Provably fair is a term that is being used more and more by online casinos, bookmakers, and game providers. But what does it mean? And, what impact does it have on you as a player?
Put very simply, provably fair means that the outcome of games and transactions can be checked by you to ensure they are fair.
In this article, Coinsaga will explain in depth what provably fair means and how it will benefit you. But before we do, we must first understand why casinos and game providers need to do this?
Falling Trust in Online Casinos
In our recent article, How blockchain casinos are solving gambling trust issues we wrote how trust in online bookmakers and casinos has gone down from 59% in 2010 to just 29% in 2019. This drastic fall in trust has been caused by a number of factors, but chiefly:
- An insatiable appetite for profits over fair and high-quality gaming
- Poor customer service
- Slow and expensive withdrawal processes
- Negative press coverage
- Scandals over fixed games, scams, and here today gone tomorrow casinos
Today, it is very hard, if not almost impossible, to tell if a non-provably fair casino is cheating its players. For example, if a game has the win rate they state it has, if it is fixing or changing odds, or even failing to payout players or send promised prizes. All because this information is secret, and only accessible to casino owners and staff.
What Provably Fair Does Differently
Provably fair casinos started to appear soon after Bitcoin was created back in 2009. This is because with Bitcoin came the possibility to make transactions transparent on the blockchain. For this reason, making it possible for players to see if a casino was making the payouts it was claiming to make. This is because the blockchain cannot be altered no matter how unscrupulous or tech-savvy a casino may be.
In turn, with the development of smart contracts, an entire game can now be governed strictly by code. This code is now commonly published by many casinos and game providers for players to check that the algorithms are fair. Giving game manufacturers, casinos, and bookmakers no opportunity to cheat players, even if they wanted to.
What This Means For You
It’s clear to see why provably fair games and casinos based on the blockchain have become increasingly popular in recent years. This is because it is possible for you to know how the game providers, bookmakers, and casinos are operating. If they are not paying out as they should, this will be clear to see on the blockchain. Smart players will also be able to check the published code and test it for themselves. If it is not fair, the provider can be held accountable.
Another big plus of provably fair gaming is that the average win rate of a casino/game provider tumbles from close to 90% to as low as 51% – giving you a much better chance of winning! Sounds great, right?
Coinsaga – A Provably Fair Casino
At Coinsaga we are building a casino stacked with games that are not just provably fair, but fun to play. Because many of these games will be on-chain (on the blockchain) this will give you even more possibilities beyond fairness. All points, items, and bonuses obtained in a game belong to you. Meaning that you can sell or exchange these with other players if you wish – something not possible with regular casino gaming.
Lastly, what on-chain games provide is ownership of your game data. Not only can you buy, sell, and exchange your points, items, etc. At no point can we take these away from you, unlike a regular casino.
At Coinsaga, we believe that provably fair gaming is the future and the way all gaming should be!!!