Pulse
CRYPTO IGAMING CLOUDBET, FUNFAIR, SPRIBE
globally where players are understanding more and becoming more comfortable transacting with crypto generally.
Crypto adoption in a retail sense hasn’t exploded, but certainly the benefits of crypto, the ease of movement is now being embraced by a lot more people. So crypto gambling has grown, and crypto gambling’s prominence or importance as a piece of the whole pie also has grown.
Have we moved beyond a fad or a niche part of the gaming industry? Without a doubt. For us, it’s been just short of eight years that we’ve been in the market and our numbers continue to grow. We can say quite firmly that if this is a fad, it’s got a long way to go still. Crypto will play a role in this industry for some time to come.
Will blockchain be the next driver of seismic change in iGaming? Or is that change already happening?
Shalva: If we are talking about blockchain casinos we need to understand the following: for true blockchain-based casinos, you need blockchain-based games. In order to utilise the full potential of blockchain, the game engine should be different. Tis is no small feat: we are talking about completely rewriting and adapting popular games to the blockchain. As in everything, it all comes down to economics: is it worth it?
First let's ask what problem blockchain actually solves. As I mentioned before, blockchain is a guarantee of transparency and fairness. You are 100 per cent sure that output is completely random and that you will get your win instantly, no matter the amount of money.
Now, trust is not an issue in the western, regulated markets: most licenses are a guarantee that you are getting your jackpot. Tis is not always true in grey zones and non-regulated markets, where casinos can halt your withdrawal with no explanation given.
In this regard, I think blockchain casinos will meet their audience and go mainstream, but this will be not a revolution, rather co-existence.
Leandro: It’s been a gradual movement and it’s already happening. Some of the major FIAT operators, some of whom have been around a long time, are transacting with crypto. Some are even transacting more with crypto than with FIAT currency right now. Tere’s been a step- by-step movement there. Most of them are using crypto just for payments and converting ultimately into dollars, euros, pounds, but what’s driving that is customers are becoming more comfortable using crypto.
We can see this becoming a bigger trend wuth more and more operators becoming comfortable with crypto as they become more aware of this notion that their customers are comfortable with crypto too.
We wouldn’t be so brazen as to sit here in this small niche against this huge gaming backdrop and say that operators who don’t embrace crypto will be left behind, but the reality is that the payment benefits for the customer are so profound that if you don’t give them the choice, then they may start to lose customers to niche operators like the crypto operators. Are we winning customers away from major operators? We would say firmly, yes.
Lloyd: Currently, blockchain can be clunky to those unfamiliar with how the technology works. But as with most disruptive technologies, there’s much higher adoption among the next generation of users.
Te underpinnings of any casino can be improved with blockchain technology by providing more transparent gaming experiences and thus more trusted casinos. But moving casinos away from the major platforms will take time, or for those existing platforms to build in blockchain technology.
Te bigger change will come when those social, multiplayer and engaging blockchain games currently being played within the crypto world make it to traditional casinos.
How do online casinos become 'crypto friendly?’ What are the challenges involved?
Lloyd: Becoming crypto-friendly is simply a case of introducing a new funding mechanism to
We wouldn’t be so brazen as to sit here in this small niche against this huge gaming backdrop and say that operators who don’t embrace crypto will be left behind, but the reality is that the payment benefits for the customer are so profound that if you don’t give them the choice, then they may start to lose customers to niche operators like the crypto operators. Are we winning customers away from major operators? We would say firmly, yes.
P84 WIRE / PULSE / INSIGHT / REPORTS
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