How To Break The Trust Barrier For New Online Casinos
According to a Technavio’s latest report, it is anticipated that the global online gambling market will expand rapidly, with a forecasted compound annual growth rate (CAGR) of 11.8% from 2018 to 2026.
New online casinos pop up almost on a weekly basis trying to get their share of the market. Individuals and business are facing an increasing amount of choices and on the contrary, have less and less time to make those choices.
You can find our global online gambling market research here.
Players’ attitudes towards sites play an import role in online purchases and customer loyalty. Lack of trust in payment systems and security are primary reasons for avoiding online gambling.
The belief that the online gaming industry, especially online casinos is a low trust environment is deeply ingrained in our society. This is easy to understand since the casinos and games themselves remain open to manipulation and the house activities are kept behind closed doors.
Sticking with big-name casinos is the first choice of online players when choosing reliable and trustworthy online casinos.
So what is your opportunity to gain a competitive advantage among them if your online casino is a newbie in this market?
The answer is new online casinos should aim to be at the forefront of making technology work and create a better playing experience for online players.
What is a safe online casino?
Reliable and trustworthy online casinos must be a combination of elements as follows:
- Audited by government authorities
First of all, any online casino that is publicly traded undergoes tremendous scrutiny. They are constantly audited by government authorities and 3rd parties to ensure that all their online casino games are fair and that all of their random number generators are – in fact, that – random. All of these online casinos are forever dealing with government agencies to ensure compliance with the rules and regulations of operating a whitelisted casino.
- Good Reputation
If you are unsure of which casinos have a good reputation, ask your friends and family who play and you will likely get plenty of information on sites that have a poor reputation and those that have a better reputation. Stick with those who have good word of mouth from people you trust.
- Independent Testing
They undergo independent testing for game fairness and random number generation (RNG).
Can we trust the RNG?
RNGs are the modern application of randomness devices that have existed since ancient times such as dice, shuffled cards, flipping coins and even drawing straws.
In modern computing, RNGs are implemented through programming based on deterministic algorithms. Its goal is to make sure that, when you send the slots reels spinning, they stop on a random position.
Although they are proven to be uncontrollable and unpredictable. However, since pseudo-random numbers are generated in a predictable fashion using a mathematical formula, to the human eye, the numbers may appear to be randomly generated, but to a machine, it is not.
With just a seed number and a dependence on an algorithm, random numbers will remain vulnerable to hacking.
Checking the working principle of an RNG is possible only after examining an online casino’s server — this is what the companies that license casinos to do. It is clear to everybody that this scheme of checking online casinos cannot be considered completely reliable
The solutions for new online casinos
So traditionally, in order to build trust for your new casino, besides paying a huge money on advertising and testing, you also have to spend a lot for government authorities and 3rd parties to audit while the result totally depends on them and of course, it takes time to gain trust.
However, the advent of Blockchain technology changes them all.By applying Blockchain technology, casinos can boost trust among gamblers immediately and enable them to play confidently. Gamblers can place their trust in Blockchain technologies because games build on smart contracts enables both gamblers and business to verify winnings through a shared ledger established within the blockchain.
An increased transparency will remove bad practices in the industry and bring about fairness in the games to all parties associated in the online gambling industry.
GINAR’s management allows for a decentralized Blockchain product, created by experienced professionals, with a team with outstanding track records which result in effective management. The main goal of GINAR is to help eliminate any fraudulent practices or perceived duplicities in the gambling industry by creating a reliable decentralized Random Number Generator (“dRNG”) by leveraging Blockchain technology.
This solution can be used for any B2B segment that requires a true, fair, reliable and verifiable random number for its business activities, thus increasing the trust and commitment from their clients. Businesses will be able to verify all the transactions and review the dRNG algorithm for every bet, game or any business activities in the online gambling industry.
The generation of these transparent random numbers at an impressive speed and volume builds trust with the players, therefore increasing its market share. This will also bring bureaucratic optimization, as online gambling operators do not need to deal with a large number of authorities such as government agencies and private organizations.
Close-to-zero transaction fees and a proven solution to generate fair and unbiased public random numbers based on blockchain technology will be the new standard.
GINAR also ensures a secure, seamless and consent-based exchange of sensitive data. Not only can it solve its credibility problem, but it can also reduce operation and transaction costs involved in operating and maintaining the dRNG platform.
GINAR will help any B2B segment in any real-time business applications to facilitate scaling the business and proving them with a great opportunity to expand its business globally. Challenges to expanding globally, such as restrictions posed by certain countries due to regulatory and tax-related issues can be mitigated. For example, currently, third-parties retain the right to block the player’s account and confiscate the winnings after the transfer.
GINAR will allow for the elimination of third parties or middlemen. This product helps to give us the freedom to develop without borders and accept payments worldwide with the only limitation of the imposed Ethereum Transaction Throughput.