How Cryptocurrency Might Be Integrated into Online Betting

January 31, 2023 World Blockchain

The tremendous possibility in cryptocurrency betting, which is generating gross gaming revenue (GGR) at a rate of 36.6% annually, was covered last May 2022.

The user experience for online crypto operators is comparable to that of online fiat operators. Companies like Stake.com and Sportsbet.io already have a remarkable turnover rate.

The expansion of cryptocurrency betting as a whole is facilitated by white label platform solutions for operators. As a result, they are not exposed to the operational and legal risk associated with a single cryptocurrency gambling enterprise.

Current betting platforms
White label sportsbook and igaming platform solutions from companies like Kambi, OpenBet, and SBTech are used by many fiat operators.

However, our research shows that a large number of current platforms were not developed with all fundamental internal requirements for marketing, trading, operations, customer care, and compliance.

Some don’t allow for customization, and adjustments often necessitate more expensive development. Poor customer experiences for highly lucrative players and deeper losses for clients with low value are caused by risk configurations and customer profiling. Some systems are unable to create segmented client experiences or keep up with customer needs.

The aforementioned sites were all established more than 12 years ago. Some people still use outdated technology. Platforms and larger IT organizations have a major hurdle in the form of growing technical debt.

Crypto: The future of wagering platforms?
A new type of betting systems with support for both cryptocurrency and fiat payments in racing, sports, and gaming have a great possibility to emerge. The following is a summary of key core platform capabilities:

Opportunities to invest in the upcoming generation of betting platforms are starting to appear. These incorporate cutting-edge third-party integrations and make use of new technology. Such platforms incorporate crypto at the technological level as opposed to after the fact.

We are quite enthusiastic about the potential opportunities, especially in light of the continuous expansion of cryptocurrency betting both internationally and across the board in the US. Finding management teams with extensive experience in the direct development and maintenance of successful platforms in cutthroat marketplaces will be a crucial component of our strategy.