EveryGame Poker, which is easily one of the most recognized game developers, continues to make waves in the betting scene. Not too long ago, the brand announced plans to dazzle its customers with a range of rewards. This promotion is only reserved for customers using the innovative Lightning Bitcoin.
For this promotion, Everygame Poker selected 2 gems from Betsoft’s treasure trove: “Take the Bank” and “Gemini Joker.” For “Take the Bank” punters were offered 30 free spins or a massive 60 free spins with a Lightning Bitcoin deposit. To take advantage of this offer, the customers needed to have a minimum deposit of $25, as well as the coupon code LOOTBIT.
Alternatively, for “Gemini Joker”, poker players would get their hands on 60 free spins or 90 free spins with a Lightning Bitcoin deposit. In this instance, customers needed to have a minimum deposit of $50 and use the coupon code GEMCOIN.
What is Lightning Network?
In the ever-evolving world of online betting, a revolutionary financial force has quietly been reshaping the way transactions are conducted. The Lightning Network has emerged as an amazing resource for gamblers looking for a faster, cheaper, and more accessible way to gamble.
In the gambling sector, speed is of the essence. Gamblers crave the thrill of instant transactions and delays are often deal breakers. This is Where Lightning Network has stepped in, like a bolt of lightning, to address Bitcoin’s biggest challenge- scalability. Bitcoin’s initial design has always limited its capacity to process a large volume of transactions fast.
As a result, massive Bitcoin transactions are often characterized by increased fees and congestion. The Lightning Network serves as a secondary layer on top of the Bitcoin blockchain, which promises to revolutionize high-volume Bitcoin transactions. But how else is this innovative technology changing the gambling sector in the country and what are some of the challenges and opportunities that are in store?
Lightning Network offers bettors speed
As mentioned above, the Lightning Network enables close to instantaneous transactions. As a result, punters no longer have to deal with delays associated with traditional blockchain confirmations. In conventional Bitcoin transactions, when a gambler initiates a transaction on the blockchain, it enters a queue where miners confirm its validity.
During peak times when numerous transactions flood the network, this process can be painfully slow. In some instances, the process can take anywhere from a few minutes to hours before a transaction is confirmed. Imagine the frustration of a punter eagerly waiting to place a wager, only to be held back by the sluggish pace of the transaction process.
Such delays not only deter potential bettors but also hinder the seamless flow of the betting experience, which can often lead to dissatisfaction and ultimately, revenue loss for the betting platforms. Lightning Network has emerged as the solution to some of these major challenges.
The Lightning Network runs as a subordinate layer on top of the Bitcoin blockchain, acting as a network of payment channels. When punters apply Lightning for their trades, they sidestep the queue and approval waiting times. Instead, their transactions occur nearly instantly.
The network offers reduced costs
With the Lightning Network, gamblers do not have to deal with high transaction fees. In traditional online casinos, transaction fees can pile up quickly, especially for high-frequency gamblers. With every wager placed or every win withdrawn, a small portion of the transaction goes to over fees linked with processing Bitcoin. This number can pile up if you gamble often.
Thankfully, the Lightning Network flips this narrative entirely. When gamblers opt for the Lightning Network, they avoid the traditional blockchain route, which also means skirting the transaction fees. This is because Lightning runs off-chain, which means that rather than transactions being conducted on the main Bitcoin blockchain, users instead open payment channels between themselves.
Lightning is more accessible to modern gamblers
The Lightning Network has opened doors to gamblers who may not have access to traditional banking services. Because the network operates on an international scale, gamblers do not have to deal with the limitations of geographical boundaries. Unlike traditional banking services that may be restricted by countries, the Network allows anyone with an internet connection to take part.
This international reach ensures that gamblers from remote and underbanked regions can seamlessly take part in online betting activities. Additionally, to use this network, one doesn’t need to go through the elaborate process of setting up a new bank account or provide extensive documentation.
Rather than deal with the stringent eligibility criteria, all that users require is a smartphone or a laptop with internet access to enjoy the Lightning Network. This simplicity has considerably reduced the barriers to entry, making financial participation accessible to a broader demographic.
What is the network’s footprint in gambling?
While the Network is yet to be fully embraced, the gambling sector is well aware of this technology’s potential. A large number of businesses and individuals are already harnessing the power and effectiveness of Bitcoin transactions. In the US alone, approximately 8,936 allow Bitcoin payments, which is a testament to the growing acceptance and versatility of this wonderful technology.
However, numerous challenges still remain. First and foremost, the Lightning Network is still in the very early stages. As such, the network is marked with its fair share of technical hurdles. Plus, as you can expect with any new technology, the Network has its fair share of skeptics.
The good news is that as the network continues to mature, its potential to reform gambling transactions is undeniable. The rapid transacting speed offered by the network, as well as cost-efficiency, and accessibility are reshaping the gambling landscape.
As more and more businesses and individuals adopt Bitcoin, as well as the Lightning Network, the traditional financial system’s grip appears to be weakening. Lightning Network offers an alternative that is much faster, cheaper, and more accessible, redefining how gamblers conduct transactions in the gambling sector.
While challenges persist, the Lightning Network is paving the way for a future where Bitcoin and Lightning are the go-to choices for bettors all over the world. So, will Lightning Network strike gold in the betting scene? Only time will tell, but the forecast appears thrilling.