HOW CRYPTO WILL CHANGE CASINOS FOREVER by Trevor Balthrop

HOW CRYPTO WILL CHANGE CASINOS FOREVER!

By Redhead.cro | Trevor Balthrop | 9 Apr 2021


Hello, out there in the world of Crypto!


My name is Trevor and today I am going to be talking about Cryptocurrency & Casinos!

More specifically, I will be talking about how Cryptocurrency is changing the future of the Casino Industry.

"But Trevor! You're not a fortune teller, so how can you tell?"



This is true, I cannot see into the future...

However!

We can, at least, take a peek 😛

So sit back, relax, and let Mr. Trevor tell you your fortune!

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Before we take a peek into the future of Crypto and Casinos...

First!

We must take a quick look back at the history of Casinos and how we traditionally remember them.

Gambling facilities like Casinos or "Saloons" have been around for ages.

Then I guess we could say it wasn't until about the 17th or 18th century we see Gambling starting to go "Corporate"

After that, gambling went public turning into what we see today when we go to places like Las Vegas for example!

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Anyone with money and access to these places could take part in these leisurely Money Excursions.

All of it, for a chance to walk away from the establishment with more money than we brought in.

Inside Casinos, we see a variety of different options to help take those chances!

We got table games like Blackjack, Poker, Craps, and Roulette.

We got Sports Betting and things like Horse Races.

We got Slot Machines and Arcade-style Betting.

We got things like Raffles and Giveaways for attending Events.

We even got things like Keno and Bingo!

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All of these things are set up and maintained by the Casino to get people to spend their cash.

Most of us already know these things, so I'm just reviewing quickly here for those that might not.

I'm also reminding us of this because most of us never take the time to look at Casinos from an outside perspective.

In fact, many of you are probably already thinking right now, 

"But Trevor! There are already online Casinos that use Cryptocurrency!"

True! That has been the case for quite a while now actually!

Yes, there already Crypto Casinos out there running successfully.

However!

The road does not stop online.

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We know what gambling is, we know what Casinos are both online and in-person.

Yet, we also know that Digital Assets and FinTech are taking over!

With these new advances, we will see online Crypto Casinos take things to the next level.

I don't think this will occur anytime soon but until then we can at least make a logical guess as to how?

Casinos will adopt Cryptocurrency in two main different ways!

1. Traditionally (in-person)

&

2. Virtually (online)

Do you see where we are going with this yet?

If not, you're in luck!

I will explain and provide a few examples.

Imagine you're in the future with me now!

Casinos have successfully adopted Cryptocurrency because they were literally forced to adapt or fizzle out of existence.

To get into this new Future Casino you still have to prove age by providing ID to security at the door.

After that, you still get access to all of the regular things you could normally do at an old Casino.

Sure, you can walk in with only Cash and Photo-ID to Gamble on things that way.

However, if you a Cell Phone with a crypto-enabled Wallet.

You also get access to using your own Wallet Address for Gambling-related activities.

If you decide to gamble at this Casino using your own cryptocurrency, you get better special benefits for being there!

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At this Future Crypto Casino, you decide that you want to give this Crypto Casino thing a shot!

So, for example, you feel like a Slot Machine might be fun to play for a little bit.

After finding a machine, you sit down, and there are instructions for how to connect your wallet to start.

The instructions ask for you to use a crypto-compatible wallet app to scan the machine's QR code.

You take out your phone, open up your favorite Wallet App, scan the QR code with it, then follow the steps on your phone to connect.

After you connect, you bet using whatever cryptocurrency is being used in the bet and you start playing!

We all should know by now that the technology behind a lot of these Cryptocurrencies like Bitcoin is something many industries can benefit from.

Like with Smart Contracts for instance!

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Got a surprise for you though!

Casinos already have similar systems and have been using blockchain-like technology for quite some time.

No different than how banks have been doing the same thing for decades too.

Say what you want about how trustworthy these Centralized places are...

But the fact of the matter is right now, both banks AND casinos are losing money sitting on cash!

The value of the regular dollar is sinking and planning to continue sinking a lot for a long time.

Anyone sitting on mounds of regular cash money is not doing themselves or anyone else any favors.

If you have cash reserves you are literally losing money by letting it sit there now which is not how things use to be.

Casinos are no different!

Before we continue, let's flashback to the good ol' times of Gambling...

The times are changing wildly!

Instead of Gambling in private under some random person's basement.

Casinos and Saloons are starting to pop up everywhere now!

The days of Gambling "behind-the-scenes" and all the problems that went with it slowly fade away.

It is still important to remember though, that private gambling will never fizzle out.

When we flash forward to today we can see they still have not fizzled out.

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There are still underground places to gamble privately, which is never going away.

Plus you have people that put together their own things like Poker Nights or whatever, right?

