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The Rise of Big League Crypto Sports Betting

Posted on August 2, 2022August 2, 2022 by Martin S.

Even though there has been a significant slump in the value of cryptocurrencies over the course of the last few months, U.S. sports bettors are slowly but surely coming around to the idea of using digital currencies for betting purposes. As virtual currencies grow more prevalent in daily life, proponents of the change contend that it will be a key tool in keeping bettors away from the offshore market.

Many well-known sports betting organizations have recently started accepting bitcoin deposits into their users’ gaming accounts. An important element of this procedure is played by third-party payment providers.

Lots to Offer

Sports bettors will appreciate cryptocurrency’s numerous advantages over traditional forms of payment. To begin with, it has an exceptionally high level of security making it very tough to crack. It is essential for operators to ensure that this is the case so that your wagers are protected from any kind of manipulation. Bitcoin and other cryptocurrencies are also decentralized, which means they are not governed by a single entity. This makes it almost hard for anybody to take advantage of the system.

Last but not least, using cryptocurrencies is remarkably quick and affordable. It has very cheap costs and allows for almost instantaneous transaction completion. As a result, it’s an ideal choice for individuals who wish to gamble on sports without having to worry about transaction costs.

Dealing With the Concerns

Even though cryptocurrency is still in its infancy, there are already several compelling arguments suggesting that placing bets on sporting events using bitcoin might be the wave of the future. Cryptocurrency has the potential to completely change the online sports betting industry with its speedier transfers, reduced costs, and increased anonymity.

There have, of course, been some concerns. Thankfully, these are being addressed in different ways.

New York City Casino to Feature Crypto Trading Floor

Posted on June 2, 2022June 1, 2022 by Martin S.

A gaming giant and asset management firm headquartered in Las Vegas are mulling the possibility of adding more options to a multibillion-dollar casino that will be coming to the famous Manhattan skyline in New York City. The resort would have a spot for cryptocurrency trading as well as a landing pad for flying vehicles.

UE Resorts International, a partnership of Japan-based gaming technology supplier Universal Entertainment Corporation, and Jason Ader, a former Las Vegas Sands board member, had planned to submit a proposal for the casino to the local betting authority by December 10, 2021, according to an Insider.

The planned trading floor for cryptocurrencies would be the largest of its kind anywhere in the world. It would also contain a venue for events such as New York Fashion Week, the US Open, and Fleet Week. eSports stadiums are also part of the plans.

Trading or Wagering?

Crypto-based casino games were intended to be only one part of a broader entertainment strategy that featured other intriguing elements, according to Ader. The suggestion to establish a trading floor also resonates with the argument over whether trading digital currency is an investment or mere gambling.

“Mirai,” which means “future” in Japanese, was selected as the casino’s name. This lines up quite well with the futuristic plans that the developers have for the property. A $3 billion budget was initially set for the project. However, this might change depending on where all the proposed plans end up. Even the location itself could change.

Can It Work?

If you are simply jumping into the cryptocurrency market without a plan or strategy, you are almost certainly doomed to fail. Cryptocurrency experts fear that many of the alternatives on the market may evaporate within a few years, leaving investors with little to show for their money.

However, if you put in the time and effort, you may be like Bitcoin and watch your investment soar, just like that. Or, even better, you’ll be a pioneer in a wild new future when crypto replaces conventional money within a few years. Because of this, cryptocurrency is gaining in popularity.

This is likely what the New York casino investors are aiming for. The market is still in its nascent stages, especially with regard to mainstream adoption. Early investors and adopters here have a real shot at starting something big. The only question is whether or not they are willing to live with the eventual outcomes.

FoggyStar Casino Receives $5 Million in Investment

Posted on April 2, 2022April 1, 2022 by Martin S.

Launched at the beginning of the year, FoggyStar.com is considered by many to be a very promising crypto-powered gambling venture. The confidence in its success is so high that the company has recently received a $5 million investment from some investors based in Canada and Japan. This will enable the company to continue its casino content development and design its own digital token.

