According to the UK Gambling Commission, trust in gambling and iGaming companies has been declining over the past decade. In their yearly study where they ask members of the public a series of questions including, “do you agree that gambling is conducted fairly and can be trusted” they have recorded a fall in trust from 59% in 2010, to 29% in 2019.
But what is causing this loss of trust in the gambling industry and how can it be regained?
The Reasons for Falling Trust
There are several factors at play here. The most visible and powerful of all are the regular negative stories in the media. These include stories such as Bet365 boss Denise Coates paying herself a salary of £325 million in 2019, while workers in her other businesses are paid less than the living wage.
This kind of story emphasizes another problem in the industry, a focus on profits over user experience. With companies pushing for high profits to pay shareholders, owners, and board members, while neglecting the quality of games and customer service in the process. Not only that, with a push for higher profits, the odds given to punters are also lowered.
But it doesn’t stop there. For the vast majority of fiat casinos and bookmakers, withdrawing funds is slow and expensive. The former keeping money in their accounts for longer, accruing interest and the later providing another source of income.
With the increasing use of bots and AI in customer service, getting the correct answer to queries or speaking to a real person is also an ever more arduous task. However, the biggest issue that punters have with bots and AI is the uncertainty of whether they are getting a fair deal or not.
It is clear from the above that mainstream casinos and bookmakers and their quest for profits over play has had a significant impact on the trust of players.
Blockchain Bringing Back Trust
It is clear that if casinos and bookmakers are going to regain trust, they need to start operating in a completely different way. A way that focuses on the enjoyment of users, transparency in actions and transactions, and fairness for all.
Coinsaga (as well as a number of other casinos) are working to regain trust in the iGaming and gambling industry with the help of the blockchain. For those of you who are not aware of the blockchain and cryptocurrencies like Bitcoin and Etherium, the blockchain is a decentralized network, not a centralized one, like what you would get with a bank or bookmaker.
This means that all the information on transactions, odds, and even game points and bonuses are stored on the chain (the computers of all the users of a currency, casino, or game), not on a centralized server like you would get at a bank or casino HQ. This means that odds cannot be changed or tampered with later, bonus pots can be shared fairly, and blockchain and Bitcoin casino operators can be more easily held accountable for their actions.
Blockchain and Bitcoin casinos such as Coinsaga put the players first. Focusing on fun and fair games (including off-chain games), and a wide variety of crypto payment options that are fast, cheap, and completely transparent.
Will this new approach regain trust in the gambling industry, and bring with it a whole new group of players? Only time will tell…