Pulse
CRYPTO IGAMING CLOUDBET, FUNFAIR, SPRIBE
Te Chain Gang: Crypto iGaming
Leandro Rossi, Lloyd Purser and Shalva Bukia share their thoughts on the advantages of becoming crypto-friendly, how it can be the
differentiator in a congested space and whether blockchain will be the next driver of seismic change in the iGaming industry.
How prominent are crypto-friendly casinos built using blockchain technology?
Lloyd Purser, Chief Operating Officer at FunFair Technologies: First off, it’s key to define the terms ‘crypto-friendly’ and ‘blockchain technology.’
Many casino operators use crypto as a payment mechanism, by converting bitcoin or another crypto coin into FIAT currencies. Users then play using the casino’s currency of choice (USD, Euro, GBP, etc.). Ultimately, the players never interact with blockchain technology during gameplay within the casino after that initial payment function.
However, actual blockchain casinos run on smart contracts recorded on a blockchain with users betting and winning cryptocurrencies.
Crypto-friendly casinos are very prominent in the industry, with Bitcasino, Fortune Jack, Bitstarz, and many others touting their crypto payment capabilities. True blockchain casinos do exist, in fact we ran three successfully for three years, but the infancy of the network caused it to become a victim of its own success.
Tis drove costs through the roof, so we shut down our blockchain casinos until a better scaling solution on Ethereum can be found. Tat will come soon, but blockchain as a mass market proposition is still very early days.
Tere are also games such as Bustabit, played purely with a cryptocurrency and executed via
P82 WIRE / PULSE / INSIGHT / REPORTS Blockchain and crypto casinos are a
captivating story: one might think that crypto-friendly casinos are ones that simply accept Bitcoin and other crypto currencies, but the reality is much more interesting: crypto only casinos emerged
not from traditional iGaming, but rather as a mix of video-game driven iGaming and social solutions.
smart contracts on a blockchain, using popular crypto mechanics like bankroll staking and rewards. Such gaming experiences are popular with younger audiences, with Bustabit alone registering $80bn worth of bitcoin.
Shalva Bukia, Product Director at Spribe: Blockchain and crypto casinos are a captivating story: one might think that crypto-friendly casinos are ones that simply accept Bitcoin and other crypto currencies, but the reality is much more interesting: crypto-only casinos emerged not from traditional iGaming, but rather as a mix of video-game driven iGaming and social solutions.
Tis is a different breed of casino, with its own rules. Tese games became popular between Millennials and Gen-Z (early adopters of cryptocurrencies) and now are migrating to traditional iGaming with disruptive success. We at Spribe specialise in this kind of games and
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