Things to Know about Provably Fair Gambling
Everyone wants to play at fair, trustworthy online gambling sites. As you might expect, with this being specific to Bitcoin, it doesn’t need to rely on a third party, it makes games totally transparent. It also makes use of advanced cryptography to ensure game outcomes haven’t been tampered with. This is where the provably fair method comes into play. You can verify the results for yourself in real-time.
But what exactly is provably fair gambling? How does it work? How and why does it make Bitcoin gambling so transparent? Let’s explore all of that here.
As it is evident, the ramifications of provably fair gambling are revolutionary.
What Is Provably Fair Gambling?
It is a process where a player can verify that the outcomes of games have been fair in real-time. In this, he makes use of three types of technologies:
- Random Number Generators
- Hashing
- Seed Generators
If it has made your head spin, don’t worry. We’re going to show you what each of these three things means.
1. Random Number Generators
This technology generates millions (sometimes billions) of numbers per second and determine game outcomes.
2. Hashing
It is all about the transformation of a longer string of data into a shorter string. In the context of provably fair gambling, when a seed number is hashed, it is encrypted. For all practical purposes, the cryptographic hashes used at Bitcoin gambling sites are nearly unbreakable. This says you can be sure they haven’t been tampered with.
3. Seed Generators
This forms the numbers which are fed into algorithms, which in turn ascertains outcomes. In this system, players get to add a seed number, ensuring the casino isn’t in control of the outcome.
How Provably Fair Gambling Works
Having an idea about above concept, it is time now to describe step by step how provably fair gambling systems work.
- The gambling site develops a seed number which is then hashed and sent to the player.
- The player adds his or her own seed.
- The bet plays out, and the outcome is determined.
- When the bet has played out, the player receives the seed used in the bet.
- The player can then verify the bet. If any interference has occurred, the hash function would not be verified, and the player would know.
The Problems this system Solves and Doesn’t Solve
Much like Bitcoin itself, provably fair solutions work on the problem of trust. You no longer require a middleman or third party to verify that a casino’s algorithm is fair. Since you have intervened in the process of a game outcome by providing a seed that changes something, the casino is no longer fully in control.
However, while provably fair gambling enables you to verify that game outcomes are truly random and haven’t been interfered with, there are several problems it does not solve.
1. Withdrawal Restrictions
This is another way a casino can put the screws on you. You can win fair and square, yet the casino can make it tough to withdraw and/or can apply excessive withdrawal fees.
The only way to find out if a casino plays fair when it comes to withdrawals is to either visit the site and read through the terms and conditions or check out our trusted Bitcoin gambling site reviews. Withdrawal fees are covered, wherever they apply.
2. Terrible Odds
This system ensures that the outcome of a game is random in that the algorithm isn’t fixed or interfered with. However, it can do nothing about the underlying calculations of a given game.
One of the keys to winning more often is to know about the house edge of each game. If you choose a game like keno, which has terrible odds, you can expect to lose most of the time. If you choose a game like blackjack, which has a house edge of as little as 0.5% in some cases, you have an improved chance.
Do not forget – provably fair gambling cannot change the algorithm of casino games. It can’t improve your odds of winning. It can only ensure you don’t get cheated.
3. Stolen/Sold Details
If someone hacks the casino and steals your details, provably fair gambling can’t do anything in this. You might think that casinos with this level of experience in cryptography would be immune to this type of breach, but that’s not always the case.
It’s still important to select a safe, secure Bitcoin gambling site. Again, reviews can help you do that.
How to Pick the Right Provably Fair Gambling Site
There are lots of provably fair sites out there. So, which one should you pick? We’ve written in-depth “how to pick a casino” guides elsewhere on this site, but there are some things which are unique and specific to provably fair sites which we’ll cover here. Of course, the “common sense” things that apply when selecting any gambling sites apply here, too.
Remember, just because a site claims to be “provably fair” doesn’t mean it is. You’ll still want to get the opinion of experts before signing up.
1. Look That It Accepts Your Preferred Cryptocurrencies
This is a no-brainer, but as nowadays everybody has their “preferred” cryptocurrency, it’s worth taking some time to out to which cryptos the site you’re considering offers.
For example, there are provably fair sitesthath only accept Bitcoin, whereas there are others that accept Litecoin, Ethereum, and some other cryptos.
2. Check That It’s 100% Safe
Sloppy security will be punished at any casino, but it will be discovered and exploited in no time at all when it comes to the Bitcoin community. In case you hadn’t realized, some of the people who are involved in this space have some seriously advanced computer skills, and some of them have bad intentions.
There are sites that offer high-security solutions to give you peace of mind. Like, some offer multi-signature cold storage. It means your crypto is stored on a hardware wallet, offline, and approval from multiple key holders is required to access funds.
That’s the kind of security you need to see when it comes to provably fair casino sites.
3. Check That It Offers the Services You Want
There are some sites that are provably fair casinos, some which offer provably fair sports betting, some which are lotto-based sites, and the rest offers a mix of gambling services.
Which site is right for you really depends on what you’re looking for as a player. We can’t tell exactly what you want, but we can tell you exactly what each site offers. We do so in our reviews.
4. Check That It’s Truly Transparent
Transparency is a trait we like in all gambling sites, especially when it comes to provably fair ones.
There are sites that list every bet placed in real-time, time-stamped, with usernames (if the user has chosen to share this, bets odds, bet amounts, and profits all updating on the blockchain as games and sporting events unfold.
There are also sites that publish their game source codes for the Bitcoin community to inspect and check out. While everyday players won’t necessarily understand this code, it does go a long way to proving that these sites are open, honest, and fair. You can be sure someone, somewhere, would spot anything suspicious in the code and expose it.
Other Unique Features It Offers
Provably fair gambling sites often deliver unique features that regular casinos don’t. These tend to cater to the specific needs of crypto-players.
For instance, some sites offer enhanced privacy features such as coin selection algorithms. This includes an added element of privacy to your gambling activities.
You will also come across sites that allow you to “be the bankroll” and increase your Bitcoin slowly but surely. Some of them even publish the overall house edge, allowing you to invest your Bitcoin for consistent returns.
Other cool features you will find while reviewing provably fair sites include automated betting, the ability to program “hotkeys” to perform casino functions automatically (such as hitting or standing in blackjack), and social functions like the ability to chat with other players, betting leader boards, and forums to explain the ins and outs of how a site works.
All of these “small things” can make a big difference in your overall betting experience. Take the time out to discover what each site offers before picking one.
Bonuses and Promotions it offers
Not every such site offers bonuses and promotions. Some of them do, though. You’ll find cashback bonuses, daily rewards, loyalty bonuses, and all sorts of bonuses at the best provably fair betting sites.
However, not every site offers bonuses. You’ll have to find the sites which offer precisely what you want. Remember to always check the terms and conditions of bonuses are offered.
