Pulse CRYPTO IGAMING CLOUDBET, FUNFAIR, SPRIBE
The barrier to entry for an incumbent operator with a lot of existing systems and protocols, to be able to take bets denominated in crypto, is still quite high. But if they invest in it, they could achieve it. As for being able to take payments in crypto and not hold crypto on the balance sheet, that’s much less work and that’s something that they can do very quickly and very easily.
the operator's current platform. Like taking payments from MasterCard or Visa, a crypto payment provider will take the current price of any cryptocurrency, sell for that price and then fund the user’s account with a FIAT currency.
Some funding providers continue to offer this service, ensuring that casino operators don't need to drastically change their back-end setup. Most payment providers also offer a FIAT currency settlement service, so the operators are not subject to crypto volatility and the whims of multi-billionaires on twitter!
However, offering the type of game that crypto users want to play can be much more complex. Traditional slot games are solitary, and players don't make active choices like the types of games that have proven so popular in the crypto space. To become genuinely crypto- friendly, casinos must offer the payment options and gaming experiences users are looking for.
Leandro: It’s much, much easier now to integrate crypto. Tere are services out there that will handle all the crypto parts for you as an operator, and you’ll get dollars, euros, pounds in your credit account. You’ll manage your accounts in dollars, euros, pounds, so you could use crypto the same way you accept any currency from an operator’s perspective. Tat’s been the case for a while. Tose facilities are good, and those barriers are low.
We don’t think it’s a technical barrier to adoption, more so it’s a strategic consideration. Is it strategic for the operator to do it - is there demand for it, and is the operator comfortable with the risk? Te companies processing payments for betting operators are younger firms, they’re start-ups and tech firms that have been around similar to the time that we have, or shorter than us, so are the older operators comfortable dealing with these upstart payment processors as they build track record and transaction history.
Should operators want to start taking, laying bets in crypto, which is now volatile, that’s still quite difficult if you’re an incumbent operator. How do you manage risk? How do you get
comfortable with the notion of holding crypto on the balance sheet? How do you manage treasury when the assets are digital, how do you store them safely, how do you transact safely?
It’s a complexity that the larger operators will need some agility to achieve, which is why you’re seeing that the crypto companies are new companies. Tey’re start-ups, starting only in the last seven to eight years, building from scratch when they have the agility to build those things. Te way that some of the incumbents are embracing crypto is without taking the bets in crypto.
Te barrier to entry for an incumbent operator with a lot of existing systems and protocols, to be able to take bets denominated in crypto, is still quite high. But if they invest in it, they could achieve it. As for being able to take payments in crypto and not hold crypto on the balance sheet, that’s much less work and that’s something that they can do very quickly and very easily.
Shalva: On the other hand we are seeing traditional players integrating cryptocurrencies as a form of payment. I believe this trend will only grow, since adoption of crypto is going at full pace: some of the biggest players, like Paypal, Visa, even Apple, if we believe rumours, have announced or have plans to integrate cryptocurrencies.
With more adopters, adding cryptocurrency as a form of payment will be a must.
Currently, one of main barriers of crypto integration is lack of regulation and uncertainty in the KYC process. We are seeing positive developments here as well: SEC representatives already hinted that regulations for crypto are on their way.
How important is having multiplayer crypto games for operators' portfolios?
Lloyd: Incredibly important. Tere will always be a place for slot-based entertainment, as it remains a huge revenue driver for most casinos. However, it is also becoming apparent that
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