Cryptocurrency
How Crypto Can Improve Sport Betting
Sport betting is what is known as gambling. While it can be fun, it is also an activity for which there is no skill involved, and all that determines the outcome of the event being wagered upon are chance. There is no guaranteed time period over which you will be able to make money with sports betting since luck plays a huge factor in determining how much your bet stands to gain or lose. The thing that makes sports betting so popular despite its unfair nature is that people know and trust the odds makers who set up bets, to begin with.
Anyone can become a bettor but not everyone can become an odds maker. Despite this new age problem, cryptocurrency developers have come up with solutions that will address some of these problems in the traditional sport betting industry through the use of blockchain technology and smart contracts. This will create a more secure sports betting system that rewards the bettor and make bookmakers fairer. One of these new-age ideas is being developed by an ambitious team called Surebet.
They intend to tackle the problem of unfair bookmaking with their decentralized, smart contract-based platform. How? This is through incentivizing the users who play against them, just like what blockchain does for its miners. This has excited those who are engaged in online gambling. The creation of this new platform will be done through a token sale happening on November 1st, 2017 where you can get yourself some SBETS tokens (SureBet’s cryptocurrency). Their crowdfunding goal is 4,946 ETH which isn’t very high given the size of their project so far.
Spearheading their project is Ian Sbrano which has proven himself in the past through his successful company named Sports Betting Bot which allows everyone to participate in sports betting through artificial intelligence programs that he created. And by doing so, the users who use it will profit from accurately predicting sporting events whether it be in the short or long run.
They have been smart about how they go about this because of the fact that they are not trying to counter illegal bookies and online casinos but rather compliment them to provide more entertainment for all gamers (pun intended). So far, they have completed many successful projects such as Footballmastermind.
Crypto Enhances the Security of Sports Betting
The conventional sports betting at bet365 will now become better, with the introduction of cryptocurrencies. This enhancement allows bettors more flexibility and security when placing their wagers than they were able to have in the past. Bettors will also be able to get a return on their bets by using Nectar, which is what Sir Richard Branson’s Blockchain start-up has coined as the “Sports-betting cryptocurrency that powers the leading global fantasy sports platform.”
Nectar provides another way for users to earn rewards just by playing fantasy football and other games of skill such as darts, golfing, or any type of game you can think of! In order for gamers to use this currency, they need to satisfy some basic criteria: They must follow @NectarPlatform on Twitter and retweet one of our tweets containing #nectar, and also join our Telegram group. Nectar.org is a platform that will allow users to bet on anything they want, from politics to sporting events and even the weather! If you place smart bets, you’ll earn Nectar which can be traded in for prizes or exchange for cash.
Sir Richard Branson has been known to invest in a variety of different companies over the years but his latest venture into the online gambling industry could turn out to be his most lucrative yet. In order to guarantee success, he hired David Sapper as CTO who believed blockchain technology can help reinvent how fantasy sports are played and provide an additional layer of security against any potential threats such as bots.
Safe Sports Betting with Crypto
There are risks with online gambling which persist to this day so how can you be sure your money is going where it’s supposed to? Trusted third-party services known as bookmakers are one way of ensuring any disputes will be taken care of in a fair manner. They use blockchain technology, an immutable ledger for recording and verifying transactions that enable fully transparent book-keeping which leaves no room for corruption or foul play. Anything stored on the blockchain cannot be altered by anyone after it’s initially published because doing so would require hacking the entire network at once, something virtually impossible.
When creating CashBet Coin (CBC), a cryptocurrency based on Ethereum, CashBet recognized there were still risks such as unpredictable charge-backs. All these are challenges that blockchain technology seeks to address and improve the security of gamblers.
Conclusion
With the introduction of crypto to the sports betting world, there will be a sudden shift and demand for this type of activity. This is one of the ways that more people will gain knowledge about online gambling.
Vibra Gaming will distribute its content portfolio through white label. cryptocurrency provider GamSnap, who will supply several of its global operator partners with an initial launch on the CryptoZpin brand: www.cryptozpin.com
Vibra’s proven gaming content will be extended by GamSnap to Cryptožpin, as well as future cryptocurrency brands in multiple global markets, including Latin America, Europe and Asia
Vibra Gaming, a fast-growing Latin American company, is recognized for its creative and innovative content with a wide range of highly engaging slots such as Carnaval Alegría and branded slots such as Popeye; Quick Games including Crash, Double and Dice; a series of successful table games including roulette and blackjack, and unique bingo content including classic old-school bingos as well as new original titles including Egyptian Riches Gold and Underwater
Henrik Granlund, Product Owner, GamSnap, said: “GamSnap, the new Crypto Casino white label provider, is pleased to partner with Vibra and offer their exciting games not only to the Latin American market but also to the European and Asian markets. We are excited to see how the games perform with our clients, CryptoZpin.com, and our future brands. We look forward to working side- by-side with the Vibra team and watching our partnership grow.”
Ramiro Atucha, CEO, Vibra Gaming, said: “Our gomes have enormous reach with local and international operators both across the LatAm region and globally. Our new portnership with GamSnap will give us even an even broader horizon, working with a new range of up and coming crypto brands that we’re all very excited to be part of.”
In March 2024, Bitcoin soared to a historical high, nearing 70,000 euro per coin. How does this impact the iGaming market? Being a tech company with over 15 years of experience and an innovator in crypto iGaming software development, SOFTSWISS shares anticipations in its quarterly crypto analysis.
