Online gambling was always a hit unless unscrupulous activities of unethical players and casino operators spoilt the market and its reliability. Cryptocurrency was the solution for these anomalies and with the advent of Ethereum blockchain, the probability becomes a reality. Smart casino concept in an advanced concept of playing casino online where players can play without describing their identity can accept payment without delay and there is no human intervention for payment processing. In one way online betting has become handy, user-friendly, and more transparent…that is the improvisation. But before we go further, let’s take a look at what smart contract is.
Smart contract: an overview
A smart contract is built with codes, which accepts input and exerts output on some prefixed conditions. The code for processing transactions cannot be changed so users can be sure about the payment and due transactions. The speciality of these codes is that these codes are available openly on Ethereum blockchain and this content can be audited to confirm that the contract is executed in the same way as it is supposed to be.
How the improvement has become obvious
Now let’s see how the smart contract casino has improvised the standard of online casino playing and betting.
Smart betting
The equivalent between insurance and betting smart contracts has now become clear. Players can bet on a large number of games bets with less than a cent up to thousands of dollars without involving a 3rd party. For games that need randomness like a roulette wheel or dice game, provably fair algorithms are induced here.
Prediction Markets
Smart contract platform permits users to ask yes/no questions about upcoming events, and players can take on the result. Each prediction market employs settled Oracles that feed a reliable outcome to the smart contract. For instance, a bet on the next American President may use data from the BBC as well as other reputable outlets to suggest the smart contract that pays.
Measuring smart contract betting
It has been expected that approximately 300 bets/second are being made on dice games as well as on other forms of Ethereum betting. Clearly, if the casino industry were to be transferred totally to on-chain smart contract betting as explained, there would have been huge congestion in the network. For this reason, it is anticipated that smart contract prediction markets depend on less on-chain transactions are expects to grow faster.
These are ways smart contact casino concept is expected to improvise betting market. However, it is always better to read smart casing updates only from authentic online sources.