How Can Crypto Be Used for Online Gambling?

Krutika Adani

Blockchain Gambling on Rise

Crypto gambling using blockchain technology has been a rising narrative in 2024 after much needed regulatory support.

Success of Polymarkets

Polymarkets, a Polygon-based gaming platform has been a massive success in crypto markets.

How Does It Work

The user needs to deposit stablecoins and place bets according to their preference. The bets are automated and winners or losers are decided using oracles and smart contracts. The latter releases or confiscates funds as per the result of gambling event.

Why Is It Better than Web2 Gambling

Blockchain gambling is secured by the immutability and security of blockchain. This helps in making it more transparent than ordinary gambling.

Is Blockchain Gambling Legal?

Since most of the platforms are off-shore, this makes them legal as long as they are not explicitly banned.