If there’s one takeaway that society has gained from the betting industry, it’s that traditional casinos are not designed to favor the bettor—the house always ends up winning. Casinos are just a business. Like any business, they aim to make money.
It is a fact that traditional casinos offer a host of benefits to make sure they come out on top. This is known as the “house edge” and represents the average gross profit the casino expects to make from each game. The more users play, the greater the odds are that the result of their play will match up with the house edge—and that they will lose money. There are many casino games that have a house edge, including blackjack and Keno.
The Wall Street Journal obtained access to a confidential casino database in 2013 and discovered that only 13.5% win. Unfortunately, traditional betting is still dominated by the culture of bettors being taken advantage of. Blockchain technology is changing this. It gives the users the ability to control their own destiny. The blockchain allows players to bet against each other in regular and eSports games, as well as against the house. There are many similarities between emerging metaverse casinos and traditional casino, but there are notable differences.
You have many choices
The variety of casino games that metaverse casinos offer is one of their main advantages over traditional casinos. The casino offers a wide range of games, including roulette, blackjack and slots. Planet Maya is a metaverse casino. Planet Maya raised an undisclosed amount of money from some top web3 players. It has a stunning valuation. The platform, which aims to become the world’s first collaborative and decentralized online casino metaverse, hosts over eight categories of games, including hundreds of sub-categories, from poker, binary sports, esports betting, racing, and many more.
There are endless experiences
Not only will metaverse casinos have endless betting opportunities, but they’ll also have a limitless pool of live experiences to immerse themselves in. Planet Maya offers users the opportunity to experience live entertainment, such as stand-up shows, sports championships or boxing matches, via immersive virtual reality.
Convenience
Metaverse not only makes betting easier, but also offers more options. You can sign in, play online games and even participate in betting sessions. Virtual headsets will allow users to walk and move around in a true-to-life environment.
Transparency
It’s no secret that online poker allows users an advantage by not being able to display their poker faces. Since users are able to control their avatars, and use real-life simulators for body language, the metaverse makes it possible for reality to take over. This way, it’s much easier for players to gauge their opponents. Blockchain transparency allows players to see the odds before placing bets. Because it is immutable, the odds can’t be changed or rigged mid-bet unlike online casinos.
Security
Privacy is a powerful feature of the blockchain’s transparency. Casino metaverses can offer maximum privacy to their users by using the anonymity that blockchain provides. The payment system is another key difference between metaverse and traditional casinos. Metaverse casino primarily caters to cryptocurrency transactions. Online casinos can make payments much quicker, easier, and less expensive using this method. There’s no need to run to the concierge for cash conversions. Metaverse betting makes it easier to transact in cryptocurrency.
Casinos, online as well as in real life, had always been focused on one thing: making money from their players. DeFi and Blockchain technology are enabling players to have a more varied experience, as well as more safety, transparency and choice.