How crypto could be integrated into online gambling
WaterhouseVC's Tom Waterhouse revisits the topic of cryptocurrency wagering and if it could be key to next-generation sportsbook platforms.
We covered the tremendous opportunity in crypto betting in May, which is generating gross gaming revenue (GGR) at a rate of 36.6% per year.
The user experience of online crypto operators is comparable to that of online fiat operators. Stake.com and Sportsbet.io, for example, already have extremely high turnover.
White label platform solutions for crypto betting operators contribute to the overall expansion of crypto wagering. This means they are not exposed to the operational and regulatory risks associated with a single crypto wagering enterprise.
Existing sports betting platforms
White label sportsbook and igaming platform solutions, including as Kambi, OpenBet, and SBTech, are used by many fiat operators.
Our analysis, however, reveals that many existing systems were developed without meeting the fundamental corporate needs in marketing, trade, operations, customer service, and compliance.
Some lack customisation, whereas adjustments usually necessitate more costly development. Customer profiling and risk settings result in inferior experiences for high-profit players and deeper losses for low-value clients. Some systems are incapable of meeting client requests or of providing a segmented customer experience.
All of the existing platforms mentioned above were established more than a decade ago. Some people continue to rely on outdated technology. Technical debt accumulates over time and is a significant concern for platforms as well as technology organisations in general.
Cryptocurrency: The Future of Betting Platforms?
There is a big chance to create a new type of gambling services that mix horse racing, sports, and gaming with crypto and fiat payment options. The following are key essential platform capabilities:
Opportunities to invest in the next generation of wagering platforms are emerging. These make use of new technologies and include modern third-party integrations. Crypto is integrated at the technological layer rather than as an afterthought in such platforms.
Given the continuous rise of cryptocurrency betting globally, as well as all online wagering in the United States, we are quite enthused about the potential opportunities. A critical component of our strategy will be the identification of management teams with extensive experience in the direct development and operation of successful platforms in competitive markets.
By fLEXI tEAM