The future of online gambling is online casinos. The future of currency could be Bitcoin and cryptocurrency. They could also be what is happening with online gambling and currency right now.
Recently, for two months, there was about $4000 worth of Bitcoin was bet every minute.
Casinos may think that Bitcoin (more on bitcoin casino bonus) is the cryptocurrency is the one to go with, but the future actually might also be with the smart contract technology of Ethereum. Ethereum could change the whole gambling industry.
Bitcoin has been successful so far as means to betting due to it security and anonymity. Gambling is useful to use Bitcoin, but Ethereum may become the new paradigm due to the smart contracts that can be created with Ethereum.
Enabling the use of smart contracts with Ethereum makes it more trustworthy than Bitcoin. A smart contract is created using a computer code that can be easily audited by somebody in the public. When you pay with Ethereum, a contract is created between the payer and payee. A website or a company can end up with a whole collection of contracts and the gambling operator does not have to worry about their operation. The Ethereum virtula machine will always make sure that smart contracts are running efficiently. These smart contract will lower the costs of the website’s operation.
Fuller thinks that lower operational costs mean a lower house edge. In the future, applications using smart contract code will be able to operate with a zero percent house edge. Fuller does not know what will happen with players and operators in the gambling industry if there is a zero percent house edge. This zero percent house edge could drastically change an industry that has not really changed for a couple of decades.
To Fuller, a zero percent housing edge could mean that operators will have to find another way to make money and these online operators find it quite difficult with the huge marketing budges of traditional offline casinos.
The lack of the ability to make a profit with smart contract gambling contractions is not the only thing that is holding back. The newness of smart contracts has caused it to have problems with it being adopted. The lack of user experience with these applications can be surmounted at this time.
Bitcoin will continue to be the status quo for the next couple of years or at least until they work out the bugs with smart contract applications. What is beneath the market could actually come and totally change the market. It might end up with a cryptocurrency that is neither Bitcoin or Ethereum.
There is a prediction market platform called Augur that could also change the future of the gambling industry.