The influence of cryptocurrencies has long spread to the gambling industry, with several online platforms allowing players to make deposits, place bets, and withdraw earnings using digital assets. The growing preference for crypto stems from several advantages, including the cheap costs, availability, and speed. While Bitcoin (BTC) and Ether (ETH) are two of the biggest digital assets, Ripple’s XRP is one of the most prominent crypto options, making it easy for a Ripple casino to disrupt the gambling industry by harnessing the powers of blockchain technology.
What is Ripple?
Ripple Labs is a blockchain technology company behind the XRP cryptocurrency and the Ripple protocol, which is designed for payment processing. Ripple provides a platform for financial institutions to initiate quick cross-border payments using XRP on the Ripple ledger. The company has created a global payment system with services in over 80 countries.Â
How Ripple Can Influence the Gambling Industry
The gambling sector comprises several games in a fast-growing market valued at billions of dollars. The market can benefit from Ripple and its offerings in the following ways:
- Low Transaction Fees: Ripple offers low transaction fees, much cheaper than traditional methods and other crypto platforms. Cross-border transactions are usually expensive because of the intermediaries involved and currency conversion costs. This can be problematic for overseas customers of an online casino. Ripple’s near-zero transaction fees via XRP payments allow players to retain most of their earnings, encouraging larger bankrolls.
- Speed: Casinos significantly benefit from fast transaction speeds as most transactions are instantaneously processed and concluded on the Ripple Ledger. The quick transactions benefit gamblers who need immediate access to funds when playing, or instant access to deposits when interested in joining a public tournament. Players who can quickly deposit or withdraw their funds are more likely to enjoy their overall gaming experience and remain loyal to the platform.Â
- Privacy and Anonymity: Most gamblers consider anonymity important and prefer to keep their personal information secret. Ripple transactions meet this need because the platform offers a high level of anonymity, especially compared to traditional methods. While blockchain transaction details are public, the Ripple ledger has no personally identifying information.
- Enhanced Security: Ripple’s consensus algorithm preserves transaction integrity and ensures that the ledger cannot be manipulated, as transactions require validation from independent parties. In addition, all transactions on the ledger are transparent, ensuring that anyone can check the blockchain to detect attempts at manipulation or fraud. The high level of security helps to maintain a trustless platform that builds confidence among players and attracts more gamblers.
- Accessibility: The world of crypto gambling sees broader expansion via Ripple, allowing any platform to enjoy global access to gamblers worldwide. Casino service operators no longer have to worry about geographical boundaries since anyone can register and enjoy gaming offerings regardless of location. This advantage also benefits the players because they can join nearly any online tournament and increase their chances of earning. In addition, online casinos using Ripple’s services allow players a wider range of options when considering what platform to choose. This is generally positive for the industry and allows for healthy competition among operators.