The tool has been the most talked-about in recent years. Today, it is a source of income for many companies and an economic engine for the next decade.
Experts of the Casino Market studio explain how it is changing the casino and sportsbook industry. You will also find out about the benefits and features of the technology.
About the Concept
It is a shared, immutable, and global record that facilitates the process of tracking money transfers and assets in a business network.
All operations are registered in blocks, one after another, forming a kind of sequence. This is where the name technology’s name comes from: “chain of blocks”.
It is possible to use the following assets:
- material things (houses, cars, or cargo);
- intangible solutions (e.g., patents and intellectual property rights).
The approach to information structuring is the key difference between a traditional database and the tool. It ensures the continuity of all records and a special encryption procedure. This provides reliable protection against hacking, modifications, and other manipulations.
The benefits of the tool also include storing data about operations on the computers of many network participants. They can view the insights, which are impossible to edit or delete.
The described environment is perfect for fast and secure delivery of the info without barriers. It can track invoices, transactions, orders, and payments. Therefore, the solution is successfully used in many sectors of the economy. These are the banking niche, pharmaceutical industry, logistics, tourism, and, of course, gambling.
At the beginning of 2024, the global blockchain sphere was estimated at $19.36 billion. Analysts from Research and Markets expect that by 2027, this figure will reach $160 billion. Already today, every fifth enterprise in the world has either implemented the tool in their work or is considering this possibility in the next 2–3 years.
According to PricewaterhouseCoopers, global GDP will grow by $1.76 trillion by 2030 thanks to technology. It already affects most areas, radically changing the approach to business management.
Cryptocurrency for Fast and Secure Transfers
The most famous and popular application of the concept in the gaming sphere is the addition of settlements in digital assets. Most often, players use Bitcoin, but there are alternative monetary units as well. These are Litecoins, Ethereums, Thrones, and other promising tokens.
Operators can add a cryptocurrency gateway to an already launched iGaming startup or implement the whole project based entirely on innovative technology.
The first option will ensure an inflow of new solvent audience without losing regular customers. The second one guarantees the completely autonomous work of casinos without intermediaries or the attention of regulatory authorities.
Key Advantages of Crypto Funds
The main benefits of such settlements in the entertainment niche:
- Transparency. Financial operations take place openly. Thanks to this, people can track the winners/losers and the amounts that the platform pays to its visitors. The names of users who received winnings remain confidential.
- High speed. A special technology ensures instant transfers in the system. Money is sent within a few seconds, which is much faster than Internet acquisition or payments through traditional eWallet services.
- Excellent security. Encoding using cryptography guarantees the complete safety of personal data. The blockchain system is even theoretically impossible to break, which makes it the most reliable business environment in the world.
- Anonymity. To deposit or withdraw funds, players only need to enter their BTC wallet number and confirm the transaction via a unique digital key. The service does not request any other information. Thanks to this, people can play in incognito mode.
- Wide geography. Blockchain transactions are accessible from anywhere in the world, thus removing geographical restrictions and increasing the customer base of online casinos.
- Decentralised work. Operations do not depend on the requirements of the gambling commissions, policies of banks, or state-imposed limits. This helps digital portals work autonomously.
- Minimum level of costs. The fee for using the server is the statistical profit of the online resource from each bet. The use of virtual money provides an alternative. Most transfers are carried out without commissions.
The addition of cryptocurrency makes the iGaming sites more modern and secure and guarantees an influx of new audiences.
Regulatory Issues
The UKGC, one of the most authoritative regulators in the world, has recognised the legality of digital assets.
According to the Gambling Act, such funds are called “money or its equivalent”. Therefore, the use of crypto in virtual casinos is considered equivalent to traditional payments.
Currently, it is allowed in such countries as:
- Germany;
- Estonia;
- Latvia;
- Lithuania;
- France;
- USA and other jurisdictions where gambling is legalised.
At the same time, offshore zones remain the most progressive in the issue of such operations. These are Malta, Curacao, and other states.
