Blockchain + iGaming = Business Potential Explosion for Investors
Globally, online gambling is an estimated $20 billion a year industry. Asia is at this moment the largest gambling market, but that is not really an unexpected fact, since inhabitants of Asia make up more than 60% of the world’s population. Considering iGaming is a relatively new phenomenon, and that traditional gaming revenues remain stagnant (for the most part) while iGaming revenues soar, there is no denying demand for online gaming is on the rise.
Part of this growing popularity can be attributed to the fact that digital is transforming nearly every aspect of how people work and play, all over the world. In the gaming industry, iGaming is quickly becoming the norm; for the next generation of gamers, digital is already ingrained into their very way of life. The next generation of gamers expect services delivered through a single swipe for a fast, efficient and user-centric experience across devices.
Now, blockchain is set to revolutionize the iGaming industry worth an annual $49bn, by delivering trust, transparency, and security that simply cannot be rivaled by traditional technologies. By building our platform on the blockchain, Faireum is able to offer players and developers a secure, stable ecosystem in which to build and play games, and that is unlike anything in the current market.
Blockchain-based casinos have the capacity to increase trust and security both for owners and gamblers. With decentralization, gamblers could check the fairness of the chosen casino by exploring information about RNG (Random Number Generator) and RTP (Return to Player) saved in the chain.
The ideal system can be powered by smart contracts (algorithms with predefined rules) which will ensure the correct payouts and the general reliability of the platform. With smart contracts, betting and withdrawing will be way faster than the current payment systems allow.
The focus is smart contract gambling. Online gambling is estimated to reach US$59.79 billion market value by 2020, and Faireum is looking to solve two main problems with gambling: the lack of trust in the operator and the uncertainty in the operator’s ability to follow through with payout (i.e. do they actually have the funds to pay people their winnings). As the online gambling market is experiencing a consistent growth with the implementation of new technologies and the increased accessibility of the Internet, Asia as the fastest growing iGaming market will surely undergo a transformation.
Faireum wants to provide absolute transparency, fair chances to each player, and fair distribution of winnings. Transparency comes from the fact that the blockchain is open and so can be verified but not manipulated. The fair chances to each player aspect come down to game outcomes being totally random and determined by mathematical probability. As for fair distribution of winnings, winnings are instantly distributed via blockchain according to the game rules.
With a ready MVP (beta version) that can be accessed at https://faireum.com — Faireum is an already operational business, with fundamental structure. The ICO is now open and rated highly by the sector’s top ICO rating websites. Do note that the first batch of tokens have already been sold out in the first stage and there are only 500K tokens left with 30% bonus for the second stage.
Where blockchain can have its most transformational impact is in heavily regulated industries such as iGaming, where the regulator is in need of new technologies to ensure compliance for both player and provider. The blockchain technology has tremendous potential for the online gambling industry. I’m sure that in the coming years, its presence will be felt like never before.