As it stands, FoggyStar’s offering is in the alpha version. However, that has not stopped it from being very innovative when it comes to its portfolio. It boasts of a large selection of crypto-first casino games that many players will find to be very interesting to play. These games were developed by leading casino game developers including Pragmatic Play, NetEnt, and Play’n GO among others. As such, players can expect nothing short of the best quality from them.

Innovating for the Entire Industry

While FoggyStar is certainly the key focus here, the company has some very ambitious plans that will have a ripple effect across the gaming industry. To begin with, it is working on innovating and creating some additional casino features. These features are aimed at ensuring that the components of future products can work as openly as possible. At the core of the products’ operations will be blockchain technology which is already present across many gambling platforms.

Some of the goals that FoggyStar is targeting with these developments are increasing user engagement and related metrics. Moreover, it will also be able to increase the trustworthiness of the online gambling sector.

Speaking on that, the FoggyStar team noted that they are not just creating any product. That is, in addition to keeping up with industry trends, they are going to ensure that users are at the forefront of the improvements.

“The project is focused on the users and the security and transparency of the infrastructure that surrounds them. Our team aims to improve the project using innovative technologies and methods that will lead to a completely new game experience.”

To make the news even more exciting, FoggyStar also has plans for the Metaverse. Its goal in that regard is to become the first online casino to go live in the metaverse. Given all the hype that the concept has been getting of late, a crypto casino would certainly turn some heads.

As the technology continues to get better, so will the products that the players have access to. The widespread use of digital currencies has been of great assistance and this is likely not to change anytime soon.

Solana Pay Ventures into the Crypto Payments Space

Posted on February 2, 2022February 2, 2022 by Martin S.

While crypto has certainly revolutionized online payment in many respects, the sector still has more room to grow and advance further. There have been lots of different initiatives and developments dedicated to solving some of the things that have plagued crypto payments. Stablecoins and Bitcoin’s Lightning Network, for instance, were all dedicated to bringing some much-needed improvements to the sector.

Now, Solana Labs is hoping to make its play for the crypto payments sector with a solution it believes will be a gamechanger. The company has co-developed software that it will use to help merchants accept payments via the Solana network.

While still relatively new, the Solana network has been steadily growing in popularity. Today, it is the blockchain network that is the Ethereum network’s biggest competitor. That is because it offers a solid range of products and services. The most notable ones are the cheaper, faster, and more scalable transaction processing capabilities that the network boasts of.

Its new product is aimed at facilitating merchant payments and commerce rails. Both are very lucrative and thus a provider that offers the most value in terms of costs and instant payment settlements can tap into this unique growth opportunity.

No Middleman

Perhaps the most interesting thing about Solana’s new venture is that it lives up to the promise of crypto. Using QR codes, users will be able to make direct peer-to-peer (P2P) payments. All they need to have is a valid cryptocurrency wallet.

According to Solana Labs Head of Payments Sheraz Shere, the new product has the potential of paving the way for the future of mainstream crypto use. The fact that there is no need for a middle man taxing every transaction makes it very appealing to both merchants and consumers.

“Now that we have a blockchain that has the throughput, speed and scalability and low fees of traditional payment networks – 50,000 transactions per second and sub-second transfer times, we can potentially build a merchant payment system that’s truly on the blockchain, and most importantly, that’s peer-to-peer and decentralized and permissionless.”
Sheraz Shere, Solana Labs’ Head of Payments.

For those who may be concerned about volatility, the new product is particularly focused on USDC. According to the company, USDC transfers are the best way to go as they are not only simple to execute but also unlikely to add any stress to the network.

Crypto Gambling Wins iGaming Market in Third Quarter of 2021

Posted on December 2, 2021December 2, 2021 by Martin S.

As crypto gambling continues to rise in popularity, we are also seeing a lot more activity in the crypto gambling space. Digital currencies and tokens such as Bitcoin have been evolving rapidly with gambling being one of the most significant areas of growth. Online gambling is currently the most lucrative space for many operators. Innovative use of technologies such as crypto and blockchain has been very vital for this growth.

