The iGaming industry is starting to explore the real power of blockchain. In times when being crypto is no longer innovative, the Fairplay online casino dares to dig deeper in search of new benefits for gamblers.
With multi-billion-dollar revenues and double-digit annual growth rates, online gambling is a highly competitive market where a new casino has to bend over backward to succeed. Most casinos follow the beaten path of huge welcome bonuses and aggressive marketing campaigns. It usually pays off but it takes something more to really stand out from the competition.
Several years ago, crypto gambling was a breath of fresh air for many in the iGaming industry. Casinos expanded their audience with crypto enthusiasts while players benefited from the anonymity and increased speed of transactions. It was a win-win solution for everyone. Not only did crypto boost iGaming, but also iGaming boosted crypto. According to some estimates, up to half of all Bitcoin transactions were coming from online gambling back in 2013.
However, players quickly get used to new benefits, and, today, accepting crypto is no longer a major advantage for an online casino. Many of them provide both fiat and crypto payment options and the competition in the space is as tough as anywhere else in the gambling industry. Being crypto-friendly is no longer innovative.
But there’s still a lot of innovations and untapped opportunities hidden right behind cryptocurrencies. The first attempts to unleash that hidden power are already being made.
This article is protected by copyright law, CCN Markets.
Today, players can choose from thousands of online slots with smooth graphics, engaging atmosphere, and an RTP of up to 99%. They also have a variety of payment methods to choose from, including payments in cryptocurrencies. Player experience is getting more and more advanced virtually day by day.
But there is one thing that remains unchanged. Just like years ago, players have to rely on a casino’s honesty when it comes to winnings and payments. They have no real tools for controlling game stats and casino balances which results in the lack of trust between players and casinos.
For iGaming in general, it’s an ever-present constraint which negatively affects the industry growth rates. For some of the industry participants, it’s a challenge. And the challenge is accepted.
A team behind the Fairplay casino stresses that they are a blockchain casino rather than a common crypto casino. Last year, Fairplay became the first casino to integrate with the TruePlay blockchain platform for online gambling. After the integration, each transaction on Fairplay.io goes through a smart contract on the Ethereum blockchain. All deposits, withdrawals, bets, wins, and losses can be tracked on Etherscan and the same goes for the casino’s fund balance.
Since data on blockchain is virtually irreversible, players don’t need to trust the casino at all. It’s enough to trust your own eyes – everything is on display both on Etherscan and the casino website. And that’s what distinguishes blockchain innovations from crypto payments.
Of course, it’s not the first attempt to bring transparency and trust to iGaming using blockchain technology. For quite a while, a number of game developers have been trying to solve the issue on another level. Instead of ensuring a casino’s trustworthiness, they build casino games on blockchain making them inherently resistant to any malicious modifications.
This is definitely a great idea. The problem is that blockchain gaming in general is in its early stages and blockchain slots are too slow and primitive to compete with traditional online slots. That’s why, in its quest for transparency and trust, the Fairplay casino turned to the TruePlay solution instead of waiting for years until blockchain games are good enough.
Like many other casinos, Fairplay offers players lots of popular games from leading providers. Like many crypto casinos, it accepts Bitcoin, Ethereum, and top altcoins and provides instant payments. Like any casino, it attracts new players with welcome bonuses and other promo offers.
Unlike other casinos, Fairplay lets players monitor and control all game stats and every single bet. And it seems like it works: as of this writing, Fairplay users have already won around 20,000 ETH (more than $4.25M) which can be checked on both the casino website and Etherscan. The figures are actually displayed there in TPLAY, the casino’s internal currency, but it’s easy to convert it to Ethereum in your mind since 1 TPLAY is always equal to 0.001 ETH.
The real conversion also takes no effort. Players make deposits in Bitcoin, Ethereum, and top altcoins by simply sending funds to the casino’s wallet. Those funds are automatically converted to TPLAY used for playing at the casino. When a player requests a withdrawal, his TPLAY winnings are converted back to his chosen cryptocurrency.
Anyway, more than $4M of winnings in less than a year is an impressive start which shows that blockchain-based gambling (not to be confused with traditional crypto gambling) might become a massive trend in the global iGaming industry.