Smart Contracts for Gambling

Smart contracts are an excellent way for managing betting and distributing awards for winning bets without the involvement of the human factor and, therefore, the possibility of a human error. Blockchain guarantees our trust in the authenticity of the recorded bets and the impartiality in the automatic distribution of awards, according to the rules, set up, verified and followed by the smart contract in the game. 

Parimutuel betting is one of the most exciting types of gambling that follows a long historical path of development from the gladiator bets on the Roman arenas to the complex probability assessment gaming modules that process betting on world sport events, championships and even political elections. A smart contract represents a specifically developed algorithm, based on a previously set calculation model, that computes with ease any number of bets. After a specific smart contract is designed, verified, tested and set in blockchain, one cannot change its parameters, assuring the participants of the game of the fact that no one will be able to cheat. The betting amounts and the results of the game are all faithfully protected from any manipulations by the game's reliable blockchain. 

The only thing that remains within the control of the game's organizer is the initial data entry into his smart contract that allows for the activation of the smart contract's algorithm.  But even in this case one may utilize decentralized applications, the DApps, for monitoring the progress and the participants' consensus during the game.  

It is hard to imagine a system of parimutuel betting that is more honest than the blockchain-based parimutuel betting. That is why one of the first practical implementations of blockchain technologies was their utilization for conducting the games of chance.  The transparency of the blockchain solutions for gambling makes it a more reliable and fair field for all of the participants of the game. It is no doubt that in the future all forms of parimutuel gambling and online casinos will be utilizing blockchain and those who will fail to rely on blockchain will be viewed with suspicion and even mistrust.

In most countries, governments take an active part in controlling, licensing and even monopolizing gambling. It is a significant source of revenue for the coffers of the state. And since all governments explain their heavy involvement in the running of the gambling industry by their need to protect their citizens from the possible abuses in the game, we can safely conclude that it is in their best interest to transfer gambling operations to blockchain. Plus, those entrepreneurs who will be the first to utilize blockchain for their games, we'll gain a major advantage over their competitors because more and more customers will be flocking to the blockchain-based games because of their trust in the fairness of these new technologies. 

Out team at Bit-Labs has developed solid technological solutions, based in blockchain, for running both single gaming events and the permanent platforms for online legal gambling ventures such as online casinos and online parimutuel betting. We will be glad to help transfer your gaming business onto blockchain. We will create your smart contracts, designed specifically for your needs, will connect your websites to the blockchain-based networks of highly effective decentralized applications and will conduct audits, should the need arise, of the technological solutions, developed for you by your other partners. If you are interested in collaborating with us, please let us know.