On-Chain Gambling Software: The Future of the Industry?
At Lion Gaming, we believe innovation is the driver of the iGaming industry. The popularity of online casinos and sportsbooks is soaring to new heights, with widespread legalisation, cultural acceptance and regulatory bodies as contributing factors. This is undeniably a good thing for iGaming operators and enthusiasts alike, as online casino software and sports betting technology providers are constantly pushing the boundaries to create the best gaming experiences possible. We believe one of the most important innovations made in recent years is the development of on-chain gambling software.
On-chain gambling software represents a new industry standard of transparency, security and safety. As the true pioneer of this disruptive technology, we are proud to offer on-chain betting solutions in our Fer0x Crypto Casino and Fer0x Crypto Sportsbook platforms. As regulatory scrutiny increases, so will the need for solutions like on-chain wagering, serving as a beacon of safety, security and fairness.
In this post, we’ll briefly recap what we mean by “on-chain”, and take a look at why it represents the natural evolution of iGaming software. We’ll also compare on-chain solutions to traditional iGaming software, and discuss what makes on-chain gambling software so innovative.
Simply put, when we refer to a wager or transaction as being “on-chain”, we mean it has been carried out completely on the blockchain. The advantage of having a wager carried out on-chain is its immutability. Once the transaction is recorded on the blockchain, it cannot be altered or tampered with in any way. This gives both operators and bettors a digital receipt, ensuring complete transparency throughout the playing experience.
Why we believe on-chain gambling software is the future
Looking ahead, there are a few reasons we believe on-chain gambling software solutions are the future of iGaming.
Trust and transparency
In the digital age, trust is paramount, but isn’t always a guarantee. Fortunately, on-chain gambling software can help establish an unparalleled level of trust and transparency immediately. As we mentioned above, by ensuring every transaction and wager is executed and recorded on the blockchain, a traceable and transparent receipt is available to each party. This builds trust between operators and players and provides regulators with a reliable means of monitoring transactions.
Security and fairness
The use of blockchain technology and smart contracts is the essence of on-chain gambling software. These two factors help address longstanding concerns about security and fairness. Traditional payment methods, like credit cards or bank transfers, are susceptible to chargebacks or fraudulent charges. However, cryptocurrencies and smart contracts ensure that once a bet is placed, accepted and recorded, it is immutable. This mechanism eliminates the risk of chargebacks and fraudulent activities, providing a secure environment for players and operators alike.
Provably Fair games
On-chain gambling software and Provably Fair games go hand in hand. This is a revolutionary approach to ensuring game fairness. Unlike traditional casino games, Provably Fair games let players independently verify their game results without the need for a third party. Through cryptographic techniques, players can confirm the game was played fairly, which would otherwise be unachievable in iGaming.
Operational efficiency and cost savings
On-chain betting software goes above and beyond trust and security benefits. These solutions also offer significant operational efficiencies and cost savings. Traditional payment methods often involve a third party intermediary, leading to higher transaction fees and costly delays. On-chain transactions using cryptocurrencies are instant and are a fraction of the cost. This efficiency allows operators and players to benefit from lower transaction fees, but also a far more streamlined payment process.
Adaptability to regulatory changes
As legalisation spreads, so does regulatory scrutiny. We believe on-chain gambling software provides a safeguard for operators looking to get ahead on regulatory compliance. The transparent and tamper-proof nature of on-chain solutions complies with regulatory requirements, safeguarding operations for the future.
How does on-chain compare to traditional iGaming?
Traditionally, bettors have placed their wagers with a level of trust in the operator. They have assumed the security and fairness of the process. However, this trust can occasionally be misplaced, leading to disputes and challenges. On-chain betting software initiates a paradigm shift with a transparent and tamper-proof record on the blockchain. This digital receipt acts as an irrefutable proof of wagers. This eliminates the possibility of operators claiming bets were never placed or accusing players of cheating.
Smart contracts, the driving force behind on-chain gambling software, govern the rules and ensure fair play. They provide automated payouts to players. Unlike legacy casino games, on-chain games are Provably Fair, enabling players to independently verify results without relying on third-party validation.
Lion Gaming’s on-chain gambling software
At Lion Gaming, we are proud to be at the forefront of on-chain betting software. We offer a suite of on-chain solutions, including both crypto casino software and crypto sportsbook software, that empower you and your players. These solutions provide a better gaming experience with the future in mind.
With Lion Gaming’s white label casino software and sports betting technology, you can facilitate bets on-chain, ensuring trust, fairness, and efficiency. We understand that the future of iGaming lies in innovation, and our suite of solutions reflect our commitment to providing bleeding-edge technology for the best user experience possible.
On-chain betting software represents a monumental shift in the iGaming industry. It not only addresses longstanding trust issues but also brings unprecedented levels of transparency, fairness, and security to the industry. Lion Gaming’s white label and turnkey casino solutions are leading the way, providing you with the means to offer players an unparalleled gaming experience.
If you’re an iGaming operator looking to stay ahead of the curve or considering starting your own platform, contact us today. Let’s embark on a journey towards trust and transparency together, bringing your operation into the future. Lion Gaming is your trusted partner in shaping the next era of the iGaming industry, where on-chain software is the new gold standard.