Following a market study that lasted over several months, last Tuesday renowned crypto-first iGaming operator BGaming released a report detailing gambling market trends in Q3 of 2021. According to this report, crypto gambling showed the most significant growth of all existing gambling trends.

There was a massive surge in the popularity of digital currency use across several different sectors. It is now closer to mainstream adoption than ever. As such, its increasing popularity has made it a great way for many online casino operations to differential themselves. While Bitcoin still leads the pack, other digital tokens including custom ones from gambling operators have been doing very well.

“Being the world’s first iGaming provider to offer cryptocurrencies, we draw particular attention to crypto gambling. BGaming widens its network of crypto projects and we see the results. The number of explosive winnings on crypto projects has significantly risen over the past few months.”
Bogdan Gres, Brand Team Lead at BGaming.

For crypto-focused gambling companies such as BGaming, this is an indication that their efforts are paying off. It will therefore not be surprising to see even more entries into the crypto gambling space by both new companies and existing operators.

More Insights

The BGaming report also included other valuable insights into the current state of the iGaming sector and what we can expect for the future. To begin with, it found that mobile gaming is still a force to reckon with. Almost 95 percent of the operator’s gamers played from their mobile devices. If that is anything to go by, the mobile gambling vertical should only get better in the future.

Another important aspect of online gaming that BGaming’s report listed was the growing young adult audience. This tech-savvy and highly dynamic market grew by more than 6 percent in 2021. Finding new and exciting entertainment options is important to this audience. BGaming has thus been able to attract many of them thanks to its innovative crypto-powered offerings. To stay at the top, the company must cater to the demands of this audience.

DefiXBet Launches World’s First DeFi Casino Platform

Posted on October 2, 2021September 30, 2021 by Martin S.

The future of P2P gaming platforms is looking very bright thanks to all the amazing innovations that are coming to the space. One of the most recent developments in this regard is from DefiXBet which has announced its very first decentralized casino that has integrated Decentralized Finance (DeFi) features. In addition to being an amazing offering with P2P functionality, the site claims to deliver the cleanest, transparent, secure and anonymous betting experiences in the industry.

Many crypto gamblers will be aware of centralized casinos and all the challenges that they are associated with. Many gaming operators have been trying to solve this problem. Some of the solutions including DefiXBet’s are very impressive. Instead of relying on gaming scripts that are easy to manipulate, the platform uses smart contracts. This contributes to the transparency and trustworthiness that the platform boasts of.

To further affirm its commitment to trustworthiness, the platform also supports decentralized betting. Through its “Custom Decentralized Bet” or CDB, the leaders of the site will have access to real-world and real-time data like API. This goes a long way in increasing user trust on the platform.

Opportunities For Players to Share Profit

Now, gambling can be fun but as always, winning is not guaranteed regardless of the game that you are playing. This is not really a problem as it is the very nature of all games of chance. However, DeFiXBet seems to found a way of letting the customers share a piece of the casino’s profit even if they lose at the gaming tables.

One of the features that make DefiXBet so attractive is its utilization of the DeFiProtocol to share casino profits with holders of its DXB token. That profit is distributed in such a manner that 40 percent goes to the stakeholders of the DeFi platform while another 40 percent goes to the DeFi platform itself. The remaining 20 percent is then channeled towards token buy-back and half of this will get burned.

“The DXB token value is designed to grow rapidly by scaling the platform while token holders can gain passive income by staking DXB or by creating their own casino games as a 3rd party developer,” one of DXB’s developers elaborates.

The inclusion of 3rd party games is a particularly exciting concept. This will not only mean more games for users but also presents an opportunity for more revenue generation from the additional profits gotten from the third parties.

Binance On the Spotlight Over Ties to Betting App in India

Posted on August 2, 2021August 2, 2021 by Martin S.

Both crypto and betting have been enjoying massive popularity all around the world. The situation is, however, not as rosy in India. The country has been known for its rather strong stance against gambling and the burgeoning digital currency and blockchain ecosystem. Its government has been trying hard to regulate these sectors. The latest casualty of these efforts is Binance, one of the world’s most popular crypto exchanges and brands.

