Every year, more and more igaming companies are using blockchain technology to open up new business opportunities and reduce costs. The adoption of cryptocurrencies has been one of the biggest recent trends in the igaming industry. To find out what changes have taken place over the past few years, read on.
Due to the development of technology and hence the release of advanced platforms, the igaming industry is growing rapidly. Using blockchain to create new opportunities on platforms, according to gambling business solutions developer Slotegrator, will allow the industry to grow even faster.
Distributed ledger technology is, he says, one of the most promising solutions for bridging the gap between regulated and restricted igaming markets, increasing efficiency and simplifying transactions.
According to the company: “Blockchain technology can inspire the same confidence in users as gaming certification. While fiat currencies are backed by the state that issues them, cryptocurrencies use a decentralized ledger containing data on all transactions, which are distributed in a million-copy database.
This has several results: First, anyone with access to the network can verify the transaction. Second, bitcoin history cannot be tampered with, and any attempt to tamper with a transaction block will affect all blocks in the network. Players appreciate this transparency and security. »
Slotegrator was among the first players to bring crypto casinos to market with Bitcoin Casino. “At first, the only real difference between traditional online casinos and blockchain casinos was the payment solution – crypto-casinos only supported cryptocurrency deposits and withdrawals,” the company said.
“Due to the fact that the platform was built entirely on blockchain, games were limited to those developed using blockchain technology.
“But it became clear that creating projects that only accept cryptocurrencies is not the most profitable option, and something had to change. Over the past year and a half, top online casinos have been focusing on new technologies, especially crypto, and supporting payment systems that enable in-game conversion. This is contributing to the popularization of the use of blockchain in igaming. »
Explain why in-game conversion technology is needed, Ayvar Gabidullin, Head of Business Development at Slotegrator, said, “Converting cryptocurrencies to fiat currencies allows any user, regardless of their exposure to blockchain technology, to deposit and withdraw winnings in crypto. »
He added, “Initially, the game offering was limited by payment method, but with the help of in-game conversion technology, this problem has been solved. The conversion technology makes available to the user all the content of the games on the online casino site, whether he wishes to use fiat currency or cryptocurrency. The result has been the emergence of new audience segments and greater player loyalty. »
Online casinos that support both fiat and cryptocurrencies are particularly popular in emerging markets. For example, while a few years ago players in the Asian and African markets exclusively used fiat currencies, today these two continents are experiencing an explosion in the adoption of cryptocurrencies. On the other hand, not all players are comfortable with cryptocurrencies, and without conversion technology this could become a hindrance.
Slotegrator experts predict that in the near future all operators will start implementing this technology, regardless of the size of the company and its target market.