What is Provably Fair Gaming and Why is it the Future of Online Betting?
You know when you go to a casino, sit down at a blackjack table and watch the dealer shuffle the cards right in front of you?
Well, you feel confident in playing because you know that you have witnessed the randomization of the cards that are about to be dealt.
However, if you have ever played on an online casino, you know that you can’t see the shuffling. You can’t know the cards are random. You simply have to put your trust in the casino owners.
Unfortunately, and this may come to a huge shock, online casino owners started the business to make money.
One of the ways for them to guarantee that they make money is by using unfair tactics that virtually eliminate the chance of players winning.
This is where provably fair gaming comes in
Provably fair gaming includes an algorithm that can be instantly verified by players for fairness and offers complete transparency as to the randomness of any game.
Using an open source algorithm for random seed generation, number generating, and hashing, players receive all the information they need before the hand is played to understand that the game is being offered in a fair manner.
In the example above, most players would feel extremely confident holding an 18 against a 2 3 from the dealer. However, as we can see, the dealer draws two cards in order to win the hand in an unlikely scenario.
While of course this scenario can happen in any hand of blackjack, many players may feel like the unlikelihood of the loss is a result of unfair play.
With provably fair gaming, all they need to do is click the ‘Verify’ button located above the hand to view the random number generator and hash.
This ensures that the shuffle of the cards was done completely randomly and while the loss was an unfortunate one, it was a fair one indeed.
The process of provably fair gaming
There is a five-step process to understanding how provably fair gaming works.
- The iGaming operator creates a seed number, which is then hashed and provided to the player
- The player contributes their own seed
- The hand or game is played and the outcome is decided
- Once the outcome has been decided, the player receives the seed from the bet
- The player has the ability to view all information included the seed, hash, and random number generation to verify the fairness of the bet
The benefits of provably fair gaming
Player Trust
With provably fair gaming, players can be fully certain that the bets they are placing are being decided in a random, fair manner.
As we showed in the blackjack example, there are many instances in which ‘sure’ bets can lose and players can potentially believe the operator is manipulating the game to their advantage.
With provably fair gaming, the trust in the deciding of outcome is never in doubt.
Transparency
Provably fair gaming also allows all bets to be displayed on-site with details including username, amount, bet odds, win/loss, and the time the bet was placed.
Furthermore, the source codes of games can be made open so that the entire betting community can inspect the fairness and openness of the casino.
Cryptocurrency betting
As cryptocurrency adoption continues to spread around the world, players are becoming much more interested in betting with a wide range of cryptos.
A provably fair casino lets players bet with everything from Bitcoin to Litecoin to altcoins, helping further the adoption while eliminating the need for players to convert their crypto holdings to fiat to place a wager.
Simple to use
While the ideas of seed generation and player hash may seem complicated to the average user, the gameplay of a provably fair casino is exactly the same as any other.
All casino favourites can be played just as you would on a traditional online casino, so there is no additional learning curve.
The Moonbet provably fair casino
The Moonbet Sportsbook and Casino will be 100% blockchain-based and use provably fair casino technology to ensure the fairness for our players.
Featuring a number of classic casino games including blackjack, roulette, and baccarat, as well as exciting games such as Crash and Hi/Lo, players will be able to enjoy the best blockchain-based gambling experience possible.
Accompanied by our cryptocurrency sportsbook that features over 30 sports and 1000s of betting markets, an eSports betting platform, and incredible offers to players, the platform truly is the future of iGaming.
The Moonbet Sportsbook and Casino won’t only rely on provably fair casino technology to ensure players are safe. We will be fully licensed by the Curacao Gaming Control Board and held to the highest standards of online gaming security.
The Moonbet Sportsbook and Casino is set to launch on August 15.
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Ready to become part of the Moonbet ecosystem?
Visit www.moonbet.org today to register for our ICO Pre-Sale beginning on July 7.
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