Smart Contracts in Casinos: Ensuring Fair Play for Gamblers

One of the things that gamblers are always looking for is a fair shot to win. This is true of sports bettors, and it’s why people shop for the best odds before making a bet. It’s also true about bettors who play casino games. 

Vegas has a long-established commission that regulates slots and tables at casinos to ensure they are “fair.” The same thing goes for any place in the world where these chance games are played. What’s the big issue with all of these commissions? 

In most cases, the reality is that the guidelines to make these games fair can be altered without too much trouble. It’s practically impossible for the average gambler to know they’re getting a fair shot in any game. If keeping tabs on physical casinos is an issue, the problem gets even worse with online options. 

This is where places like Bet999.io come in to save the day. Blockchain technology has opened a safe haven for online betting through smart contracts. Does this mean any gambler will benefit from taking their business to crypto casinos? 

What Are Crypto Casinos?

Before discussing smart contracts and how they make the game fair, talking about what crypto casinos are is essential. Crypto casinos are online-based betting platforms that are part of a blockchain. These casinos will only take payments and provide deposits in some type of cryptocurrency.

Not all online casinos that take cryptocurrencies as payment will be crypto casinos. The platform has to be based on the blockchain for the term to apply accurately. The terminology is not the only issue. Only platforms based on a blockchain will be able to run on smart contracts. 

Plenty of benefits are associated with playing in crypto casinos rather than traditional online-based platforms. One of the most recognizable benefits is that these casinos won’t have the location restrictions that many conventional options abide by. Apart from the location restrictions, there can also be fewer restrictions on betting amounts within the blockchain. 

Tangible Benefits of Crypto Casinos 

Many people are still afraid to take their gambling to the crypto world because of the volatility of cryptocurrencies. They may like that many platforms like Bet999.io offer payments in USDT or USDC. These two cryptocurrencies are pegged to the value of the US dollar.

Users can access this casino without buying an overly volatile cryptocurrency. In doing so, they can obtain the tangible benefits of gambling on these platforms without the potential downside. Crypto casinos can offer more games including popular crash games  and better betting options for sports bettors due to the lack of government interference. 

Moreover, sports bettors looking for unique prop bets on games will enjoy the options on most of these sites. Limits on user wager amounts are also much steeper in these casinos. Payouts will tend to be quicker and won’t have such strict caps as they may have in traditional options. 

The lack of “regulations” can be a blessing in some situations but a curse in others. That’s why people’s main questions regarding these casinos on the blockchain are about their safety and validity. This is where smart contracts come into the equation.          

Why Are Smart Contracts Important?

Smart contracts are what’s going to provide the safety aspect to crypto online gambling. These contracts are written in the blockchain and will be the guidelines by which bets are processed. How is this different from the way that regular casinos operate?

The smart contract will execute its function when the conditions are met. That’s something that will happen instantly without the need for approval from a particular platform. This means that when a user wins a bet on a sporting event, their balance will reflect the win instantly. 

Another thing about smart contracts that benefits crypto casino users is that the contract terms cannot be altered. Once the contract is set in the blockchain, it will be executed once conditions are met. The betting site won’t be able to change the conditions of the contract with things like dynamic odds. 

That doesn’t mean that there are no live bets in crypto casinos. It means that the odds agreed upon at the bet will be set in stone. The user won’t have to worry about the terms of the contract being correctly executed. 

Safety While Remaining Anonymous

One of the things that people who are on the fence about gambling through a crypto casino overlook is the ability to remain anonymous. Part of the regulations for traditional online casinos require the user to provide plenty of personal information. These platforms will always point out that they ask for personal data for the user’s safety.  

Sadly, users’ personal information often ends up in the wrong hands. Meanwhile, crypto casinos provide the gift of anonymity. It’s through smart contracts that the user can have the certainty that they will be paid in spite of the fact that they didn’t provide personal information. 

In traditional online gambling options, plenty of third parties are involved, from the payment processor to the company that runs the site. 

Most of these sites are based in tax haven countries, making processing payments an issue. If the platform tries to minimize the regulations they must abide by, it’s a good sign that the traditional system doesn’t benefit many people.  

Final Thoughts on Smart Contracts in Casinos

Smart contracts are the guidelines that the casino runs on. The thing with these contracts is that they’re going to be executed with 100% precision. That can undoubtedly help reassure anyone who’s still a bit reluctant to explore crypto casinos. 

The presence of these contracts, though, doesn’t mean that all sites selling themselves as crypto casinos are the real deal. This is still the main challenge for players entering this space. 

New players would do well to stick with known commodities to remain safe. Entering a site that doesn’t provide enough assurances because of a favorable betting line can be risky. Fake options literally rob people of their money if they enter the site and want to place a bet.