide range of
  prediction market apps. 

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Dice Gambling

• The whole logic behind dice gambling is simple as
  the bets are placed on whether a given rolled
  dice will be higher or lower than a threshold set
  by the player.
• Players can send their Bitcoin transactions to
  specific Bitcoin addresses and winning or losing
  the bets would be paid out accordingly.
• Some of the major advantages of smart contract
  gambling include anonymous platforms with highly
  secure and fair betting procedures.

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Dice Gambling

• Since the day of sale of SatoshiDice.com in July
  2013, the dice industry has expanded a lot. Not
  to mention the fact that even smart contract
  gambling sites like Etheroll and vDice have
  raised millions of dollars through their token
  sales. 
• To sum up, the shifting of the gambling industry
  to smart contract betting will definitely prove
  to be a boon for all online players.

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Dice Gambling

• However, smart contract prediction markets will
  grow much faster than other smart contract
  platforms as they do not need many onchain
  transactions.
• If you want to develop smart contracts for online
  gambling, Blockchain App Factory is one of the
  leading smart contract development companies that
  can guide you through the entire process from
  start to finish. So, what are you waiting for?
  Contact them now and enjoy their services.

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Touch with Blockchain App Factory
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