Recently, the Enforcement Directorate, India’s anti-money laundering agency, began a probe into Binance Holdings Limited. The investigation is meant to ascertain whether the crypto exchange had something to do with betting apps. Its executives are currently being investigated.

No official communication is available on the matter. The Enforcement Directory has not commented and representatives from Binance have denied receiving any summons.

“We have always been a proactive player in fighting crime. We comply with regulator requests all around the world and we don’t comment on any specific engagements.”
Binance’s Spokesperson.

However, sources close to the matter have shared differing information that points to some messy issues. It will certainly take a bit of time before any of these matters get settled. It is thus bound to reach the public domain soon.

What Caused the Problem?

Blockchain, digital currencies, and the businesses related to them are no stranger to controversy. Binance is no exception. The company was incorporated in the Cayman Islands and has no corporate headquarters. This raised some eyebrows and the exchange has been facing scrutiny. Many countries including India have concerns that digital currencies can potentially be used to facilitate money-laundering, drug trade, and even terrorism.

Binance’s woes in India may have emanated from its involvement with betting apps which are also still facing some troubles themselves. The operators of said betting apps used wallets with WazirX to buy, convert and transfer funds on Binance. There should be a straightforward way of dealing with this but that is, unfortunately, not the case.

As it turns out, Binance failed to take responsibility by collecting the necessary know-your-customer documents from clients in most of the transactions. In addition to that, the crypto exchange also reportedly failed to collect information as required by the Finance Action Task Force (FATF), the global anti-money laundering watchdog.

Now, this may blow over without too many implications. Still, it represents a clear need for further action concerning the regulatory framework. India in particular has a long way to go when it comes to warming up to crypto and betting.

Sony Publishes Patent for Crypto-Powered Esports Betting

Posted on June 2, 2021June 1, 2021 by Martin S.

Thanks to the massive success of its PlayStation ecosystem, Sony is arguably the most cherished gaming company on the planet right now. This has not stopped the company from pursuing various areas of growth and, as it turns out, crypto seems to be one of the areas that the company has been looking at. In mid-May, this was confirmed following a report from Market Research Telecast which states that the Japanese video game company had finally published a crypto-related patent that they had filed back in 2019.

The report gave a glimpse of Sony’s plans for the crypto industry. It plans to start accepting bitcoin payments which would allow for live in-game esports betting. The platform would reportedly use both traditional or fiat currency as well as digital currencies but we are naturally more interested in the crypto aspect of the whole thing particularly because it represents yet another massive growth milestone for the sector.

How Would It Work?

Sony already boasts of a massive network as it stands and perhaps their next moves in this regard will revolve around making the new technologies work with their existing products. From what we could gather, the new crypto esports betting feature will simply work as an overlay. This means that the gamblers will still be able to watch the games live and be able to bet in real-time.

When it comes to the betting odds, the company will reportedly rely on artificial intelligence (AI) system that will be utilizing data related to the game’s history and that of the players. To make it even better, Sony seems to be planning to make the amazing new feature available to users of other platforms as well. In the patent, the company mentions porting it other consoles and gaming devices from companies like Nintendo and Microsoft which are the company’s biggest competitors.

Why This Matters

Digital currencies have generally been all the buzz lately and while most of the attention it has been getting could be good, there are still lots of people that are not sold on the idea yet. Sony’s, which owns the most recognizable gaming brands on the planet, entry paves the way for even more adoption.

Gaming has always been one of the most promising use-cases of digital currencies and with the massive rise in esports, there is certainly no better time to begin this journey than now. If everything falls into place, gamers all around the world will soon be able to have an even more refined glimpse of what the video game company has in store for them.

Bitcoin Boom Prompts New Developments for Financial Institutions

Posted on March 2, 2021March 2, 2021 by Martin S.

