Poker is quickly becoming one of the most lucrative ways for people to win money online. Reportlinker projects that the global casino industry will grow from $123.4 billion in 2020 to $153.2 billion in 2026 — and this is in large part due to the popularity of online poker. Despite this tremendous growth, poker sites continue to heighten the poker experience. And one of its latest innovations is the incorporation of blockchain technology.
The introduction of blockchain technology in itself has been groundbreaking. Because it improves security and efficiency, it has been adopted into many industries like healthcare, finance, and education. Now, it is being incorporated into the casino industry through poker, changing how we play. Here’s what you need to know.
Safer, faster, and cheaper transactions
Many online poker sites, like Ignition Poker and Bovada, now allow players to make transactions with cryptocurrencies, which can lead to maximized security. CNBC explains that cryptocurrencies are digital assets that use blockchain technology and computer code to operate independently without a central party. As it operates on a decentralized system, crypto transactions are far safer and more secure. They also result in greater efficiency and lower costs. Poker sites usually have to go through banks and other authorities before they process and approve a transaction. But since cryptocurrencies are decentralized, it eliminates the need for these third parties. This cuts down transaction times from days to minutes.
Another prominent feature of cryptocurrencies is their purported capacity for anonymity. While complete anonymity usually isn’t the case, transacting with crypto does allow for greater privacy. While poker sites are generally safe, many players tend to be hesitant when providing sensitive information like their personal details, payment methods, and location. With crypto, you can still enjoy the same security of transactions that you would without needing to provide as many details. Because your transactions are recorded on the blockchain under unique IDs, they cannot be compromised. This means you can enjoy heightened security without giving away your personal details.
Poker platforms based on blockchain technology can heighten fair gaming. These sites store their gameplay value in smart contracts. These are self-executing codes that cannot be tampered with. As such, they ensure that no centralized party — not even the platform itself — can influence the outcome of a game. With blockchain, players can also verify a game’s fairness on their own.
Broader acceptance of poker
For you to play online poker, it has to be legalized in your state. As of now, only six states have done just that. With the pace of nationwide legalization slowing, all of the above benefits of the blockchain are converging to spur on the legalization of online poker across US states. One of the main reasons that online poker is limited is that transactions aren’t allowed to be made by a bank operating across state lines. But because cryptocurrencies are being transferred directly from your app to your poker account, no banks are involved. And with crypto gaining greater credibility, more states are reconsidering poker legalization.
Thus far, the blockchain is heightening online poker’s efficiency, safety, and reliability. As both the game and the technology grow in popularity, increasingly more people can benefit from playing on online poker platforms.
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