Can blockchain disrupt the gambling world?

As cryptocurrency enthusiasts and the leaders of the financial world wonder when and if the mass adoption of blockchain technology and cryptocurrencies will take place, it may already be happening in gaming and online gambling.

Back in May, a United States Supreme Court decision opened up the door for sports gambling to be legalized across most of the country. The decision allows for States to make their own gambling laws and Delaware and New Jersey have already implemented sports gambling policies with more States expected follow suit sooner rather than later.

The United State’s growing appetite for sports gambling just happens to be coinciding with the gambling world’s integration of cryptocurrency. Popular online casinos are increasingly accepting Bitcoin, Ether, and other altcoins as payments and some startups have even launched online casinos that exclusively accept cryptocurrency. The use of cryptocurrency can allow for decentralized casinos to instantly pay users when they want to cash out their winnings. Furthermore, users are attracted to the ability to bet anonymously and possibly even without providing any documentation of their identity. With more security, anonymity, and a trusted decentralized payment system, Bitcoin casinos will surely attract millions of intrigued users.

Billionaire investor and owner of Dallas’ NBA franchise the Mavericks, Mark Cuban was intrigued enough by the idea of blockchain powered casinos that he made a bet of his own. Cuban invested 25 million into the esports gambling platform Unikrn. Esports have forced themselves into the company of major sports around the world. Esports gambling is becoming just as prevalent as betting on any other sport, and Unikrn is extremely excited about the prospect of a relaxed attitude towards gambling in the United States.

Just after the Supreme Court decision, Unikrn announced their joy on their blog. “In the last few hours, our dream became real, and our company just became substantially more valuable.” While Mark Cuban himself told ESPN, “Unikrn is going to benefit significantly. I don’t think people realize that gambling is legal in 118 countries already. Unikrn and Unikoin already have a foundation. They already have the technology in place. Now it’s just about leveraging up depending on what each individual state decides here in U.S.”

Gambling was once taboo, but now is becoming an accepted pastime in society. With gambling becoming more mainstream, consumers will not only be more open to transparency, but will demand it. Blockchain will assist in this demand for clarity. The open source technology will provide the perfect infrastructure for the gambling world by providing anonymity for users, while still having all transactions visible for all to see. Criminals will be pushed out of the gambling sector and users will know they are dealing with secured transactions that can’t be tampered with.

Blockchain will bring security, transparency and convenience to the gamblers, while improving the efficiency and speed of of the casino business.