Online gambling has been a massive industry in many countries around the world for the past decade. Recently, however, the rapid emergence of decentralized forms of gambling platforms is starting to change the landscape for the sector in a major way. 

At its core, decentralized gambling is about reducing the custodial element of online gambling, with shorter waiting times for processes such as registration, deposit and withdrawal of funds, as well as giving the player more control over their own funds when gambling.  

This makes decentralized gambling more appetible to many users who are passionate about gambling. This is precisely what Funtech aims to do through the adoption of its technology and its application, for example, in its maiden project CoinGames. 

Blockchain as the Integral Functionality 

At the core of decentralized gambling models are the applications that blockchain is used in, such as system integrations, as well as fostering a renewed level of trust between operator and user that has been decaying in centralized gambling applications. 

In order to make significant strides in the future, the gambling sector will have to continue integrating blockchain applications in the future. According to a recent post, in fact, the global blockchain market is projected to reach a staggering $69.04 billion by 2027, demonstrating its increased adoption across a multitude of sectors.  

With Funtech’s technology, trustless betting is placed at the forefront of the project, therefore revolutionizing the synergy between users and betting platforms and services. By operating through blockchain technology, has ensured that the integrity of its framework remains whole, while at the same time giving users a heightened sense of trust through its transparent model based on smart contract technology. 

Smart contracts, being blockchain programs that run when certain conditions are met, do not rely on intermediaries, and therefore ensure that the rules of the framework are fair and followed thoroughly both by operators and by users. By using smart contracts, technology gives users the peace of mind that actions such as withdrawals and transactions happen essentially automatically and are not subject to human interference, as occurs in centralized frameworks. 

The main differences between decentralized and centralized gambling 

As stated above, the main difference is that rather than being stored on a centralized server, decentralized gambling applications are stored on a crypto’s blockchain. But what does that mean for the actual lived experience of the player?  

First of all, they are not dependent on gambling operators for processes and formalities such as deposits and receiving their winnings, like they would be in a normal online casino.  

With crypto gambling, there is no central authority, meaning that players have full liberty on their transactions (deposits, withdrawals and fund distributions) which are, again, recorded, transparent and open to all. Players therefore do not face delays in receiving their winnings, which in decentralized gambling are released immediately by smart contracts.