Online gambling and sports betting is a thriving industry that seem especially suited for cryptocurrencies. With the emergence of the internet, the gaming industry went online, it seemed natural that people could now interact with each other online. Since placing bets is more like establishing a contract between two parties for a specific outcome on a game and with no physical asset tied to the transaction, it was a perfect match for the internet. Big names like Bet365 and William Hill brought online gaming mainstream.
But even though the gaming was virtual, it still required the use of traditional fiat money to function. This means wire transfers with long wait times and excessive bank fees to top up your account. Then waiting to get your winnings back on your personal bank account and all the regulations and bureaucracy that involves traditional money. It just doesn’t suit the age we live in.
Along came the crypto currency revolution with Bitcoin leading the charge. Virtual money for online gambling is a far better fit, yet something is still missing. Bitcoin is simply not private enough and regulators and online Bitcoin wallet services are starting to discriminate users that like to gamble online by blocking their accounts. Coinbase has been confirmed to be denying service if the coins the users are transacting with originated from online betting sites, the only way they can know this is through blockchain analysis. In a way this makes Bitcoin even less private than traditional fiat with which you couldn’t make this sort of analysis as easily.
With Bitcoin we gain many things but still a more private and faster alternative is needed. This is maybe a weakness of the coin itself, there is a lack of privacy and fungibility in the protocol that allows for stricter controls than those possible with fiat money.
Dash may just be what the online gaming industry has needed since its inception, it is more fungible and private than Bitcoin and with its Darksend and instant transaction (InstantX) technology, it will provide for an amazing online gambling experience. That may be just why we are seeing well reputed betting sites like DirectBet.eu and Unicoin Casino recently adopt Dash to offer an alternative to their user base.
We spoke to DirectBet to find out a bit more about why they are now accepting Dash and what it means for them and their customers.
1. How does Dash add to your business model and/or what value does Dash bring to crypto gambling?
“DirectBet provides a completely anonymous type of sports betting. No accounts are needed, not even an e-mail address. You simply send your bets to a designated address and your winnings are sent back directly to your wallet, automatically, within minutes of the result.
Yet some of our clients raised concerns that due to the nature of the Bitcoin blockchain, transactions are traceable and the anonymity can be compromised.
Dash was therefore a natural fit for us as it offers superior transaction anonymity using Darksend.
Another advantage of Dash is that it features faster confirmations, meaning that you get your winnings faster. With the upcoming instant transaction technology known as InstantX, bettors will be able to bet, win and receive their winnings instantly, all within seconds. This is particular useful for our provably fair block chain based dice and poker games.”
2. Why did you decide to add Dash to your service?
“We have been long time supporters of Dash and invested in it in the past.
Last month we had a poll in our Bitcointalk forum thread asking members which other altcoins they would like to bet with DirectBet. Dash immediately received an overwhelming amount of votes and support and that was the trigger for us to add it.”
3. How easy it was to integrate Dash to your platform?
“It was extremely quick and easy for us to integrate Dash because its core wallet is utilizing the same interface that we already had in place to accept Bitcoins. We have found the Dash Core wallet to be well established and reliable and ready for prime time use. We didn’t even had to purchase Dashs as we already held a stock from our past investment in it so overall the integration was a real instant.”
Photo Credit: Raptor73