The online gambling industry is worth an estimated £38 billion and is expected to double in the next five years. The market has seen considerable growth in recent years due to the increase in mobile betting and advertisements of online betting brands.
One area which hasn’t had a huge impact on the gambling industry thus far but which many expect will do with crypto betting is the use of cryptocurrency and blockchain technology.
The majority of people have heard of Bitcoin which exploded in value towards the end of 2017, making many holders extremely wealthy virtually overnight. That increase in price also brought awareness to the crypto industry and attracted many more investors as well as companies such as online casinos who saw a gap in the market for crypto betting.
Gambling with Bitcoin and other cryptocurrencies has been seen as a slightly shady affair and not something which the average punter would participate in. Many established and reputable online betting companies have also steered clear of offering gambling with crypto as anonymous betting isn’t something they want to be associated with. However, there are hundreds of other cryptocurrencies and a small few of these have the goal to change the betting industry for the better. One of those cryptocurrencies is CasinoCoin.
CasinoCoin is a cryptocurrency specifically designed for the online betting industry. It provides benefits for operators, players and regulators in various ways.
One benefit of CasinoCoin is the Bankroll Manager (BRM) which provides built-in KYC and AML capabilities. Last May, new regulations were introduced which meant betting sites must adhere to stricter KYC (Know Your Customer) practices. For players, this often means that they have to upload verification documents before being able to play at an online casino or bet with an online bookmaker. This puts many players off signing up to a new betting site and also provides additional work for the operators having to carry out the checks. With the CasinoCoin BRM, players are only required to verify their identity once and then will be free to play at any online betting site which is partnered with CasinoCoin.
Another advantage of CasinoCoin for players is the ability to move money between betting sites with ease. Deposits and withdrawals are made almost instantly meaning that a player can withdraw their funds from once betting site into their CasinoCoin wallet and then deposit those funds into another within a matter of seconds. No waiting days for fiat funds to reach your bank account before you can afford to deposit into another betting account.
To add credibility to the CasinoCoin project, many individuals on the Board of Advisors list have experience in the online betting industry at some of the biggest companies. The Board of Advisors contains members from Cammegh, Gamesys, DraftKings, WH Partners, Empire Gaming, Aruze Gaming, OPL Gaming and more.
CasinoCoin is already being used on a roulette wheel made by Cammegh – The biggest manufacturer of roulette wheels in the world. As well as the benefits mentioned above, CasinoCoin can be used in other areas such as Loyalty Programs, Data Management Systems, Security and much more.
We expect cryptocurrency and blockchain technology to have a huge impact on the online gambling industry in the coming years which will help the industry evolve in a positive way.