The online revolution has changed the face of the gambling industry. Many companies have decided to migrate to online lucrative fields, which makes the choice of a payment gateway paramount to the dazzling success. Solutions like Bitcoin offer a prime convenience of gambling, which is precisely what the users want. They are willing to pay in digital currencies and enjoy online payments and gambling at its best. This is not to say that there are not some grave obstacles to overcome, and the ability to do this is what separates failing from the flourishing startups.
The Novelties
Innovation is the name of the game. Companies compete in the dynamic arena, desperate to gain an edge over the competition. In this overcrowded landscape, one Danish website has sparked a lot of attention. Namely, BetOnFinance allows users to bet on the go and predicts the peaks and valleys of the share prices in the financial market. The founder Jeff Saul aspires to issue a challenge to the established world of fantasy sports betting and promote poll-betting products (games) that are not regulated by any financial supervisors.
A Chinese/international startup Play has decided to follow the similar path and employ third-party verifiable mechanisms in order to guarantee fairness of the games. Basically, it roots the games’ logic in the blockchain, takes advantage of the proprietary aggregation of all games, and eliminates the need for centralized institutions. These two examples are good indications of where the industry is headed. Also, they suggest that problems of user security and frauds will grow in importance, as companies move into new areas unconstrained by strict regulation.
Pay to play
Of course, the main issue is tied to the payment options. The aforementioned Play has decided to create an in-game assets-trading system of obtaining tokens, various props from other games, as well as its own crypto-share exchangeable. It has even gone an extra mile by endorsing distributed company model, a governance of initiatives, and started raising Bitcoins. This proves startups’ readiness not only to accept online currencies from users, but also to assemble the wider economic ecosystem around their operations.
Industry leaders have not turned a blind eye on novelties like cryptocurrencies either. A deal struck between iGaming and GoCoin demonstrates that reputable online B2B publishing companies are willing to establish gateways for cryptocurrencies like Bitcoin. For customers, this is good news, as the fees are now lowered, and security risks decreased. As for other forward-thinking startups, this could bring more funding and investment opportunities. As we know, launching a gambling startup requires hard work, vision, planning, execution, but also quite a bit of luck.
Tough luck
The failure rates of these businesses still raise eyebrows and prescribe caution. That is why many owners try to load the dice in their favor, which is a double-edged sword and, potentially, a business-sinking mistake, due to rising trends of transparency and fairness. Yes, there is no such thing as a risk-free investment in gambling, but the risk can be managed and decreased with due diligence. Business plans and models must be evaluated by experts, market and customers researched, and the ability to secure finances analyzed in detail.
Ultimately, the prospects also depend on the gambling landscape in the certain country. The US, for example, is a booming, fast-growing market with numerous opportunities, but also fierce competition, including the state-owned monopolies. Now, even there, the Bitcoin represents a small portion of the market. While this may sound like bad news, know that this is soon to change, and bring future-proof startups and an incredible amount of profit.
Bitcoin is simply more accessible than Visa or MasterCard, and is not burdened by complicated regulation. So, it seems that the only surefire way to succeed and achieve a nice return of the investment is to put your money in an innovative organization, which is in tune with the needs of the tech-savvy generation, and offers a plethora of options to pay and play. They are a safe bet, as much as that is possible in the world of gambling, a realm which is always under the influence of the twisted workings of fate.
Revolution solution
The future of the online gambling is now, and those entrepreneurs who do not realize this will quickly go under. Many online gambling websites strive to enhance the fairness and safety of transactions, as well as spur an accelerated process of innovation. Gamers are already able to acquire and trade customizable assets and sell them for other cryptocurrencies. You can already pay for the game in Bitcoins, but also participate in an inter-server, in-game, player-to-player economic system, which is nothing short of a revolution in the way online gaming and gambling functions. Bitcoin is an important player of online transactions, more and more shops are starting to allow to buy with bitcoin, so what today seems like a dream could eventually become a normal thing in the next years.