So Gambling went from being a Private matter to a Public matter undergoing a huge change!

We are now literally going through the beginning stages of another huge change just like that one.

Literally, for the EXACT same reasons too...

Transparency!

Casinos became Casinos because people wanted a safer more trustworthy place to Gamble.

Casinos going "Corporate" helped eliminate a lot of the issues someone would have with private gambling.

However, it did not completely solve everything!

A Casino still easily has the ability to manipulate their numbers with absolutely no way for anyone to find out.

Casinos are more transparent than underground gambling, but there is still a very high level of privacy and Centralization.

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Now imagine taking your most favorite Casino you've ever been to and change it from being Centralized to Decentralized!

Now, instead of taking the Casino's word for whatever it is they are advertising.

You can actually see and check the data backing up the payouts and odds.

Transparency!

Maybe you walk in and want to know who the best Poker Player is at your favorite Casino?

No problem!

Check the Casino's ledger to see that Mr. So And So is minted on the Casino's own blockchain as the current winner-winner of the chicken dinners.

Casinos currently have similar things in place like Players Rewards Cards that are sort of doing this already.

Using them is beneficial but they also suck and are really glitchy, inconvenient, and unreliable.

It also probably costs the casino a heck of a lot of money having to print player's cards for people all the time.

The technology behind them just doesn't work as great as one would hope and the Casino doesn't care if it works properly or not.

At a decentralized Casino, however, the technology behind them would work as intended and if there are any problems with it.

The Casino Community governs together to fix those problems rather than hoping the Casino owners will use money out of their own pocket.

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Remember how we said earlier Casinos would change in two ways?

Well if Casinos hope to get out of a collapsing dollar and the brutal beat down they got from COVID-19.

They will need to adapt to changes in FinTech and competition from truly Decentralized Casinos.

One great example I have seen of a Decentralized Casino can already be used!

Through an NFT platform called Decentraland, people can hang out together in a virtual world owned by other players.

One of the many things you can do in this world is... you guessed it!

Gamble in a Virtual Casino with your Cryptocurrency.

In fact, here is a video of someone using DAI in the Decentralized Casino who ended up with a really nice payout!


(source: https://www.reddit.com/r/decentraland/comments/mkwh7p/winning_13000_dai_at_tominoya_casino_during/?utm_source=share&utm_medium=web2x&context=3 )

Even more amazing, this casino offers players the ability to purchase the tables being run at the Virtual Casino.

In return for purchasing a table, you receive a portion of proceeds being bet at that table forever and always!

This is easily one of the craziest ways I have ever seen someone be able to make a passive income online.

Futuristic Crypto Casinos could easily be like this and potentially could even use the same platform.

We could potentially see a virtual representation of famous casinos in Vegas or other places from around the world.

We could attend at home virtually any time we want!

Or...

We could take the benefits we earned from home and visit the actual casinos themselves for an even better gambling experience.

By leveraging technologies like Proof-of-Attendance, all of these places can make going to the casino better than gambling from home all the time.

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Futuristic Crypto Casinos could also leverage signing, minting, and staking machines at their own facilities!

This would offer HODLERS even more ways to yield their digital assets in a new fun way.

Have a favorite slot machine?

Sit down at it, sign a signature, approve/send your stake to the machine, and now you're staking in your favorite slot machine.

The future of in-person Casinos will 100% see the adoption of Cryptocurrency similar to these examples.

But!

Being able to have Poker Nights with friends or family will still never go away.

It's just that now if you want to bet your Aunt one Bitcoin in a hand of Texas Hold'em.

No one can stop either of you from doing that.

We will only ever see an interesting new mixture of both old and new worlds like we are slowly starting to see with Banks.

Not far behind them in the shadows will be the other major players in FinTech which are Casinos!

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This is still very far away I bet, so don't plan on using your Crypto Wallets at a local casino anytime soon.

In the meantime, you can get your hands on a few Virtual Casinos currently but everything is still early in development.

As time goes on and major players start to figure things out we will see more examples of this and not just some crazy Trevor fever-dream.

So hopefully today I helped everyone take a peek into how Crypto will change Casinos forever!

Maybe now, you can also start to picture other ways Casinos will change forever because of Crypto.

If you would like to share, I would love to hear!

You can let me know in the comments or if you just want to say Hi that's always cool too!

Thank you so much for stopping by, commenting, and giving the Thumbs Up!

Don't forget to Subscribe and I hope everyone has a beautiful Crypto day ahead!


 

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Redhead.cro
Redhead.cro

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Trevor Balthrop
Trevor Balthrop

All about Bitcoin, Ethereum, VVS Finance, GameFi, the future of Blockchain, FinTech, understanding Market Connections, and helpful tips for all hodlers to enjoy!

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