Web3 Gambling: What It Means for Players and Industry?
Do you remember the time when websites were static pages you couldn't interact with? Neither do we. It seems that Web 2.0 has always been around, allowing us to update our statuses and share the content we've created. The truth is that this iteration of the internet was launched in the first half of the 2000s, which was not so long ago.
In 2014, the term Web3 was introduced, referring to a decentralised online ecosystem. The term was coined by Gavin Wood, co-founder of Ethereum, and the idea gained popularity among crypto enthusiasts in late 2021.
In this article, Crypto Gamba discusses the concept of Web3 in the online gambling environment. Continue reading to discover how it has transformed the way we play online casino games and what the future may hold.
Web3 vs Blockchain
When it comes to crypto casinos, blockchain is a term widely used in the industry. Blockchain-based casinos are platforms built on decentralised networks. But does that mean the terms blockchain and Web3 mean the same thing? Actually, not.
While Web3 represents an environment, blockchain represents one of the core technologies it uses. In other words, Web3 is a decentralised internet architecture that allows users to interact with each other without intermediaries, while blockchain technology enables this.
In the context of iGaming, the two are complementary and create a foundation for decentralised crypto casinos to operate. Together, they enhance transparency and security, but above all, empower users with more control over their assets.
Benefits of Playing at Web3 Casinos
Web3 casinos, also known as decentralised casinos, are platforms that rely on the use of smart contracts. These are self-executing contracts that use blockchains to automatically handle transactions, outcomes and payouts.
Given that these platforms are fully decentralised, here are the advantages of choosing them over traditional and hybrid casinos:
Control Through DAOs
Web3 casinos give players control through so-called Decentralised Autonomous Organisations (DAOs). These are organisations managed by their members instead of central authorities. In simple terms, DAOs allow players to participate in decision-making. At the same time, they ensure each decision is transparent and automatically implemented.
Native Tokens
Another feature Web3-based casinos offer is innovative tokenomics. In other words, these platforms rely on native tokens, which can incentivise players to actively participate through gaming or decision-making processes we mentioned earlier.
Some Web3 casinos also allow you to earn rewards through staking, which involves locking up cryptocurrency and receiving a portion of the money in return. Others have promotions such as airdrops, where you can win native tokens for free.
DeFi Integration
DeFi apps allow users to trade, lend and borrow digital assets or earn passive income from them without relying on centralised institutions. When integrated into Web3 casinos, DeFi apps enable a more user-centric gambling experience, allowing players to move their funds in a cost-effective manner while providing them with new opportunities to earn.
Tips to Start Playing at Decentralised Casinos
With Web3 revolutionising the online gambling industry for quite some time, more and more operators offer decentralised gambling. Here are a few things to keep in mind when transitioning from traditional casinos to Web3-based ones.
-
Make sure to understand Web3 and blockchain technology
This will help you transition to decentralised casinos smoothly and benefit from their innovative features.
-
Always play on trustworthy platforms
Choosing one of the casinos we recommend, such as Playbet.io, Metaspins or BC.Game, is the way to go. Still, if you want to explore Web3 casinos on your own, make sure to find a platform with an excellent reputation that you can trust.
-
Acquire cryptocurrency smartly
Check out our guide to playing at crypto casinos with $100 in your pocket to discover alternative ways of obtaining digital assets.
-
Start small and play responsibly
As we always say, crypto is real money, so make sure you risk only what you can afford to lose.
Only by applying these tips can you truly reap the benefits of all the advantages of Web3 gambling. Skipping any of these tips can eventually result in loss of your assets and data, which you don't want to experience.
Future of Web3 Gambling
With the introduction of Web3, the online gambling industry has significantly changed. The new environment and its features have changed the way games are developed and played, among many other things. Today, when you play a Web3-based game, you don't have to take its fairness on faith; you can verify it yourself. But are you curious about what the future holds for Web3 gambling?
The Web3 casino space will undoubtedly grow, with an increasing number of decentralised platforms becoming available to players. Besides borderless crypto transactions, these platforms will integrate NFTs, which can be used within loyalty programs to incentivise players.
Another thing that Web3 gambling may introduce is peer-to-peer betting, which could eliminate intermediaries, such as casinos or sportsbooks. Thanks to smart contracts determining and executing the outcomes of bets and payouts, players could bet directly against each other.
In such an environment, the lines between traditional gaming and gambling may become blurred. Therefore, regulatory frameworks are expected to keep pace with technological advancements, ensuring that Web3 casino operators will comply with relevant laws and regulations.
Marija Misita
Crypto Expert
Thanks to her journalism background, Marija has a methodical approach to writing about crypto casinos. With years of experience in research and analysis, she aims to provide clear insights into the world of crypto and online gaming and the points where they intersect. Whether discussing industry trends, regulatory changes or game mechanics, accuracy is her top priority.
