Bitcoin
The Gambler’s Fallacy is a Crutch for Bitcoin Adoption
By Ray Sze, Head of Games at Bitcoin.com, who has extensive experience in the gaming industry that stretches back more than a decade.
Gambling is a human institution and has been for millennia. It has been there along the way with religion, relationships, and sports as a regular institution in our lives. Many hopes and dreams have been validated and destroyed on the whims of a game of dice or roulette wheel. There is an explanation though – The Gambler’s Fallacy. This logical premise is cemented in the human psyche and is why gambling continues to thrive as an industry today — the same as it did in Babylon.
Today however, gambling is a much different phenomenon than its ancient predecessors. Americans bet $149 billion illegally on sports in 2015, and digital casinos rake in profits that compete with their physical counterparts on the Las Vegas strip.
Internationally, gambling havens like Monaco and Macau thrive on the same predilections for gambling that enabled hotbeds of underground casinos to emerge in the first place.
But the digital world is where gambling is poised to continue its rapid growth. No longer can fortunes explicitly be made and lost at a physical card table. Poker celebrities continually arise out of vaunted online poker circles to hit the floor at world championships hosted by the likes of MGM and The Venetian.
And cryptocurrencies are positioned to become an integral component of the proliferation of digital gambling.
An Already Changing Landscape
A cursory glance at some of the leading online gambling venues (e.g., Bovada), reveals that these platforms are already embracing cryptocurrencies.
For example, before the emergence of bitcoin, online gambling platforms typically had to pay out winners via cashier’s checks (delivered by snail mail) or chargebacks to the user’s credit/debit card. A cashier’s check is about the slowest route to pay someone and is, obviously, not ideal in 2020. Chargebacks to cards were admittedly popular for a while, but they exposed Americans (illegally online gambling) to the whims of their banks and formed a trail of breadcrumbs for authorities investigating online platforms.
Enter bitcoin.
Nearly every popular online gambling site that earned its stripes in the early 2000s is embracing bitcoin. It reduces regulatory exposure on the part of the bookie (i.e., the platform), and makes payments quicker, more anonymous, and less costly. Bitcoin is naturally congruent with digital gambling.
And the second-order effects on bitcoin’s adoption are important to recognize.
Gambling is an Adoption Crutch for Bitcoin
People who gamble, and are not familiar with bitcoin, will progressively be exposed to the legacy cryptocurrency as their presence on digital gambling platforms increases. It will progress out of necessity and convenience too, not out of some ideological loyalty to bitcoin.
If you’re gambling on an online platform, what’s the better option?
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Risk problems with your bank and not receive your payout by using the card chargeback method.
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Wait for 2 – 4 weeks to receive a check in the mail.
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Download a bitcoin wallet and use that for instant payouts for the remainder of your gambling voyage.
Option 3 is clearly the most convenient.
Bitcoin adoption based on convenience is also a unique adoption curve for the cryptocurrency. Outside of online gambling, bitcoin is primarily “convenient” in the context of stashing funds from oppressive governments, circumventing capital controls, or sending lucrative sums to another person/entity with strong security and speed assurances. Outside of those contexts, bitcoin is not well understood by the public and is inconvenient to use.
The user-experience of wallets in the bitcoin market is rapidly improving, but gambling may be the crutch it can lean on in the near future.
For example, digital casinos aren’t solely emerging as competitors to Las Vegas casinos, they’re arising exclusively as bitcoin casinos — like Bitcoin Games. These digital gambling platforms emphasize the speed of payouts, transparency, and privacy. Not to mention they’re populated with new types of games and (in many cases) open-source code on a blockchain to enable gamblers to verify that they’re not being taken to the woodshed by the house.
And once these casinos start embedding more advanced sportsbooks? Lookout. Especially considering the NBA’s recent warming to the idea of enabling legal gambling on its games.
Digital global gambling statistics are challenging to coalesce due to fragmented regulations and the illegal nature of its existence with many private bookies, but what’s evident is the massive scale of the industry. Online gambling has grown virtually linearly over the last decade and the industry as a whole is projected to expand by a CAGR of 8.7 percent through 2024.
With an estimated 26 percent of the world’s population gambling at some point, that’s an enormous opportunity to onboard more users to bitcoin — an adoption crutch often overlooked as we enter the 2020s.
Having already ushered in a new era of crypto-based betting for the masses with the launch of its popular Up or Down? concept, innovative price predictions game provider, Bitblox, is upping the ante this month by debuting the thrilling new release, 3 in a Row.
