Blockchain
The Promise of Blockchain Technology for iGaming
Over the past several years, cryptocurrencies and blockchain casinos have exploded into mainstream consciousness. Speculation of cryptocurrencies is rampant, and it seems that every month a new blockchain launches, promising to unseat the current kings of the industry.
This has led to almost a sole focus on the price of various tokens such as BTC and ETH. However, when the speculation fizzles out and reality returns, as it did in the 2001 dot com bubble, and as it will in this industry, some truly world-changing technology will emerge, and it will have a big impact on online gambling. Leo Twin from casino portal gamblerspro.com shared his thoughts on the matter with us.
Self-Custody of Funds
Casino operators, affiliates, and players will know that one of the largest pain points in the industry is deposits and payouts. Some players are hesitant to deposit to new brands, and there’s almost always friction when it comes to payouts.
Because some cryptocurrencies make lightning-fast micropayments possible, it’s possible for players to keep custody of their funds in their wallets and for bets to be settled on a per-bet basis. An example of this is Peer Game on the BSV blockchain. With fees of $0.00001 on average, players can make bets of any size and pay the fee on every bet, with settlement occurring in real-time.
Self-custody of funds has the potential to revolutionize the industry. It would eliminate rogue operators who steal funds and could reduce overheads for casinos and gaming operators. It would mean goodbye to 24-48 hour payouts and the very concept of minimum deposits and withdrawals, with each bet being paid on the spot instead.
Provably Fair Games
Provably Fair casino games are already available at some online casinos. However, with the widespread adoption of scalable blockchain technology, they can become the norm.
Using a blockchain-related technology called hashing, Provably Fair games allow players to generate a random seed number and feed it into the game algorithm between spins, hands, or rolls of the dice.
The ability to insert your own random number into the mix means the casino operator does not have control of the game outcome and, therefore, can’t rig the games. This is amplified by the fact that each wager could have a time-stamped entry on the blockchain, allowing for auditing of game payouts by external third parties. Since there’s no way to change on-chain data without the majority consensus of all nodes, manipulating the data is impossible, and any shenanigans would almost certainly be detected.
Compliance & Regulations
One of the most misunderstood elements of blockchain technology is what it means for data management. Essentially, a public blockchain is a massive decentralized database that can’t be easily altered or manipulated.
This could make compliance with regulations much easier. If a regulator comes along and asks for data proving an operator is taking measures to prevent problem gambling, it can all be pulled from the blockchain with time-stamped proof of the measures taken.
Whereas these days, operators are relying on fragmented databases, data is often lost or stored in email attachments or on old servers; if all of the data is available on a public blockchain, it makes the lives of operators and regulators much easier. In time, with pattern-recognition AI and other machine learning tools, compliance violations can be detected and dealt with in real-time.
It’s Time to Embrace Blockchain Technology for Gaming
Just as the internet revolutionized the world, so too will blockchain technology. As the gaming industry was one of the first to embrace the world wide web, it should be among the first to embrace blockchain.
It’s time to look past the crazy valuations of tokens in the blockchain economy and focus on the disruptive technology at the heart of it. Everyone will be better off when this happens.
Blockchain
Traderland.io Launches a Fusion of Gaming and Investment Training
Traderland.io, an innovative interactive trading simulator gaming universe, has officially launched. The dynamic trading platform offers users the chance to immerse themselves in a socially-driven game landscape while honing their investment and asset-trading skills. Since its initial release, Traderland.io has rapidly gained popularity, attracting over 15,000 users.
Traderland.io stands out by utilizing real-time market data, allowing users to experience an immersive and realistic trading environment. Players can engage in trading activities that reflect live market conditions, providing a true-to-life simulation that enhances their learning experience.
In the Traderland.io universe, players are represented by customizable animated avatars. These avatars enable users to explore various cities within the platform, each offering unique challenges and opportunities. A significant feature is the ability to invest in virtual real estate across eight distinct regions, each with varying price points.
A core element of the Traderland.io experience is its tutorials, which are grounded in real-life trading scenarios. Users can choose to navigate these lessons with the guidance of a coach who is available to answer questions and provide step-by-step assistance.
Traderland.io offers a broad selection of virtual assets for users to trade, including forex, stocks, cryptocurrencies, and futures. By trading these assets, players can gain practical experience and understand the intricacies of different investment vehicles.
The asset prices within the platform mirror actual market fluctuations, allowing traders to observe the impact of their decisions and adapt their strategies accordingly. Players can monitor their gains and losses through a comprehensive dashboard, providing a snapshot of their portfolio’s performance.
One of the platform’s most exciting features is the opportunity for players to engage in trading battles and tournaments against traders from around the world. These competitions not only elevate the excitement but also offer the chance to win real money, adding a tangible reward to the virtual trading experience.
The investment landscape is expanding rapidly, with the cryptocurrency market alone projected to grow to $13.18 billion by 2031. As more investors enter the market, Traderland.io aims to bridge the knowledge gap by educating users about various assets through an engaging, gamified approach. By participating in real-time trading and completing the tutorials, players can enter the investment space with confidence and competence.
