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5 October, 2023

What is On-Chain Betting Software?

Innovations in technology are driving the iGaming industry forward. Changing regulations and player preferences are pushing online casino software and sports betting technology providers to be at the top of their game. However, as online gambling becomes more and more mainstream, there is a growing demand for transparency, security and fairness. This demand has created on-chain betting software, a technology that is changing the way we place bets online.

In this post, we’ll break down what on-chain wagering is and how it functions, with a focus on how Lion Gaming employs it in our Fer0x Crypto Casino and Fer0x Crypto Sportsbook platforms. Whether you’re new to the industry or a seasoned blockchain pro, read on as we discuss how on-chain betting software is changing the game

What does “on-chain” actually mean?

To understand what on-chain betting software is, it’s important to first learn the appeal of on-chain transactions. In short, when we say “on-chain”, it means that an event has been recorded on the blockchain. The beauty of an on-chain transaction is once it has been recorded, it cannot be altered or tampered with. This provides both the player and the operator with a digital receipt. This ledger ensures complete transparency as either party can view the transaction details.

Traditional iGaming experiences vs. on-chain betting

Traditionally, players place wagers with an assumed level of trust in the operator. Players trust their bets are placed securely, that the outcomes are fair, and that their winnings will be paid out promptly. However, this trust can be occasionally misplaced, leading to disputes. Unethical operators can accuse players of cheating or blame a malfunction in the game to avoid a payout.

This is where on-chain betting software can make a serious impact. It offers a complete paradigm shift in the iGaming industry.

Placing a bet on-chain provides a bulletproof record on the blockchain, serving as irrefutable proof of the wager. Operators can no longer claim the bet was never placed, and cannot accuse players of cheating. Smart contracts, which are the tools that govern the game’s rules, ensure fair play and automated payouts to players. Furthermore, unlike legacy casino games, on-chain games are Provably Fair. This allows players to independently verify their results without the need for a third party

What are the benefits for you as an operator?

You can also enjoy some substantial benefits from the adoption of on-chain betting software. You no longer need to worry about malfunctioning games, chargebacks or fraudulent transactions facilitated by cryptocurrency. Furthermore, you can handle disputes with players with ease due to results that are directly verifiable on the blockchain.

On-chain betting vs. crypto payments

Is on-chain betting the same as using crypto as a payment method? In short, no. While both involve using digital currencies, on-chain wagering is far more comprehensive and takes advantage of the features of blockchain technology. The entire transaction takes place on the blockchain, whereas simply using crypto as a payment happens largely off chain.

Sports betting with confidence

The growing demand for trust and transparency is extending beyond the realm of online casinos. Sportsbooks are experiencing an increased demand as well. Historically, bad faith operators can cancel wagers on a whim, especially when there are changes in a team’s lineup.

On-chain sportsbook software offers a solution to these issues. Just as with online casinos, there are public receipts for the wager on the blockchain to prove a bet was received and accepted. This makes it impossible for sportsbook operators to deny wagers. Smart contracts lock in the terms of the wager and also guarantee that operators have sufficient liquidity to pay out potential winnings.

What makes on-chain wagering so effective?

There are a few aspects of on-chain betting software that allows it to be such an effective tool. We have outlined some of them below.

Transparency and the immutable ledger

Arguably the most compelling aspect of on-chain betting software is the unmatched level of transparency it offers. Every single aspect of the betting process is recorded on-chain, creating a fully transparent and traceable path for every transaction. This will not only build trust between operators and bettors, but also provide regulatory bodies with an efficient way to monitor and ensure compliance. This is accomplished via immutable ledgers.

The blockchain is inherently unchangeable. Once a wager has been placed on-chain, it becomes part of a fixed record. Once placed, it cannot be altered or changed in any way.

Provably Fair games

On-chain betting software also brings Provably Fair games to the fold. Unlike traditional casino games, Provably Fair games allow players to independently verify game results without the need for a third party. Through cryptographic techniques, players can confirm the game’s fairness, providing trust and transparency that was previously unattainable in iGaming.

Security and fraud prevention

The use of blockchain technology and smart contracts in on-chain betting software significantly enhances security and fraud prevention as well. Traditional payment methods can be vulnerable to chargebacks and fraudulent transactions. However, with cryptocurrencies and smart contracts, once a bet is accepted and recorded on the blockchain, it cannot be reversed or disputed. This eliminates the risk of chargebacks and fraudulent activities, providing a more secure environment for both operators and players.

Reduced costs and improved efficiency

In addition to the trust and security benefits, on-chain betting software also offers significant cost savings and operational efficiencies. Traditional payment methods often involve third-party intermediaries, which result in transaction fees and delays. With on-chain transactions, these intermediaries are eliminated, reducing costs and speeding up the betting process. This efficiency benefits both operators and players, as funds can be transferred more quickly, and operational overhead is reduced.

Lion Gaming’s on-chain solutions

At Lion Gaming, we are proud to be on the forefront of on-chain betting software’s introduction into iGaming. We offer white label crypto casino and sportsbook solutions that utilize on-chain wagering to empower our operators and their players.

With Lion Gaming’s solutions, you can facilitate both casino and sports bets on-chain, ensuring trust, fairness, and efficiency.

Conclusion

On-chain betting software represents a major shift in the iGaming industry. It not only addresses the trust issues that have long plagued iGaming, but also brings unmatched levels of transparency, fairness, and security. Lion Gaming’s on-chain solutions are leading the pack. Our solutions give you the ability to offer players the most innovative gaming experience possible.

If you’re an iGaming operator looking to stay ahead of the curve, or if you’re interested in starting your own platform, contact us today. Let’s embark on a journey towards trust and transparency together, and bring your operation into the future.

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VP of Operations
c.lewis@liongaming.io

Christine Lewis

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