Krutika Adani
Crypto gambling using blockchain technology has been a rising narrative in 2024 after much needed regulatory support.
Polymarkets, a Polygon-based gaming platform has been a massive success in crypto markets.
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.
Blockchain gambling is secured by the immutability and security of blockchain. This helps in making it more transparent than ordinary gambling.
Since most of the platforms are off-shore, this makes them legal as long as they are not explicitly banned.