Blockchain technology may be largely known for its association with bitcoin and other cryptocurrencies, but it also holds enormous potential for triggering the next evolution in iGaming. The signs are already here, as casino platforms based on blockchain technology are becoming increasingly popular.
The reason for blockchain’s rise to fame in online gaming lies in its capabilities to solve problems with regards to game outcomes, payouts, winnings, and more, that most users of traditional online gaming platforms face.
To increase revenues and gain more users, gambling operators are looking to expand their global operations. In order to do this, they will need to gain more confidence form potential users and be more accessible to new players by removing barriers that are typically associated with various fiat currencies. Cryptocurrency makes this possible by offering a more modern style of online gaming across jurisdictions. By employing smart contracts, most critical processes are then automated, while transparency becomes a promotional tool to prevent loopholes being explored in current systems.
Transparency breeds credibility
It’s win-win as players can access a platform that offers more simplicity and transparency and online gaming providers become more credible, which, in turn, makes their expansion plans more realistic.
Decentralised gambling platform Luckchemy offers users an opportunity to play the most popular games from key industry players while benefitting from the security and transparency provided by blockchain technology. Independent game developers are also able to have their games on the platform, which gives them a wider audience, as well as improving their competitive stance among leading iGaming providers.
By having major brands work with their platform, Luckchemy will expand its White Label network, which isn’t dissimilar to an affiliate platform. Through this programme, gambling partners work with market partners to promote gambling products through leveraging the strength of their brands and increase profits from a share of the revenue.
Luckchemy’s fair and scalable online gambling platform is based on a combination of off chain cryptography and blockchain technology. This offers the ideal foundation for up and coming platforms, benefiting regulators, operators, and players, alike.
Partnering with the big boys
As well as emerging casinos, we can expect to see Luckchemy work with some of online gambling’s major brands, such as Mr Green Casino. Mr Green has already built up a reputation as a trustworthy brand, having won numerous awards, including the SBC Award for Socially Responsible Operator of the Year 2017, so has less of a need to build trust as a new player might. It also offers a number of stop loss-like features, such as deposit limits, loss limits, and wagering limits. However, we expect that Luckchemy will also be approaching the likes of Mr to enable an even greater level of credibility.
iGaming operators will also be able to access a wide range of games based on blockchain, under their own brand names. Luckchemy takes care of the admin, such as payment processing and licensing, while developing a network of products spread over an extensive network and worldwide audience.