Combining the excitement of slot gaming with the dynamics of the Bitcoin market, 3 in a Row once again challenges players to correctly guess how the price of the world’s leading online token will fare over a one-minute timeframe – only this time, they’ll have to log three separate predictions at 20-second intervals and will need to be right all three times in order to win a prize.
With all of the possible combinations available substantially increasing the rewards on offer at the end of each round, players will be able to improve their chances by taking advantage of 3 in a Row’s Bet Builder – a feature that helps them cover up to three potential results in a single wager.
If, for example, the player strongly believes the price of Bitcoin will go up during the first 20-seconds, the Bet Builder will allow them to combine three possible sequences such as Up/Up/Up, Up/Down/Down and Up/Down/Up to ensure that so long as their initial hunch is right, they’ll definitely have one of their selections live as they enter the final 20-second price window.
With only one correct combination required to win a Bet Builder, this adds an extra dose of excitement to the game that keeps players on the edge of their seats until the final few seconds – but if they’re feeling lucky, they can also simply spin the reels to create a random price sequence.
Optimised for both desktop and mobile devices, 3 in a Row is available in a fixed odds game with a margin that can be adjusted by operators, making it an infinitely customisable title that realistically offers players the chance to win up to 15x their bet per round.
Currently offered in English, Spanish, Portuguese, Turkish and Japanese with many other languages available on request, 3 in a Row and all other Bitblox games are a safe and secure way for operators to tap in to the burgeoning crypto-based betting market and add an exciting new vertical to their casino line-ups.
Brandt Page, CEO at Bitblox, said: “What could be more exciting than correctly guessing whether the price of Bitcoin is getting rekt or going to the moon over a one-minute window? Why, doing it three times over the same timeframe for even bigger rewards, of course!
“With Bitblox’s new 3 in a Row game, players will be able to enjoy triple the fun as they chart the price of crypto’s leading online token over three 20-second intervals, with this providing a thrilling, fast-paced prediction game that’s suitable for everyone and capable of paying out major prizes.”
The post Enjoy a triple header of Bitcoin-based action in 3 in a Row by Bitblox appeared first on European Gaming Industry News.
Bitcoin
Stake Colombia Partners with NetRefer for its Casino and Sportsbook Affiliate Marketing Platform
Stake Colombia, the Latin America division of Stake, has entrusted its Casino and Sportsbook brands to NetRefer’s Affiliate Marketing Platform.
Colombia serves as Stake’s operational base for expansion throughout Latin America. Their influence in the booming LatAm iGaming market began in 2023, through the strategic acquisition of Betfair Colombia and its license. “Expanding into the Colombian market is a strategic decision that aligns perfectly with our vision for growth and innovation,” said Brais Pena, Chief Strategy Officer at Stake.
This vision underscores Stake’s commitment to establish itself as a key player within Colombia’s market, increasing the assertion of the nation’s status as a home for innovative foreign investments.
Stake has multiple high-profile sponsorships, and missing the iGaming giant is almost impossible. It sponsors the likes of Everton FC, the UFC Franchise, and now in 2024, they announced their biggest move to date: their very own Stake F1 Team. The company’s redefining of brand partnerships also includes a deal with Megastar rapper Drake. Now, with the establishment of Stake Colombia, the company is accelerating its massive influence in the LatAm market.
In iGaming, it takes more than high-profile sponsorships to get to the top and stay there. To win that battle, Stake Colombia has an armada of popular Casino Games, Slots, Live Casino, Blackjack, and Drake’s favourite, Roulette, to accompany its extensive Sportsbook and keep the iGaming business skyrocketing to success. Apart from providing their customers with world-class games, how-to guides, and display boards promoting the best paying-out games, their easy-to-use platform allows players to place bets on various sporting events with minimal clicks and effort.
Stake works hard to maintain its dedication to fair play, legal operation, and transparency. This is demonstrated in their verified status with the Crypto Gambling Foundation and projects to promote responsible gambling. Their status as a ‘Crypto Casino’ is backed by all the cryptocurrency giants, such as Bitcoin, Ethereum, and Dogecoin, to name a few, in the jurisdictions in which this payment method is allowed.
Also noteworthy is the company’s commitment to security. State-of-the-art encryption methods and 24/7 customer support come as standard with Stake Colombia. Their priority to maintain player satisfaction is achieved through unique reward programs and campaigns, including their superb betting events with the rapping legend Drake, enhancing a better gambling experience and contributing to overall affiliate commission earnings.
Being a Stake.com.co Affiliate means earning commission for all bets placed on its Casino and Sportsbook, which, unlike traditional affiliate programs, means earning money even if players win. This ability to go above and beyond industry practices in various sectors has surely paid dividends to Stake’s rise to power.
