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Investing in Blockchain Gambling
12 August 2021, 07:00:00
Are you considering investing in blockchain gambling? If so, you might be debating how to go about it. Perhaps you want to open your own crypto gambling site or create a blockchain solution for the gaming industry, or just integrating the technology into your existing online casino.
Whichever category you fit into, Fast Offshore has you covered. Both the iGaming and blockchain sectors are on an upwards trajectory!
Setting up a company.
One of the most proactive ways to invest in blockchain gambling technology is by setting up your own company. Perhaps you want to open a blockchain gambling site or provide a blockchain-based service to existing gaming companies. Either way, you will need to start by incorporating a company.
An experienced corporate service provider like Fast Offshore can help you pick the best offshore jurisdiction and advise you on matters like corporate structuring, tax, and opening accounts. You may also have to get a license, depending on what kind of service you will offer. Other matters to consider include compliance, ongoing maintenance, and reporting. Either way, Fast Offshore can help.
Integrating blockchain into your platform
Another way you can invest in blockchain gambling is by integrating blockchain into your operations.
You could consider integrating blockchain into your wagering system so bets are logged directly onto it. The features of blockchain mean that all transactions would be secure, immutable, and free from any possible interference. When handling disputes or customer issues, this is invaluable as it leaves no room for error.
Alternatively, you could implement cryptocurrency payments. Again, these transactions would take place on the blockchain. They would be instant, cost-efficient, and secure. When disputes arise, the immutable, digital paper trail details exactly what was paid, by who, and when. Crypto payments will also give you a competitive edge and you’ll have access to a bigger demographic of potential customers.
Blockchain is also used for security and onboarding clients. Smart contracts can onboard customers, checking off documents, and passing them through the process securely. Again, in the case of audits and compliance, this can be extremely useful.
There are many ways you can integrate blockchain technology into your existing gambling company. Before you take the plunge, confer with Fast Offshore to make sure you are adequately licensed, and covered in terms of compliance policies. Dealing with cryptocurrency can mean additional responsibilities and licenses, so be sure to check before going ahead.
Why the time is now for crypto and blockchain
Cryptocurrency was first introduced in 2009 with blockchain underpinning Bitcoin. Since then, crypto has gone on to enjoy widespread success. Blockchain is successfully integrated into all sectors. These include finance, lending, logistics, education, and healthcare.
Public interest in both technologies is at an all-time high and will likely continue to increase. Using one or both of these technologies in your operations will entice players and customers. Furthermore, it can save you time, money, and effort through streamlining and securing your services. Integrating blockchain and crypto is something every business should be doing, or at least considering in 2021. Waiting much longer when investing in blockchain gambling means you risk losing your competitive edge.
The potential of the gambling industry
In terms of the gambling industry, it’s one of the few that have managed to weather the financial crisis caused by the COVID-19 pandemic. Growth remains stable and sustainable while moving upwards. Over the next few years, the sector will surpass $127 billion in annual revenue. Increased digitalization combined with access to smartphones and high-speed internet, has driven many to discover online gambling. Additional innovations like eSports gambling, fantasy sports betting, and VR have also piqued more people’s interest.
Most gambling operators intend to offer cryptocurrency payments either immediately or in the near future. Others are keen to operate on blockchain-based systems to help improve accountability, security, and transparency.