iGaming aggregator and software provider Slotegrator has issued a new analytical article to provide a deep analysis of blockchain-based solutions applied to iGaming, which are quickly breaking ground when it comes to payment systems, regulatory compliance, and gaming itself.
The company notes that there is a common assumption that blockchain and Bitcoin are synonyms. But while blockchain is the protocol that cryptocurrencies are based on, its applications are much wider, and still largely unexplored, Slotegrater adds. When it comes to iGaming, the focus has so far been on payment applications, and the past few years have seen a dramatic increase in casino gaming and sports betting platforms that offer players cryptocurrency payment options.
But aside from payments, blockchain technology can also be used to create the products themselves, the iGaming aggregator underlines in its article. And it names NBA Top Shot and Sorare, which run on Ethereum blockchain, as two examples of the type of NFT-based games that are gaining in popularity. And the debate over loot box-style products is also on the table.
In terms of regulation issues, the main concern with cryptocurrencies is the ability to trace the source of funds, according to the company. “But used properly, blockchain can actually be used to increase compliance and protect players.“
“While blockchain gaming is still in its infancy, cryptocurrency payments are bound to quickly become an expected feature for leading online casinos and sportsbooks,” Slotegrator concludes. Slotegrator’s full article is available on its website.