Amid all the different areas that are commonly discussed regarding cryptocurrency and blockchain expansion, one that might have some of the strongest potential to reach the most people is gaming.
This doesn’t always get as much attention as some other related topics, but the truth of the matter is that blockchain technology is being used more and more across various facts of the gaming industry.
A list previously published on The Business Of Crypto of gaming development studios and entertainment apps that use blockchain is already extensive, and it only stands to grow as more companies in this space recognise the myriad uses of the technology.
The question we’re asking here though is whether casino gaming sites specifically will get in on the action.
The UK’s casino sites in particular represent a very high-volume business, featuring games from developers around the world and essentially setting the bar for a whole genre of entertainment. So, naturally, any widespread adoption of blockchain-based practices or even cryptocurrency use by these sites would impact a great many people.
Bitcoin’s role in UK entertainment sites remains niche for now
The first thing that comes to mind for many will be whether or not bitcoin can be used at these casino sites.
As of now, there are primarily scattered examples of smaller, more niche gaming sites that have adopted direct crypto transactions in place of fiat currency.
However, it should also be noted that among the leading UK casino and slot sites, there are payment processors being broadly used that already deal in cryptocurrency - most notably Skrill.
This service has been described as one of the simplest places to buy cryptocurrency, and while that cryptocurrency can’t be directly deposited at most mainstream UK casino sites, it still represents a step in that direction. Already, crypto holders using Skrill can sell bitcoin for currency and then make a deposit. And it wouldn’t be shocking to see some participating casino sites allowing direct crypto deposits from Skrill accounts before long.
Digital services on casino sites are improving
Aside from the idea of direct crypto deposits though, blockchain technology in general may well have a place in these casino sites quite soon.
Already, the sites are focusing very much on how to offer their digital services - including player deposits and withdrawals - in the most efficient and secure manner possible.
As of now, this is typically being done through more traditional or mainstream methods. Most notably, the UK offers numerous prominent PayPal slot sites, which make use of the well-known processor to keep customers happy and at ease. Through their existing PayPal accounts, gamers can deposit funds, play real-money slot arcades, and withdraw winnings, all without having to provide any personal financial information.
Considering the popularity of these PayPal slot sites, the next steps could conceivably be to increase security and efficiency even further, and, potentially, remove fiat currency from the equation altogether.
Standing online payment processors seem to be on board
While we can’t speak to UK casinos’ interest on the whole, PayPal as a company is already exploring blockchain applications. With a full embrace of the technology, it could help to implement its own blockchain-based transactions on popular casino sites.
Given all of the above, it’s not a stretch to suggest that we ought to keep the UK’s digital slot and casino providers on the list of industries to watch for mass adoption of cryptocurrencies and blockchain transactions.
Visit these sites right now and you see limited, if any overt references to blockchain or cryptocurrencies. Look into PayPal’s influence in casino gaming and openness to blockchain, however, or dig into Skrill’s crypto integration, and you can see that the seeds have already been planted for significant and widespread integration.
The entertainment industry is changing and it is an opportunity not only for investors but also for service providers across multiple verticals to explore this newly forming market.
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Editor: Diana Trang
I'm a nobody and nobody cares. I like researching business models so that later I can fail miserably anyway. Editor at @BOC__Official.
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Released on December 19, 2019 01:39:01 AM by Daniel M. Read >>