The iGaming industry is flourishing. Yearly revenue increases are being spurred on by consistent improvements to how the industry provides its gaming experiences and customer service.
Yet as other forms of online gaming move toward Web3, will gambling games that attract casual gamers, such as bingo, be able to utilize newer versions of the web?
Below, we dive into how Web3 could impact online bingo.
What Is Web3?
Web3 refers to the next and third generation of the World Wide Web. This employs technology such as blockchain and smart contracts which create decentralized networks.
Most commonly, you may have heard it mentioned in relation to decentralized finance (DeFi) and non-fungible tokens (NFTs). The excitement surrounding it comes down to the fact that it allows for better security when making online transactions.
When it comes to playing online bingo, the popularity of the game has boomed in the past few years. Games have become more complex, increasing the level of graphics and system power needed to run them.
In many cases, online casinos also offer a huge range of different games, from smaller, quick events to larger hybrid games like Slingo and ones with bonus rounds.
Buzz Bingo is one of the leading providers and has worked hard to reach this status by implementing many of the ideas Web3 embodies.
As well as the choice of games on offer, one priority of Web3 is security, so that players can have peace of mind that their data is stored safely while enjoying online gaming.
How Can This Improve Online Bingo?
Online gambling, including bingo, will benefit from using Web3 in several ways. Decentralized finance is one of these as it allows direct financial transactions without the need for payment processors. Not only could this cut down fees but it could speed up cash-out times as well.
It also facilitates the concept of decentralized identity. This will allow users to have increased control over their personal information. Entities like Facebook and Google will no longer need to store this information.
Online bingo and iGaming have long avoided third-party logins for these reasons. However, this could make it much easier to manage.
Finally, it allows apps that run on a blockchain. Without a centralized server, a more secure experience for users is provided. Any games made in this way will have provable fairness and true ownership of in-game assets. This is essential when online gambling is involved.
Smart Contracts for Online Bingo
Web3 technology can be used for online gambling by creating gambling platforms that operate on smart contracts. These are computer programs that automatically execute the terms of a contract when certain conditions are met.
It can be used to verify and enforce the performance of a contract. When combined with the use of cryptocurrency as a means of payment, online bingo sites could provide increased security and anonymity for users with even more speed in delivering winnings for players.
The technology is already used in a variety of industries. Other forms of gaming have already incorporated it. Platforms, such as Axie Infinity and CryptoKitties are allowing players to have entertainment on the blockchain.
These are some of the examples of industries that are using Web3 but it’s not limited to these. It is not a case of if online bingo incorporates this, but more a case of when.
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