The Cryptopia exchange is a powerful currency trading platform.
Gambling and gaming are currently some of the biggest entertainment industries in the world. At the beginning of 2017 online gambling market was evaluated at $44.16 billion, by the end of the same year it grew to $47.4 billion. In the EU alone, the industry capped €84.9 billion in 2015, with an annual growth rate of 3%. In 2017, gambling growth was through the roof for major gambling indicators such as Macau. In 2016, Morgan Stanley had predicted 10% growth, but Macau casinos posted 19% growth, with Macau casino revenue alone topping $33 billion for 2017. Estimated market capacity in 2018 is $52 billion and it’s expected to reach $81.7 billion by 2022. It is obvious that the market has an immense potential. The problem, however, is that the rules of the gambling business have remained unchanged for centuries. No doubt, casinos and other providers constantly try to attract new clients with new gimmicks: rewards, bonuses, prizes, beautiful images, etc. Technologies change as well: from simple wooden tables and slot machines, to online games, and newest block-chain technology. In reality, it does not matter what technology is used or what gimmicks are used to attract gamers to the casino. The core of it is still the same and quite simple: no matter what the clients do, the casino gets everything. Those who don’t gamble themselves take everything from those who are passionate and like a good game. They take everything and get excess profit. Also, based on our surveys, casino customers are very venturous people who are constantly looking for action and novelty. They get bored very quickly, and have to move from one casino to another in continuous search for some diversity. It is time to change the game rules in the Gambling Universe.
Multiple providers have already proved the demand for Blockchain-based casinos. The intelligent implementation of the Blockchain and the security that it provides allow for growth that greatly surpasses that of traditional and current online casinos. This growth potential is primarily a result of the decentralization and security that typify the major cryptocurrencies. Online gaming is largely geographically segregated due to currency and regulatory hurdles. Online casinos and gambling platforms based on cryptocurrency are, by definition, agnostic to the fiat currency used to purchase the tokens. Thus, the nature of cryptocurrencies’ transparent and peer-topeer transactions will help build customer trust. Casinos that accept cryptocurrency aren’t rare. The potential utility of crypto in the online gambling industry was recognized in the infancy of the very first cryptocurrency, Bitcoin. Despite the fact that blockchain technology and cryptocurrencies are still relatively new and underdeveloped, there are many attempts to integrate them into various projects. Many experts agree that the cryptocurrencies and blockchain technology will take the leading position on the market in general, and in gambling, in particular.
Integration of the cryptocurrency and blockchain technology into the gambling platform is obviously necessary. We need to adopt the best of it and avoid the flaws. Do not believe those who claim they can create a well functioning distributed casino system based entirely on the blockchain. It is possible that such a system will in fact work, but it will definitely be far from “well-functioning”
We hope a new blockchain platform will be created in the near future and abovementioned deficiencies of its predecessors will be eliminated. In this case, of course, it will not only become possible, but also necessary to completely integrate blockchain into our platform, as it will provide a number of undeniable advantages over the traditional centralized client-server systems.