The rise of cryptocurrencies has breathed new life into the online gambling industry, which has found a sustainable way of operations in the means of value which these digital assets provide to the end users served by this niche.
By using cryptocurrencies, players on gambling sites do not only get to transfer funds to the facilitator in an efficient and swift manner but also get to protect their identity and privacy by not having to process any payments through their bank accounts or credit cards.
Due to the ease of use, this method of value transfer has also caused numerous online gambling platforms to pop up lately, since the notion of receiving instant funds in cryptocurrency and supplementing their operations through a steady source of revenue is a dream come true for any business – no matter if it gets to be legitimate or if it operates through shady practices.
Given the high probability of encountering bad actors in this industry which hide beyond the mask of anonymity, it just so happens that not most of these businesses and platforms are fair to their users regardless of whether they provide online dice, roulette, or slot games.
What’s worse is that individuals who are new to this segment often fall prey to tricks of these sites and share their funds with these providers that do not provide them with a fair chance to win against the house.
This calls for a system which can neutrally verify if an online gambling platform actually is credible enough to earn the business of any user. In most cases, this would require users to search through heaps of virtual lists and websites, and go through hundreds of reviews online to determine the trustworthiness of an online gambling facilitator.
However, in this industry, thankfully there is such a system already in place which can tell interested users about the authenticity of a platform in mere minutes.
We are referring to the “Provably Fair” system, which works through algorithms to ensure that every automatic bet placement remains unpredictable and not in the favor of any single party. The algorithms in question can also be tested and verified by interested parties, hence demonstrating a system which stays true to its name.
How Does Provably Fair Work?
The methods used in a Provably Fair system are put in place to ensure that any automatic generation of numbers, seeds and end result is not influenced in favor of the facilitator. This provides fair grounds to every player who participates in such games offered through a platform that is dependent on automatically generated results.
While not exclusive to online gambling services, Provably Fair algorithms are most widely used by this segment due to the dire need of transparency in its operations, no matter which vendor a player is using to satisfy their gambling needs.
Specifically speaking, the Provably Fair method is used to generate random numbers, random seed, and hashing in order to ensure that players are getting a neutral system and not wasting their money down the drain towards the facilitator.
Given the assurance that the system provides to respective players, being Provably Fair is imperative for any online gambling platform that claims to be the viable choice amongst its competitors.
While there are several platforms available which claim to provide Provably Fair services to their users, few come to par with BetKing.io, which does not only provide fair grounds to its users to enjoy a fret-free gaming experience but offers a holistic approach to online gambling that makes it one of the best service operators in its respective niche.
What is BetKing.io and How Does the Provably Fair System Work on It?
Originated in 2013, BetKing was known for holding the biggest crowdfunded bankroll for an online gambling platform of its time with 6000 Bitcoins. The service took a hiatus in December 2016 to transition towards bigger and better services and after its relaunch in 2017, it has once again established itself as a top provider for a slew of online gambling services.
Due to the experience that it holds, BetKing has been able to provide its users with an even higher level of virtual gameplay amenities through its offerings that consist of dice, card and other casino games, which each provide a unique experience that also remains fair on all fronts.
The Provably Fair mechanism applies effectively to BetKing’s dice game, since that remains the gaming experience which could easily employ this method.
BetKing ensures fair play in its dice games by having the results generated through an automatic mechanism, where it also provides the seeds of each of its games for public viewing in order for anyone to verify its claims with ease and without having to navigate through a maze of provided sources.
BetKing’s Provably Fair algorithm follows industry best practices and is described in a detailed manner on its website where it breaks down the process of generating the randomness behind its dice game, so that users would know exactly how the system on which they are placing their bets works without any bias towards the provider.
The algorithm consists of three major components, where a “Server Seed” that is provided by BetKing is integrated into the system. The Server Seed is a string of random characters, put in place for optimal effectiveness when it comes to unpredictability.
The next component is the “Client Seed”. This particular string of information is provided by the browser where the player becomes the party generating the seed. Whenever a player is placing a bet on BetKing’s dice game, they send their Client Seed to BetKing in order to execute the round.
From here, BetKing puts together its own Server Seed, the Client Seed and the number of submitted rolls before submitting the information to the algorithm, where it obtains an HMACSHA512 hash. This randomly generated and completely unpredictable hash then has its first 5 characters converted to decimals, and from there, the end result of the player’s roll is generated. The system also employs “Nonce”, a randomly generated number which decreases with each placed bet.
While the system remains as intricate to execute as it sounds, BetKing ensures that it is followed to the T without affecting user’s wait time so they can enjoy their game and their time on the platform without having to trade fairness for quality of service.
BetKing also makes sure that all players are able to see a demonstrated version of this Provably Fair mechanism, and offers them to use a verifier of Provably Fair systems for their ease of mind. Since the verifier operates without any influence from BetKing, it allows for further transparency by the platform.
While BetKing being a tenured entity is enough for some users to trust the platform, this provision of a Provably Fair algorithm that remains just as transparent to verify itself takes BetKing’s services to another level altogether, and allows users to trust the platform without having to think twice.
What Sets BetKing Apart from Other Services?
Apart from being an experienced provider of online gambling services, BetKing provides one of the easiest to use interfaces to its users with a carefully put together knowledge base to keep them well informed about the intricacies of using the system, while also sporting an impressive portfolio when it comes to supported cryptocurrencies – which also includes its own native BetKing Bankroll Token that is available for trading through cryptocurrency exchanges such as HitBTC.
At the time of writing, BetKing supports the following cryptocurrencies.
- BetKing Bankroll Tokens
- Status Network
- Basic Attention Token
- Power Ledger
Through these services as well as the casino games options that it provides, BetKing proves itself to be a viable facilitator of online gambling.
That being said, any individual who wants to delve into the world of online gambling should ensure that they are playing responsibly and not with the funds that they cannot afford to part ways with.