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Web3 betting, which refers to the use of decentralised web3 technologies such as blockchain and smart contracts to facilitate online gambling, is still in its early stages of development. However, we will likely see continued growth and innovation in this area over the next few years.
A study conducted by freebets.ltd.uk identified that a number of trends may emerge, such as the increasing use of non-fungible tokens (NFTs) in web3 betting. NFTs can create unique and verifiable digital assets, such as virtual casino chips, that can be traded and used in online gambling. This could enable new forms of gambling, such as collectable digital games, and create opportunities for players to earn value from their digital assets.
Another predicted trend is using decentralised autonomous organisations (DAOs) to run web3 betting platforms. DAOs are decentralised organisations run by code and governed by token holders. This could enable a more decentralised and community-driven approach to online gambling, eliminating the need for intermediaries and increasing transparency.
Blockchain Betting
The blockchain is changing online gambling by providing a more secure and transparent way to conduct transactions. By using a decentralised ledger, blockchain technology allows for faster and cheaper transactions while also providing a tamper-proof record of all activity. This can help to increase trust and reduce fraud in online gambling. Additionally, using smart contracts on the blockchain can automate settling bets and payouts, making it more efficient. However, the use of blockchain in online gambling is still a relatively new development, and it remains to be seen how it will be adopted and utilised in the industry.
How can blockchain benefit the UK gambling industry?
Blockchain technology can potentially benefit the UK gambling industry in several ways:
- Transparency and fairness: Blockchain can provide a tamper-proof record of all gambling transactions, which can help to increase trust and reduce fraud. This can also increase transparency and fairness in the gambling process.
- Lower costs: Blockchain can facilitate fast and low-cost transactions, which can help to reduce operational costs for gambling operators.
- Automation of processes: Smart contracts on the blockchain can automate settling bets and payouts, making it more efficient and reducing the need for intermediaries.
- Secure and transparent player data management: Blockchain can provide a safe way to store and manage player data, which can help to protect player privacy and reduce the risk of data breaches.
- Innovation and new business models: Blockchain can enable new forms of gambling and help gambling operators to create new and innovative business models.
However, it’s worth noting that blockchain is still a new and emerging technology, and its impact on the UK gambling industry will depend on how it is adopted and implemented. Sites like Moonbet already offer a genuinely decentralised experience, requiring a crypto waller like Metamask to login and transact without registration.
In summary, web3 betting is still in its early stages of development, but we will likely see continued growth and innovation in this area over the next few years, with increased use of NFTs and DAOs, which could create new forms of gambling and opportunities for players and operators.
