Ethereum, TRON, and EOS Effect on the Gambling Industry
Blockchain technology is expected to have the biggest impact on the gambling industry. It provides transparent RNG and secure payments which are useful for casino operators as well as players.
Gambling market is growing fast, and it is expected to reach $130 bln in 2019. According to studies, mobile gambling is growing at a rate of 75% every year. At the moment mobile gambling makes up more than 25% of online gambling.
dApps in Gambling
Recent reports show that 110 out of 244 dApps created on Ethereum in Q3 2018 were either betting or gambling related. Around 15% of ETH users are using gambling dApps which accounts for 20% of transactions on ETH network.
More than half of dApps launched on EOS in Q3 were betting related. They are worth 220 mln EOS or $1.2 bln. Gambling-related transactions on EOS network reached 93% (6.2 mln transactions) which is close to the figures reported for ETH dApps in Q3.
EOS is extremely popular due to the high rate of transactions per second and costless transactions. These advantages helped it reach the real-world use, and EOSBet is the perfect example. At the moment it is the most popular betting dApp on EOS network that holds an Online Gambling License issued by Curacao.
However, EOS suffers from limited scalability and complex wallet setup. That is where TRON (TRX) comes in to solve these problems. Statistics show that TRX dApps may potentially outpace EOS and ETH.
Tronbet dApp is the flagman of TRX dApps which managed to boost token traffic on the network massively. Another high performing TRX dApp is Trondice which paid out over 200 mln TRX in November.
Long Way Ahead
Some time will have to pass before blockchain adoption becomes mainstream in the gambling industry even though available evidence points to high year-on-year growth for many betting dApps. Most important achievements for Ethereum, EOS, and Tron are enhanced transparency, convenience, and user trust.
However, blockchain’s pros can easily become cons when looking at AML verification and KYC. Most gambling dApps don’t collect user ID information. It is great in terms of privacy, but lack of verification and governing oversight also attracts unlawful activity.
Furthermore, the current bearish trend in the crypto market makes it hard for businesses to draw in new customers that are not familiar with cryptocurrencies. At the moment it is hard to predict what kind of impact blockchain will have on the gambling market in the years to come, even though it brings a lot of innovations to the table.
Your comment has been sent successfully.
More from Blockchain News
- Crypto Gambling Regulations Struggle in Japan
- Mind-blowing facts about cryptocurrency thefts
- The MFSA Advises to Watch Out for “Bitcoin Revolution” Scam
- Ethereum, TRON, and EOS Effect on the Gambling Industry
- New Hong Kong Regulations for Cryptocurrency Exchanges and Funds
- VISA Wants to Launch Blockchain Digital ID System in Q1 2019
- First Newly Regulated ICO in Bermuda