The past couple of months have been quite monumental for the world of crypto. Bitcoin, in particular, managed to scale to even greater heights and broke records it had set before, something that has a ton of impacts on the way individuals and institutions perceive crypto. Already, we are seeing several new developments with the most notable ones being by leading financial institutions. It is not just gambling operators anymore.

Goldman Sachs to Reopen Its Cryptocurrency Trading Desk

Beginning next week, Goldman Sachs Group Inc will be reopening its crypto trading desk. It is the second time that the banking powerhouse will be pursuing a piece of the crypto market. The previous attempt was in 2018 and was abandoned following the crash of bitcoin at the time. Now, there has been a change of heart for the company which is without a doubt a result of the mind-numbing bitcoin surge recorded over the past several weeks.

Goldman Sachs’ new crypto trading operation will see it deal bitcoin futures for clients. In addition to that, it will also be trading non-deliverable forwards which are already quite popular in foreign exchanges and commodities markets. This move has been equated to decisions by investors and companies to use bitcoin as a hedge against inflation especially as governments and central banks turn on various stimulus taps.

Coinbase’s Impending Listing

Riding on the back of a very strong 2020 and a solid first two months of 2021, Coinbase which happens to be one of the world’s most popular exchanges is finally taking another leap forward by becoming a public company. This will not only enable it to raise capital publicly but also push forward its plans to give more people access to crypto. If you missed out on the crypto boom, this will be the perfect opportunity to jump onto the bandwagon.

An official offering date is yet to be announced but if the ongoing rumors and speculations are anything to go by, we should expect some developments very soon.

Robinhood Records Massive Surge in Crypto Activity

Robinhood has also recently reported seeing growing consumer interest in crypto trading – the volumes have already risen significantly which goes to show just how lucrative the sector is becoming. To put this into context, the company saw a whopping 6 million new crypto traders at the beginning of 2021, a number that is still growing.

Perhaps the next move will involve the expansion of its crypto portfolio. As it stands, it only supports seven digital currencies which is a rather small number when compared to other trading platforms. This should, hopefully, change very soon.

CoinPoker Migrates All its Tables to USDT

Posted on October 2, 2020October 1, 2020 by Martin S.

CoinPoker has kicked off the new month by implementing a huge change to its very popular online poker platform. Beginning October 1, all of the operator’s tables have been migrated to USDT, a popular stable coin that, as its name suggests, it linked to US Dollars exchange rate.

The online poker platform is the first to introduce USDT as its in-game currency, a move that is expected to bring over some much-need changes to the operator’s offerings. This will certainly be a major boost for the site as it strives to extend its footprint across the vast online gambling industry.

The Perks

To begin with, one of the first things that the operator is pursuing with the decision to use USDT is to solve the volatility issues that continue to plague several different digital currencies. More players are definitely going to be more willing to play online poker on the platform using a digital currency that is pegged to the value of the dollar.

USDT checks all of the right boxes when it comes to stability, transaction speed as well as overall reliability. For the poker community, it is definitely going to be a great option especially because of its superiority in terms of providing liquidity and a hedge against volatility.

Poker players are now also going to have the lowest rake in the industry while at the same time enjoying a verifiably fair decentralized card shuffling mechanism, a combination that is yet to be seen anywhere else.

More Features from CoinPoker

Since not many people will already have USDT, CoinPoker has also made currency conversion super easy. Not only can the players easily convert fiat to USDT from their bank accounts but they also able to deposit and withdraw in BTC and ETH. CoinPoker’s in-app currency conversion is pretty robust and reliable, something that lots of poker players will certainly love.

In case you are wondering what will become of CHP, CoinPoker’s original token, it will still be available for use for rake purposes. In fact, it will be used right alongside USDT. Players will note be forced to use CHP but suing its will, however, guarantee some pretty lucrative extra perks such as extra leaderboard points, rakeback, exclusive access to the operator’s sportsbook as well as massive discounts on withdrawal fees.

The amazing bonuses that the operator dished out on October 1 were just the beginning. There is so much more to come. Still, there is no better time to join the action than now.

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Author: Martin S.