Over 220 brands powered by the company engaged in crypto transactions during the first quarter of 2024, which is 12% higher than the previous quarter. SOFTSWISS experts analyse the data gathered from crypto-friendly brands by employing extrapolation, comparative, and correlative analysis.
iGaming Market Overview: Unveiling Anticipated Growth
The size of the global online gambling and sports betting industry is expected to rise significantly and exceed 170 billion euro by 2032, according to Statista. Based on SOFTSWISS data, the iGaming market has demonstrated a stable pattern of growth year after year.
In absolute terms in euro, the Total Bet Sum grew by 5.8% in the first quarter of the year compared to the last quarter of 2023. Analysing the year-on-year increase, comparing Q1’24 with Q1’23, the growth is more impressive, showcasing a 47.2% boost.
Simultaneously, the Total Bet Count, both fiat and crypto, displayed a slightly larger gain in the first quarter of 2024 compared to the previous quarter, surpassing 6.1%. The indicator’s year-on-year boost is much more notable, revealing a 57.2% increase.
The popularity of iGaming in recent years has been fuelled by its global reach and accessibility due to constant technological advancements. On one hand, the quality of internet connectivity continues to rise, while on the other, new payment methods are emerging, simplifying payment procedures.
The in-depth quarterly analysis, ongoing since the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q1’24, the Fiat Bet Sum increased by 6.9% compared to Q4’23, while the rise of Crypto Bet Sum was at 2.4%.
The more active growth of fiat bets led to a slight decrease in the share of crypto. In the first quarter of 2024, the crypto share in the Total Bets Sum settled at 24.4%, decreasing by 0.8 percentage points (p.p) compared to the last quarter of 2023.
What is the State of Crypto in iGaming?
Analysing crypto bets, it is crucial to highlight that almost 93% of them are facilitated through the in-game currency conversion tool, which is gaining traction. This mechanism allows operators to engage players with cryptocurrency assets in games initially tailored for fiat only. Operators that adopt such options are gaining more competitive advantages in the market.
While the Q1’2024 Crypto Bet Sum shows a moderate 2.4% growth compared to the previous quarter, the year-on-year analysis demonstrates a 20.8% increase. The Crypto Bet Count remained unchanged in Q1’24 compared to the previous quarter’s indicator. Simultaneously, the metric increased by 21.3% year-on-year. The figures speak volumes, showcasing a consistent interest among players in crypto gaming.
“The lack of a substantial increase in the number of crypto bets during Q1’24 can be partly attributed to the significant rise of the Bitcoin exchange rate during this period, leading players to be more cautious with their crypto bets. This trend mirrors the situation in the first quarter of the previous year when the Bitcoin exchange rate surged following a decline at the end of 2022,” comments Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.
What Distinguishes the Average Crypto Bet?
The average crypto bet increased to 1.71 euro in the first quarter of the year from 1.66 euro in the last quarter of 2023. This growth correlates with a significant strengthening of the Bitcoin rate during the first quarter of 2024.
The average fiat bet remained steady at around 0.81 euro in Q1’24 and Q4’23. The average total bet stayed constant since the second half of the previous year and is equal to 0.93 euro.
Notably, the average crypto bet is double that of fiat. This indicates that digital currencies are preferred by higher-income players.
Why Did Bitcoin’s Share Drop?
The Top Five most operated digital coins in iGaming have remained stable during the last two years with minor changes in ranking order. The top still includes Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether.
In Q1 2024, Bitcoin experienced a significant decline of 9.4 p.p. compared to Q4 2023. This could be attributed to the bolstering Bitcoin exchange rate and players exercising a more cautious approach towards it.
In contrast, the shares of other digital coins have increased. Ethereum and Litecoin showed growth of 4.0 p.p. and 3.8 p.p., respectively, during the same period. Simultaneously, Dogecoin rose to fourth place in the ranking, leaving Tether behind.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The benefits of employing digital currencies, such as fast transactions and anonymity, still attract many players. Embracing cryptocurrencies in iGaming can boost operator profits despite their volatile nature.
As the Bitcoin rate is expected to strengthen after the Bitcoin Halving, the average crypto bet and projected gains may see a notable impact. During such promising times, it is crucial to have reliable and experienced partners to navigate the path to success.”
About SOFTSWISS
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform, and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
The post Navigating Bitcoin’s Impact: SOFTSWISS’ iGaming Industry Overview appeared first on European Gaming Industry News.
AC Milan and TG.Casino announced a new partnership, which sees the crypto casino platform become the Official Regional iGaming Partner of the Rossoneri in Europe.
This new collaboration between two frontrunners in their own fields offers a great opportunity to create something new and innovative. This partnership demonstrates the platform’s intent to take on and beat the iGaming competition to become the ultimate destination for all ambitious players. The deal catapults TG.Casino into the top ranks of GameFi by bringing the brand into the living rooms and onto the mobiles of tens of millions of consumers all over Europe.
Through this new partnership, $TGC token holders will have the chance to win lots of experiences offered by the Rossoneri club. From visits to the Milanello training centre to winning official AC Milan jerseys and VIP access at the San Siro stadium, football fans will have the chance to enjoy unique and exclusive experiences.
The new partnership provides AC Milan with a new fan engagement tool, creating bespoke experiences, which aim to give them more access, and bring them even closer to their beloved Club.
The post TG.Casino Signs Partnership with AC Milan appeared first on European Gaming Industry News.
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