Letter to Alphaslot Community — Celebrating the Chinese “Year of the Pig” and our first listing
Dear members of the Alphaslot Community:
Happy Chinese new year. I hope you celebrated “Year of the Pig” in good spirits with family and friends. Today is the first working day after the long holiday in Hong Kong, it’s good to look ahead and think about what this year may bring us. But first, a quick look back.
Alphaslot have passed many milestones last year: our beta version of token API was released to selected casino partners, the industry renowned American Gaming Standards Association (GSA) had officially endorsed Alphaslot as their blockchain technology member. More importantly, over the holiday on February 5th, our SLOT token has been listed on the secondary market exchange at CBX.one (www.cbx.one) with a trading pair of SLOT/USDT. This is a major milestone of our commitment to the community, and we are expecting to have more secondary exchange to list our token in the very near future.
Today, casino gaming floors don’t meet the expectation of the 21st century consumers. The numbers are telling: 42.9 millions customers visit Las Vegas and 32 millions more coming to Macau creating 129 billions revenue for over 2000 casinos worldwide. However, the spending on the casino floors has dropped from 70% in 1990 to less than 35% in recent years. Traditional casino products are no longer the favour for the new gamers.
Casino gamers are looking for a new values of interactive experience. Alphaslot uses blockchain to create that value for casinos with a native digital asset, SLOT, that directly bridges casinos and customers for increasing incentive to play on the casino floors thru interaction between the game and the gamers. SLOT are minted by betting with fiat currency on the casino floors based on the amount of time spent, speed of play, and other gaming-related circumstances. By using SLOT, casino customers will be able to unlock digital accessories that aren’t available for direct sales, creating compulsion and additional in-game boosts to enhance the gaming experience. By accumulating SLOT, players will be better equipped with more control while playing, allowing in-game strategy and potentially position themselves with higher chances of winning (in selected jurisdictions). These features will engage players for longer time-on-device and drive up revenue from the casino floors.
We have a window of opportunity as the casinos are in urgency to compete with other modes of entertainment that grow more inventive and more convenient (eSport and social games in particular), where the actual offerings on the casino floors now are still mired in decades old technology. Our goal is to move quickly to solidify and extend our current technology development while we begin to pursue the commerce opportunities in the gaming industry. We see substantial opportunity in the markets we are targeting. This strategy is not without risk: it requires serious investment and crisp execution against traditional leaders and their inherent thought.
It’s All About the Long Term
We believe that a fundamental measure of our success will be the token value we create over the long term. This value will be a direct result of our ability to extend and solidify our leadership position in the casino gaming industry for the blockchain ecosystem. The stronger our market leadership, the more powerful our tokenized economic model.
Our decisions have consistently reflected this focus. We have invested and will continue to invest aggressively to expand and leverage our technology, brand, and infrastructure as we move to establish an enduring franchise. Our hard work has already been recognized by the casino industry. Last December, it was my honor to be named “Power 50 Asian Gaming Leaders — Ones to Watch” for the 2nd consecutive year by Inside Asian Gaming at the Macau MGM Grand. Our COO, Albert Yu, was also nominated as the “Raising Star under 40” at the Macau G2E Asia Award. Our vision of blockchain application to bring new customers and revenues for casino entertainment worldwide has definitely caught the attention from the casino industry.
Our Team and Leadership
The past year’s success is the product of a talented and hard-working group of authoritative experts and scholars from the casino gaming industry, and I take pride in being a part of this team. It’s not easy to work here, but we are working to build something important, something that matters to our industry…such things aren’t meant to be easy anyway.
We are also incredibly fortunate to announce that Paul Veradittakit at Pantera Capital, and Ron Goudsmit, my longtime friend and mentor at European Casino Association have joined our advisory team with Alphaslot. Paul Veradittakit is the partner at Pantera Capital who is the largest institutional investor in blockchain technology from Silicon Valley. Ron Goudsmit was the Chairman of the European Casino Association from 2006 to 2015 and he is currently the Honorary President of the Association that represent the interests of 900 casinos across Europe with the majority from the EU’s member states. We are proud to have this group of dedicated industry leaders whose sacrifices and passion to build Alphaslot together in the many years to come.
Goals for 2019
We are still in the early stages of bringing new value to the casino industry through blockchain and the interactive gaming. Our goal remains to continue to solidify and extend our brand and technology base. This requires sustained investment in systems and infrastructure to support fast implementation and expansion while we grow. We are planning to add customisable avatars (NFT) support to our ecosystem, and over time we believe that other features like an automated exchange system may be prudent investments. We also believe there are significant opportunities to better serve our partners, such as improving game quality and better interactive experience using the SLOT token with players. To be certain, a big part of the challenge for us will lie not in finding ways to expand our technology, but in prioritising our development and investments.
Though we are optimistic, we must maintain a sense of urgency. The challenges we will face to make our long-term vision for Alphaslot to be a reality are several: considerable growth and execution risk; the risks of product and technology development speed; and the need for continuing investments to meet an expanding market opportunity. However, casino gaming, and the related resort entertainment industry in general, should prove to be a very large market. We feel good about what we’ve done to start, and even more excited about what we are doing now to expand and beyond.
“The best way to predict the future is to create it”
- Abraham Lincoln
2018 was indeed an incredible year. We at Alphaslot are grateful to the casino industry for their trust, to each other for our hard work, and to our community for their support and encouragement. We are all looking forward to the fruitful “Year of the Pig” in good spirit.
Best Regards,
Raymond Chan
CEO, Alphaslot Lab
LinkedIn: www.linkedin.com/in/raymond-chan-959a9b64/
Website: www.alphaslot.io
Investor Relationship: ir@alphaslot.io