For example, on the Isle of Man, a special department that regulates the circulation of digital money and supports innovative casino startups has been created. The local regulator issues special permits for operators who are planning to accept bets in cryptocurrency.
Curacao is also changing its licensing rules for such platforms. The updates should come into force at the end of 2024.
Blockchain as a Guarantee of Fair Play
To retain their audience and not lose valuable customers, providers need to introduce new responsible gambling mechanisms.
The concept implies that casinos cannot affect the outcome of the rounds in any way.
The operation scheme consists of 4 elements:
- Server Seed. This is a random number generated by the iGaming portal.
- Client Seed. It is created by visitors to the entertainment portal.
- Nonce. A figure that increases with each spin.
- Cursor. A number that is used in solutions with many variables, such as slot machines.
By collecting all the data, it is possible to get a 256-bit toll, which is encrypted using the blockchain. The same algorithms as for popular crypto units are utilised for encoding. These are SHA-256, DaggerHashimoto, Scrypt, and others.
Aviator by Spribe is one of the first multiplayer games to implement a provably fair mechanism. The solution received a good response from the audience and attracted the attention of investors.
Currently, the leader in the production of casino entertainment with the Responsible Gambling function is the BGaming Maltese brand. Its assortment includes Limbo, Plinko, HeadsTails, Minesweeper, etc.
The common denominator in all offerings of the company is a field with X and Y coordinates, as well as a basic bet multiplier that grows during the session. The content is supplemented with auxiliary bids, bonuses, and effective socialisation tools. This includes a leaderboard, in-game chat, and replays of winning rounds.
The introduction of the described function increases trust in the online casino and its products. Players are not afraid to spin the reels at higher limits and take risks, knowing that business owners are going to pay out the full amount of the prize money.
Blockchain Gaming Boom
In such content, crypto funds are the main and most valuable asset. This can be either digital currency (for example, Bitcoin or Ethereum) or NFTs.
The first solutions of this type appeared in 2011, simultaneously with the launch of such popular projects as SwitchPoker and Satoshidice. In just a few years, the direction has developed to unprecedented scale, and the real boom in blockchain entertainment occurred in 2022.
The most famous investor in such games is the Forte American company. It spent $930 million on their creation and popularisation.
The development of content based on the technology differs from the release of traditional slots:
- games can be launched on decentralised DApps applications;
- cryptocurrency is used as the main settlement method;
- NFTs work as unique elements (images, gifs, and digital items) with high-added value;
- blockchain is responsible for the proven fairness of the results.
All these features make entertainment of this kind one of the most promising and attractive for investors. The content got a huge response from the audience.
For example, the use of DApps allows entrepreneurs to make the design of iGaming solutions more vibrant and rich, add special effects, and install colourful transitions between frames. Thanks to cryptocurrency, players can place micro or macro bets. It is positively perceived by customers.
The availability of NFTs attracts punters-collectors. They gather together valuable items and artefacts and then sell or trade them on special exchanges.
The Main Things about Decentralised Technology in Gaming
This popular tool is actively used in the industry.
Key aspects that entrepreneurs need to take into account:
- The solution’s advantages include decentralised and anonymous work, high speed of transactions, as well as accessibility from anywhere in the world. The use of encryption algorithms makes blockchain extremely secure.
- Adding a cryptocurrency wallet is the most popular way to use the technology in the entertainment niche. Players enjoy the instant replenishment of their accounts and withdrawal of prizes, while business owners appreciate the autonomous and legal operation of the iGaming platform with minimal costs.
- The system of provably fair results is based on the blockchain. This is an approach to double-checking the results of sessions to ensure that casinos provide services transparently.
- The tool is used to create modern content. These are products with improved mechanics, dynamic graphics, and support for cryptocurrency payments.
You can buy a Bitcoin platform, a White Label resource, a turnkey project, and a bookmaker’s script, as well as create a unique portal using the universal configurator by turning to the Casino Market studio.
From us, it is also possible to order the following useful services:
- production of exclusive HTML5 slots;
- sale and rental of games;
- payment system installation;
- security software integration;
- writing a business plan;
- marketing, and much more.
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