Traderland.io is available exclusively through its website, offering a unique and comprehensive trading simulator that combines education, competition, and community engagement.
Blockchain
Rivalry Expands Crypto Native Experience With Token Launch in H2 2024, Web3 Product Enhancements
Blockchain-Based Product to Position Rivalry Within Fast-Growing Crypto Gambling Segment, Drive Product-Market Fit Among Digitally Native Bettors with Increased Functionality and User Experiences
Rivalry, the leading sportsbook and iGaming operator for Gen Z, revealed Rivalry Token, a native crypto token on the blockchain to add increased functionality, economics, and user experiences across the company’s product suite, continuing Rivalry’s track record of innovation in online betting. The launch of Rivalry Token, anticipated to arrive in H2 2024, represents one of several forthcoming initiatives to position Rivalry in the crypto gambling market and better serve its core audience of 30-and-under bettors.
“Online gambling is the latest web-based consumer category being increasingly disrupted by blockchain technologies with greater speed, access, and functionality than their legacy counterparts,” said Steven Salz, Co-Founder and CEO, Rivalry. “Tech-savvy bettors are leading a behavioral shift towards more experiential and crypto-enabled gambling experiences that are taking wallet share from incumbents at an accelerated rate.”
“Rivalry is well-positioned to access the growth opportunity in crypto with a proven product set, a brand entrenched in internet culture, and a captive audience of digitally native users that are driving this economic renaissance,” Salz added. “The launch of Rivalry Token, alongside a broader expansion into cryptocurrencies, strengthens our product-market fit among an under-30 audience and positions us competitively to capture a meaningful share of this fast-growing segment of the market.”
Rivalry Token will be integrated within Rivalry’s product suite – from sportsbook to casino and more – with built-in properties to enhance the customer experience from end-to-end. Users can earn tokens through site activity such as betting and referring friends, which can be used on Rivalry to boost odds, participate in jackpots, and more to be detailed in the future. Rivalry Token will also be available on several to-be-announced crypto exchange platforms, trading under $RVLRY.
Rivalry Token creates a new dynamic relationship between player and house where every sports wager and casino spin, win or lose, is rewarded with a decentralized asset that can accrue value alongside player activity on Rivalry. The company expects its token will drive a meaningful increase in player engagement, loyalty, and advocacy by establishing more positive economic alignment and enabling customers to actively participate in product success.
Rivalry has today launched a pre-farming campaign where users can begin accumulating an interim currency through site activity and eventually social media which will be converted into Rivalry Token during the token generation event in H2 2024. Additionally, tokens will be distributed to all Rivalry accounts based on historical activity, rewarding loyal customers and creating a substantial reactivation opportunity for churned users.
Rivalry will also soon be adding greater support for other cryptocurrencies on its platform, allowing users to more easily bet with Bitcoin, Ethereum, Dogecoin, and other major cryptocurrencies. This will enable Rivalry to access a fast-growing audience gambling with crypto that is estimated to account for up to one quarter of global betting handle.
Following the official launch, Rivalry Token will be available for players to use on Rivalry in all of the company’s active markets excluding Ontario and Australia.
The company will release more information about Rivalry Token throughout the coming months, including commercial partners, token economics, and more.
Blockchain
JuicyBet Launches Its Innovative GambleFi Platform
JuicyBet, a Web3 startup, announced the launch of its GambleFi platform. This platform combines finance technology and gambling via blockchain to create unique opportunities and experiences for users. The company strives to revolutionize the principles of the online betting industry and the interaction between platforms and users in this market.
What is GambleFi?
GambleFi uses blockchain technology to ensure the fairness and transparency of games and betting outcomes and for players to get their share of the platform’s earnings and participate in its governance and day-to-day by holding its tokens.
How JuicyBet works
JuicyBet fully utilizes blockchain technology to establish a new ecosystem that has never been seen in the gambling industry. It is centered around user participation and transparency while providing gambling thrills and quality entertainment.
All game records on the platform are kept in a public blockchain, while a set of smart contracts automates gaming outcomes and payouts and provides for the platform governance via the DAO model. This reduces fraud risks and operational costs, making JuicyBet a more efficient platform.
However, the platform’s main feature is the unprecedented level of user engagement via the platform’s native tokens.
- First, the tokens provide access to betting.
- Second, token holders get their share of the platform’s profit.
- Third, token holders can vote on key decisions on the platform’s development in JuicyBet DAO.
- And finally, DAO participants can also perform the role of oracles for bets and earn rewards.
In other words, JuicyBet doesn’t try to be just another gambling platform. It establishes a new ecosystem where users are in control of the platform and bets and are the beneficiaries of the platform.
In addition, JuicyBet offers additional earning opportunities, such as Double Farming and staking for token holders.
JuicyBet has already been noticed by users and investors – the platform’s 3-month turnover has exceeded $1,5 million, according to on-chain data available via Dune, and multiple centralized exchanges and launchpads have listed it.
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