Online casinos are always exploring new payment methods to offer their customers. And the EOS platform could be the next big thing for the online gambling industry.
EOS, a native cryptocurrency that powers the blockchain protocol EOS.IO, is a decentralized operating system that can be extremely useful for online casinos and their users.
Many online casinos already allow their players to use cryptocurrencies such as Bitcoin. But the use of the EOS gambling platform could take things on to the next level in the coming years.
Here are three of the top benefits of using the EOS gambling platform.
1. Free and speedy deposits and withdrawals
This is arguably the top reason online casinos are considering using the EOS gambling platform. Although there is already a strong amount of choice out there when it comes to payment platforms, some of them charge a considerable fee for their deposits and withdrawals.
This is a significant downside for online casino players who want to be assured that 100 per cent of the money they win at an online casino can go right back into their pocket. Transactions that are made on the EOS blockchain are feeless, which is a massive advantage in the industry. Some of the other cryptocurrency options available to online casino players still involve fees.
Speed is also of the essence in this area. While a lot of the payment methods currently used by online casinos take lots of time for withdrawals to be processed, it is a lot quicker using EOS.
Customers love casinos using blockchain technology as payments back into their accounts are made virtually instantaneously whenever they have a big win on a slot game or a casino classic such as blackjack or roulette. This is much better than the wait of a few days using a debit card.
2. High safety and security
Security and safety has become increasingly important to customers at online casinos today. Privacy concerns abound and there have been some high-profile examples of online gambling sites being hacked, with personal and financial information accessed as a result.
In fact, a few years ago there was an example of a casino being targeted by hackers who were able to gain access to the company system by breaking in through a fish tank, of all things. The increase in connectivity due to the rise of the Internet of Things has resulted in a rise of opportunities for hackers to break into the systems of businesses such as online casinos.
This is where using the EOS gambling platform can help a lot. The EOS gambling platform is considered to be one of the most secure and safe ways to move money through the internet. Using cryptocurrencies has already been adopted by customers and online casinos for security reasons. The fact that players can remain anonymous helps to protect their personal information.
However, the EOS gambling platform is a level above and security concerns are likely to be even more of a priority for online casinos at a time where a lot of new players are signing up. Being known as a site that is open to being hacked can destroy the reputation of a casino.
Around 70 percent of overall traffic currently using EOS is currently from cryptocurrency betting, showing how much the usage has been on the rise over the course of the past couple of years.
3. EOS governance can be trusted
One of the reasons blockchain technology has arguably yet to break through into the mainstream 100 per cent could be due to concerns over governance. But EOS runs a voting system on a governance structure model, which should ensure that the platform remains safe and secure to use for companies such as online casinos.
A lack of accountability is one of the top things that holds businesses back from embracing cryptocurrencies in a big way, although there are signs this could be changing.
There are no such concerns when it comes to EOS governance, though, which might make it an ideal choice to be used across the gambling industry.
Some people have raised worries about EOS governance due to an increase in interest in the platform from China, but this does not appear to be a major problem.
What seems certain is that using the EOS gambling platform will be a lot more common in the near future, especially due to the benefits mentioned above.
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