What is Provably Fair Gambling?
The term provably fair gambling is almost exclusively used in relation to online gambling. Simply put, the term provably fair relates to online casinos’ technology, software and other tools, and whether or not they can be proven as fair following analysis.
Among others, these include letting the operators know whether or not their security is up to standard, and whether the player can expect a fair outcome based on how their game, and the casino itself is operating.
Provably Fair Gambling Explained
Provably fair gambling usually consists of the player staking a wager on any online casino operator’s games. Then, the operator will come up with a way of proving that every transaction in the game is correct and fair.
In this verification process, the operator will utilize such things as ‘open-source algorithms for random seed generation’, as well as for the random generation of numbers and for hashing, which is a method of mapping arbitrary-sized data to fixed-size data.
Then, once the player has finished gameplay, they can exploit such algorithms as those listed above in order to check the ways in which the game responds to in-game decisions. The methods can also be used to evaluate the outcomes of the game based on the events that took place in it.
Provably fair gambling came to exist because many online casino users – those in the Bitcoin community, in particular – were concerned about their safety, and the safety of their accounts when playing at online casinos.
Provably fair gambling has many benefits, with the primary one being that third-party verification is typically not required. It also adds another layer of reliability for those who used it, as predetermined, mathematical bet-related outcomes are near-impossible to be incorrect. Similarly, it provides a safe environment in which individuals can gamble and players are always recommended to choose safe casinos.
Importantly, provably fair gambling also has the potential to expose attempts by others to hack the operator’s website and internal systems. As a result of this, provably fair gambling can let many online casino operators know if they need to upgrade their open source software to mitigate any underlying security flaws.