The gaming industry has always been a field that experienced steady growth, and this has only been more apparent because of last year’s increase in online activity. But one gaming field has managed to show more impressive numbers than other platforms: iGaming. This is an umbrella term for games where players offer a set value for an anticipated outcome and receive rewards based on how well they did. Online slots and online poker are some examples of games that fall under this category.
The rise of iGaming
A recent report from market intelligence and regulatory firm VIXIO found that the iGaming market could reach $8.4 billion by 2025. The industry has thrived because of many factors, such as accessibility and player safety. However, one reason for the industry’s growth is the sheer number of games available, which has attracted a lot of players into the field.
For example, the Kindred Group owns at least six iGaming businesses, such as Relax Gaming — which develops graphically outstanding casino games like SuperSeven. Likewise, Gala Bingo’s colossal selection of slot games includes many titles that are based on well-loved classics, from board games like Monopoly to PC favorites like Fishing Frenzy. There are even games that are themed around gameshows like Deal or No Deal. These impressive selections ensure that players will always have something new to try, so rarely do people leave the industry. Added support is also given to existing titles as their player base expands.
Then again, there are always more opportunities for iGaming to grow, and that’s by leveraging modern technologies to drive new experiences on the platform. One such technology is the blockchain — a type of decentralized ledger that records transactions.
iGaming and the Blockchain
The most common application to come out of the blockchain is cryptocurrency. Because it’s a type of currency that goes through the decentralized ledger, it can’t be counterfeited or double-spent, making it the safest mode of payment to use online.
In the post, Top 14 Benefits of Blockchain Technology, the writer highlights how every transaction on the blockchain is also hidden — even from iGaming providers at the receiving end of the payment — helping to ensure your privacy. Many iGaming websites like Bitstarz and Stake accept cryptocurrency as payment.
Additionally, it is no secret that regulations on iGaming platforms are still very strict. In fact, online casinos are only regulated and allowed to operate in certain states (like New Jersey and Pennsylvania). If you were from New York, for instance, which has one of the strictest iGaming policies in the country, you wouldn’t be able to access most iGaming platforms.
The exception is social gaming platforms like Zynga as well as casinos that run on the blockchain. The blockchain regulates itself, so it can be accessed no matter where you are. King Billy and True Flip are some examples of iGaming providers that operate on the blockchain.
From user safety to better regulatory policies, blockchain has done much to accelerate the growth of the iGaming market. And as new uses for the blockchain are discovered, so will its contributions to iGaming.