Does any industry adopt new tech as quickly as iGaming? Blockchain is booming, and it’s more than just cryptocurrencies. The idea of a decentralized data network has enormous implications for online casino operators around the world — and players are already in love with benefits like total transparency and lightning-fast transactions. Slotegrator offers keen insights for operators interested in iGaming’s latest big thing.
Crypto casinos generated $81 billion in revenue in 2024, according to the Financial Times, and that number should come as no surprise. Blockchain tech is becoming more mainstream and finding more usages in a variety of industries. And, of course, iGaming is always among the first to line up for new tech.
Let’s look at the applications of blockchain in iGaming, and how Slotegrator is employing them to take iGaming businesses to the next level.
The tech behind the trend
First, let’s do a quick rehash of what exactly blockchain is.
The term is commonly confused with cryptocurrency, and while yes, bitcoin and other cryptos are all based on blockchain, they’re not its only use case (though they are probably its most famous).
Blockchain is a form of distributed ledger technology, where digital data is stored across a number of nodes in a network, instead of being housed and controlled by a single, centralized authority.
In blockchain, each block contains a list of transactions, each of which have a timestamp and a cryptographic hash of the previous block. You can’t change any of the data in each block without changing every block in the chain. Each transaction is verified by all participants in the network.
This means blockchain has three key advantages when it comes to iGaming.
The first is decentralization.
Blockchain tech doesn’t rely on a central authority to verify and store data. Instead, every participant in the network plays a part in maintaining transaction records; every node has a copy of the entire transaction history.
The second is Transparency.
Every user in the network has full access to the full transaction history of, say, a single bitcoin on the network. In an industry where trust is paramount, blockchain eliminates the need to put blind faith in anyone.
Immutability
You can’t change a single piece of data in a block without affecting every single block on the chain. This means that it’s impossible to tamper with a block’s history without every member of the network being able to see what has happened.
Now let’s talk about some of the specific benefits that blockchain tech has for the iGaming industry.
The first is provable fairness.
Provably fair gaming is one of iGaming’s biggest innovations in recent years. Provable fairness uses a cryptographic algorithm to ensure that the result of a game round is not influenced by the size of a player’s bet. The result is calculated before the round begins, and only unlocked and converted into the relevant result after it’s over.
The second is smart contracts.
Smart contracts are a brilliant application of blockchain tech. They’re run by a set of code with predefined rules that trigger certain responses when certain actions are performed.
They work like this:
- The player places the bet.
- The bet is held in escrow.
- The outcome is determined, based on random numbers.
- The player witnesses the game round.
- The funds go to either the player or the casino.
Smart contracts are a foundational aspect of provably fair gaming.
Next is, of course, cryptocurrency payments
Cryptocurrency payments are probably the most famous application of blockchain tech, both in iGaming and in other industries.
Casinos that support payments in bitcoin, ethereum, and other cryptocurrencies have found a devoted following. There’s a huge overlap between the crypto and iGaming worlds; casino players are more likely than the rest of the populace to hold some form of cryptocurrency, and crypto enthusiasts are much more likely to gamble online. Both audiences prioritize similar values, such as transparency and decentralization, as well as having an abiding interest in technology.
And of course you can’t talk about blockchain in iGaming without touching on NFTs.
NFTs initially boomed as a digital variation on fine art — unique works that could be collected and would appreciate in value over time. While that didn’t work out with the general public, they have found a very appreciative audience with online casino players. Some casinos are using NFTs as a very effective retention tool; players can customize them and use them as avatars that appear across game rounds, giving them a reason to keep coming back to the casino.
With faster, cheaper transactions, total transparency, provable fairness, and all the other benefits of blockchain, the technology has tremendous potential to keep changing the online gambling industry in exciting new ways.
Casinos that support cryptocurrencies, and casinos that are entirely entirely built on blockchain tech, are already carving out a very profitable niche. That’s why Slotegrator developed its bitcoin casino turnkey platform, which comes ready to accept all the most popular cryptocurrencies that iGaming players use.
Slotegrator offers a complete suite of software and business solutions for online casino operators — especially those looking to target a crypto-savvy audience. Get in touch with them here to find out more about the company’s bitcoin casino solution.
ABOUT SLOTEGRATOR
Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.
The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.
The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.
Slotegrator also provides consulting services in gambling license acquisition and business incorporation.
More information: https://slotegrator.pro/
