Decentralisation and Transparency in the Gaming Sector
According to Statista, the casino industry is expected to have a US$133.60 billion market volume by 2029 with a growth rate of 6% plus. This clearly indicates that the industry is currently burgeoning with opportunities. However, there has also been a corresponding increase in the demand for safe and fair operators in the industry.
From slot games to payment methods, the range of features that need extensive testing abounds. To keep the bar high and stem the tide of outflows, gambling operators introduce a strong framework of transparency.
This article provides valuable insights into the importance of transparency for the casino gaming sector in Australia and how decentralisation can help achieve this.
Why Is Transparency Important?
Currently, any brand that wants to remain in business for the long run has to prioritise transparency. The reason for this is simple: players want to be able to play their favourite casino games being sure of fair and luck-based outcomes .
It’s important to mention that while house edge is built into all casino titles, games are not stacked against players. This wrong belief fed the narrative that it’s impossible to win when playing in online casinos.
However, there have actually been multiple cases of players winning big at Australian casinos. Stakers has a compilation of top performers in the Aussie iGaming industry and its highest payout rates. But the only way this narrative is changing is when transparency is improved significantly. This is where decentralisation comes in.
What Is Decentralization?
Decentralisation simply means the distribution of authority or control over a “network” from the central entity to the remaining network participants. It ensures that every member of the ecosystem has a say in what happens. In gaming, this means that players will get to have a say on different matters and directly influence how the ecosystem evolves.
Since every member gets a say in how things are run, it significantly reduces the risks of fraud and manipulation. This makes decentralisation a very important tool for ensuring transparency and fairness.
Application of Decentralization In Gaming
Some of the various ways the trend can be applied in gaming include the following:
Transparency
Decentralisation is powered by the blockchain– an immutable public ledger. This means that casinos can use blockchain tech to record the outcome of every game, ensuring everyone can verify it for themselves.
A key reason why this works is the blockchain’s immutability feature, which ensures that once something is published, it cannot be changed or modified. Thus, players can have fun without worrying about any manipulation.
Fair Gaming
Another excellent application of decentralisation is the deployment of provably fair entertainment algorithms. Provably fair algorithms are simply functions that check whether a slot game’s generated outcome is truly random.
Running this algorithm through a decentralised network means players can verify that every game’s outcome is totally fair. They’ll also be able to examine the outcome generation process to see if it’s mathematically sound.
Security
Decentralisation can also play a crucial role in boosting payment security, especially when it comes to available mobile casino apps. Compared to traditional payment methods, crypto payments have been shown to be way more secure and risk-averse. Additionally, it’s much easier to maintain privacy using blockchain-powered payment methods.
