The line it is drawn…

the-line-it-is-drawn…

‘Come mothers and fathers throughout the land, and don’t criticise what you can’t understand. Your sons and your daughters are beyond your command, your old road is rapidly ageing. Please get out of the new one if you can’t lend a hand, for the times they are a-changin’…

For some readers, hopefully not too many, some of the ‘messages’ contained within these feature pieces may become repetitive. But, we are not going to stop, because feature articles are not really meant to deliver news, but are more intended to analyse, educate and even entertain. So apologies if some of the drums that we keep banging are not all that entertaining, but in some cases it is important to educate… and possibly even motivate some of the slower movers to get into the game!

Second only to soccer

With thanks to the great Bob Dylan for inspiration, let us recap for the benefit of those who’s life in sports betting began watching the ‘tic-tac’ man at the local track, or the runners dashing from betting shop to betting shop on the local high street. I count myself amongst these, although my very first memory is of the board marker in my local bookies, he weighed at least 240lbs and had the worst fitting toupee I have ever seen.

However, as romantic as these memories are, in 2022, the biggest sport for betting on planet earth is football (soccer), the one game that is played and loved almost everywhere. The potentially educational aspect of this sidebar is that whilst we believe that football will forever be the biggest game in the world, and the biggest source of sports bets also, we should not be surprised if within a very few years indeed, the second biggest betting ‘sport’ is actually an esport. Please bear that prediction in mind as you read on…

Cryptocurrencies are the future of online gaming

If little else, cryptocurrencies are the casino chip of the millennial generations. Apart from being a huge and potentially thrilling gamble in their own right, they belong to an entire new generation. In the same way that social media, outrageous sneakers and beards that actually look cool are ‘theirs’, so too are serious things like co-working spaces, the gig economy and, yes, cryptocurrency.

Despite claims of outrageous flexibility, the majority of online casinos operate on a generic basis. This makes excellent business sense because this attracts the largest number of ‘typical’ players. Genuine innovation is nowhere near as common as is claimed – one PR Guru who I follow insists that the word should never be used in releases – and the focus is generally on games and content rather than too many experiential factors.

The casino chip of the present day

But just as the humble clay chip transformed everything for the casino industry, largely by removing the idea of playing with ‘real’ money, so cryptocurrency disguises that ingrained notion of notes and coins, items that have to be handled with some caution. As such, they replicate the genius of their predecessor, a featureless entity that is worth precisely what somebody, somewhere out there tells you it is worth.

But, like it or not cryptocurrencies are already making their mark and there is every likelihood that in the online and iGaming space, they will largely displace traditional ‘real world’ currencies and transform the entire industry. Although it can be broken down into a serious of essential components, the single reason why this will happen is that digital money can do a number of things that conventional money cannot.

Firstly, there are no commission rates with cryptocurrencies. 0% commission, how does that sound? All transactions are made on a peer-to-peer basis, so there is no ‘middle-man’ to take some cream off the top. Of course if a player wishes to withdraw winnings in old-school money, then an exchange commission will apply, but that is all. Speed is another game-changing advantage, as crypto transactions are processed in a matter of minutes, as verification is also simple, straightforward and direct.

Within what we might now call traditional iGaming, it is not unusual to see withdrawal limits placed on players.  In the case of cryptocurrencies, limits are all very low and players can deposit, spend, win, lose and withdraw as little or as much as they want, because it is all commission-free.

The downside is actually an upside

The so-called downside of the whole cryptocurrency craze is the volatility of digital money. However, let’s pause for a beat on this argument. Our industry is not banking, or insurance, or the protection of essential commodities. Our industry is gambling, and our customers are gamblers. And this is where the crypto coin makes a leap that the casino chip never made, namely that its face value can change! Surely this is a fantastic asset to offer in the iGaming arena. Forgive me for saying so, but I think that a huge proportion of players will be excited by the possibility that their wins could be increased further, as the value of their currency changes. As for the risk, well that’s why there here in the first place. Where’s the fun without risk?

Cryptocurrencies allow for a better player experience and greater player safety. It really is that simple. Their features and benefits are priceless, and the opportunities they provide to forward-looking operators are undeniable.