It’s time to take it back to the basics. The new crypto winter brings up the fundamental question buried for a little while.
“Does the iGaming industry really need blockchain?“
LV Studio always answers, “yes!” full of confidence.
This is mainly due to the following features.
The casino/betting industry is well-known for its propensity towards game fraud and data manipulation for the benefit of game operators, which increases the distrust rate of players. Many users tend to suspect the operators of rigging the system, instructing to eliminate the possibility of a player winning. Blockchain tech is in a unique position to tackle this troublesome issue. Rigging is not an option for on-chain iGaming protocols as the odds are completely operated by smart contracts anyone can audit. All the data generated from the dApps are transparently opened and tracked. Blockchain adoption provides a trustless gaming environment where users are able to immerse themselves without fears of manipulation.
It is common to ask about users’ personal and financial data on gaming sites worldwide, causing a significant issue of data privacy. iGaming dApps offer safer data management with encryption processing from the beginning to the end. This protection trims the risk of data being stolen. The player’s data is safe and hidden from any other external sources as their experience remains private and anonymous.
In addition, employing blockchain provides cryptocurrencies with a certain level of security through its inbuilt features. As most of the dApps offer non-custodial services, players’ asset still remains under their control while the wallet is connecting to the protocols.
Censorship resistance is one of the main value propositions of blockchain. Decentralized networks are not owned or controlled by any single entity, meanwhile traditional institutions are in the hands of intermediaries. All data recorded on-chain is immutable and can’t be retroactively altered to fit a specific agenda. As such, it’s virtually impossible to censor transactions on it.
Blockchain offers fast and cheap transactions in contrast to remittance taking several days or even weeks on traditional iGaming sites. This is because decentralized networks enable users to deposit crypto on protocols without a third-party financial institution or banks. The verification process is in a matter of seconds on Solana with the cost of avg. $0.0001 which is much smaller than the amount levied by current payment options.
From a regulatory and corporate perspective, integration with blockchain means fewer costs and time spent on monitoring or compliance. Additional licenses may not be required anymore to monitor the corruption of iGaming providers because all data is transparently shared on-chain.
Generally, blockchain-based games include a greater degree of trust due to the publicly accessible data, irreversible game results, and fair game algorithms operated by smart contracts. We believe that the iGaming industry will adopt blockchain technology faster than any other industry, as it has been very flexible to embrace advanced technologies such as the Internet, touchscreen, and surround sound.
The integration introduces a new era of iGaming, not only enhancing user protection but also changing the industrial landscape by opening up the closed over decades. The relationship between players and operators will be reshaped as the on-chain iGaming services are generalized. The next generation will accept it in a different way than we and the former gen did.
LV Studio is not the only one doing this. Traditional iGaming companies have recently begun expanding their territories towards crypto. Entain, a global betting platform, launched a global innovation lab, Ennovate, which aims to integrate iGaming with NFTs, VR, and AR technology. DraftKings, a betting platform that already introduced its NFT marketplace, has revealed its plans to enter crypto; even its CEO frequently posts on social media that he is focusing on blockchain. FOX services FOX Bet, which partnered with Flutter. A global investment management company, Apollo Global Management became a new owner of Yahoo and is merging it with a sports betting company. The Walt Disney Company, a longtime owner of ESPN, unveiled plans for its expansion towards betting on its 2022 Q1 earnings call. Its subsidiary, ESPN, is preparing the business.
We Are Now Tipping Our Hat Into The Ring 🃏
You can go on a Las Vegas excursion from the comfort of your own home, without purchasing any expensive hardware. It all happens right inside the browser that you already use.
Be part of the next phase as we bring you more features and NFTs with unique access and utility.