Gambling and technology have been two soulmates. That is why online casinos were some of the first establishments people flocked to when the Internet became popular. We saw this trend during the pandemic lockdowns. One of the technologies that entertained people was online gambling and online casino play for real money. Likewise, many gamblers say they would welcome the opportunity to gamble in the metaverse.
The metaverse is a virtual world for socializing, work, and play. Whatever happens in the real world can be done digitally in the metaverse. The metaverse will also have its currency: cryptocurrencies that run on blockchains. Therefore, commerce and finance can take place in the metaverse.
But would the metaverse affect online gambling? Already, there are indications that this will be the reality. Some platforms getting ready for the metaverse already have thriving online casinos. So let’s examine some areas where the metaverse will dictate the future of online gambling.
1. Game selection
People participate in the metaverse using virtual reality headsets. These headsets make games appear in 3D with features that mimic real life. Therefore, developers would have to be more creative in creating 3D games like Blackjack, roulette, and slots, among other popular games. The metaverse would even be a fertile ground for new forms of games. These would be games that make extensive use of the avatars of players. It would be a more prosperous gaming world for online casinos in the metaverse.
But one big question concerns the computing power needed to play these games. According to Murphy’s law, when an old problem is solved, it breeds a new problem. So technology has to advance beyond the processing power we have in many computers. We need faster computers to make these metaverse games a reality. We hope that humans can rise to the challenge.
2. The cost of betting will be reduced.
Metaverse casinos will rely on the blockchain. Blockchain transactions are more secure, private, and transparent than traditional ledgers. Blockchain technology also reduces the need for a middleman. So in the metaverse, we could see many online casinos with no central authority but only the blockchain connecting gamblers. Again, this is because the matching of bets will be peer-to-peer.
There are already signs that this is possible in Decentraland. Decentraland is a virtual gaming platform where players can buy plots of land and stake tokens. Ice Poker is a metaverse gambling game on Decentraland built by Decentral Games. The gambling game is unlike any online game because activities and actions are stored in a blockchain. Several authorities discourage people from participating in the activities because they say Decentral Games is engaging in online casino activities without a license. Yet, every month, more than 100,000 gamblers meet on the platform.
3. Metaverse Casinos will be 100% provably fair.
Because online gambling in the metaverse will run on the blockchain, all the profits belong to the players. But they would have to be paid in a cryptocurrency or digital token. In addition, game-winners and losers can be verified on the blockchain, giving metaverse gaming casinos transparency and great trust.
A platform, Earnbet.io, is already creating something similar to a metaverse gambling platform. The token used to reward gamblers is called BET, a variation of the Ethereum token. Bettors can also elect to receive rewards in different cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. In addition, every game played every second is recorded on the blockchain, including winnings.
4. Ability to mimic land-based casinos
Many poker players say reading your opponent’s facial expressions and movements is essential. That is what they can usually do at land-based casinos. But this is not possible with online casinos. The metaverse online casinos will make this somewhat of a reality.
Each player will have an avatar that mimics the player’s or your opponent’s movement. While watching your opponent’s avatar, you can know how they feel and even tell what their hand gestures would be.
This is not as good as it is in the real world, but it is better than what one can get from online casinos right now.
Metaverse gaming is still in the future, although some platforms have already created some rudiments. For example, Meta Platforms (the parents of Facebook) already have a metaverse platform called Horizon Worlds. Horizon Worlds might not have much to offer gamblers right now, but as the technology develops, developers will create gambling games like poker and roulette for the platform. The most striking thing about Decentraland, mentioned earlier, is that one can do metaverse gambling on it without a headset.
Metaverse gambling will change the nature of online gambling and online casinos. Many gamblers are already ready for that. They are waiting for technology to catch up to their expectations.