Macroeconomics, Gambling and Crypto: A Perfect Storm?

Jun 8, 2018

Online gambling industry is facing huge changes. Over the recent years it has made a significant leap becoming a part of EU economics with quite high GDP. Considering the fact that first virtual platforms were launched about 30 years ago there should be certain factors that allowed these changes to occur.

After staying in shadows for about 3 decades, online gambling has finally burst its fetters and keeps pushing out real life casinos from the market. It became possible thanks to 3 recent trends that are taking the world by storm: cultural, technological and legislative.

Cultural changes

About 10 years ago gambling industry was taken as some harmful habit that causes addiction, makes people go broke and ruins families. Virtual gambling was even worse, as it allowed playing anonymously. People believed that it helped gamblers with real problems delay the moment they receive help. Today, thanks to eSport all types of online games have boosted their status and are accepted as a regular spare time activity. Just like bingo or gardening.

But when it comes to hazard games — rumors say they are becoming a medal event at the Olympic Games soon. Virtual gambling withstands real one because of its handiness and transparent service systems. And we come to the second important trend.

Technological changes

Here we have an amazing innovation, called Blockchain. Today every second casino offers games with cryptocurrencies. They have been existing since early days of Bitcoin and are gaining popularity day by day. Experts say that interest to e-money casinos will go up after more players get used to this concept. But most gamblers confess they choose to play for cryptocurrency when its rates go up. As it guarantees higher income. This scheme is simple:

user uploads some Bitcoins or other electronic cash to their account and waits for its rates to get higher. So, basically such trick brings them more money than they placed on a stake.

When we combine this to Blockchain technology and bring in some tokens to casino — a really interesting twist comes out. Skeptics say, blockchain can hardly offer anything to virtual gambling, but developers have already presented certain software that makes casino policies clearer for everyone:

● casino runners,

● gamblers,

● affiliates.

This B2B platform is named TruePlay. And it is just what we all have been waiting for. TruePlay is not a gambling provider, but a basic and complex solution for solving all issues any online casino faces. It protects everyone:

1. Casino runners are now spending a lot of time and cash for maintaining their business. Searching for new games, multiple fees and other boring inconveniences are turning this business into some awful routine. But with TruePlay casino owners can forget about it. Attaching a new game will take no longer than just a few clicks. Instead of searching for innovations adding new solutions one by one they get all in a single pack. Cash withdrawal won’t take days — the operation can be processed instantly with this smart blockchain system. Together with it, TruePlay helps detecting cheaters and banning them.

2. Players are granted with unlimited access to their funds which means uploading and withdrawing cash without any limits in time or amount.

3. Affiliates can control all processes and watch statistics of the players they bring.

Unlike other blockchain platforms selling tokens with TruePlay is more fun than work. It is built to speed up the process and attract more clients. The event occurs at the later stage of development, when there is an opportunity to present the ready-made product.

Legislative changes

Together with these changes, certain law trends gave the green light to the industry. It seems like legislative authorities are interested in online gambling development too. Back in 2011 Malta was responsible for all the gambling licenses in EU, but times are changing and the UK has joined the system too.

The Isle of Man became the first government in history to trial a blockchain platform for registering e-currency companies and regulating Bitcoin business. And back in 2017 it was the first to regulate Bitcoin gambling industry. It seems like the future is already here.