Stake Colombia has partnered with NetRefer as their Affiliate Marketing Platform provider with Casino and Sportsbook brands. NetRefer expresses its delight to have such a renowned market leader join their client portfolio and become part of their journey to continued success.
Become a Stake Affiliate: https://stake.com.co/es/afiliados-resumen
Learn more about NetRefer: https://netrefer.com/
In March 2024, Bitcoin soared to a historical high, nearing 70,000 euro per coin. How does this impact the iGaming market? Being a tech company with over 15 years of experience and an innovator in crypto iGaming software development, SOFTSWISS shares anticipations in its quarterly crypto analysis.
Over 220 brands powered by the company engaged in crypto transactions during the first quarter of 2024, which is 12% higher than the previous quarter. SOFTSWISS experts analyse the data gathered from crypto-friendly brands by employing extrapolation, comparative, and correlative analysis.
iGaming Market Overview: Unveiling Anticipated Growth
The size of the global online gambling and sports betting industry is expected to rise significantly and exceed 170 billion euro by 2032, according to Statista. Based on SOFTSWISS data, the iGaming market has demonstrated a stable pattern of growth year after year.
In absolute terms in euro, the Total Bet Sum grew by 5.8% in the first quarter of the year compared to the last quarter of 2023. Analysing the year-on-year increase, comparing Q1’24 with Q1’23, the growth is more impressive, showcasing a 47.2% boost.
Simultaneously, the Total Bet Count, both fiat and crypto, displayed a slightly larger gain in the first quarter of 2024 compared to the previous quarter, surpassing 6.1%. The indicator’s year-on-year boost is much more notable, revealing a 57.2% increase.
The popularity of iGaming in recent years has been fuelled by its global reach and accessibility due to constant technological advancements. On one hand, the quality of internet connectivity continues to rise, while on the other, new payment methods are emerging, simplifying payment procedures.
The in-depth quarterly analysis, ongoing since the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q1’24, the Fiat Bet Sum increased by 6.9% compared to Q4’23, while the rise of Crypto Bet Sum was at 2.4%.
The more active growth of fiat bets led to a slight decrease in the share of crypto. In the first quarter of 2024, the crypto share in the Total Bets Sum settled at 24.4%, decreasing by 0.8 percentage points (p.p) compared to the last quarter of 2023.
What is the State of Crypto in iGaming?
Analysing crypto bets, it is crucial to highlight that almost 93% of them are facilitated through the in-game currency conversion tool, which is gaining traction. This mechanism allows operators to engage players with cryptocurrency assets in games initially tailored for fiat only. Operators that adopt such options are gaining more competitive advantages in the market.
While the Q1’2024 Crypto Bet Sum shows a moderate 2.4% growth compared to the previous quarter, the year-on-year analysis demonstrates a 20.8% increase. The Crypto Bet Count remained unchanged in Q1’24 compared to the previous quarter’s indicator. Simultaneously, the metric increased by 21.3% year-on-year. The figures speak volumes, showcasing a consistent interest among players in crypto gaming.
“The lack of a substantial increase in the number of crypto bets during Q1’24 can be partly attributed to the significant rise of the Bitcoin exchange rate during this period, leading players to be more cautious with their crypto bets. This trend mirrors the situation in the first quarter of the previous year when the Bitcoin exchange rate surged following a decline at the end of 2022,” comments Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.
What Distinguishes the Average Crypto Bet?
The average crypto bet increased to 1.71 euro in the first quarter of the year from 1.66 euro in the last quarter of 2023. This growth correlates with a significant strengthening of the Bitcoin rate during the first quarter of 2024.
The average fiat bet remained steady at around 0.81 euro in Q1’24 and Q4’23. The average total bet stayed constant since the second half of the previous year and is equal to 0.93 euro.
Notably, the average crypto bet is double that of fiat. This indicates that digital currencies are preferred by higher-income players.
Why Did Bitcoin’s Share Drop?
The Top Five most operated digital coins in iGaming have remained stable during the last two years with minor changes in ranking order. The top still includes Bitcoin, Ethereum, Litecoin, Dogecoin, and Tether.
In Q1 2024, Bitcoin experienced a significant decline of 9.4 p.p. compared to Q4 2023. This could be attributed to the bolstering Bitcoin exchange rate and players exercising a more cautious approach towards it.
In contrast, the shares of other digital coins have increased. Ethereum and Litecoin showed growth of 4.0 p.p. and 3.8 p.p., respectively, during the same period. Simultaneously, Dogecoin rose to fourth place in the ranking, leaving Tether behind.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The benefits of employing digital currencies, such as fast transactions and anonymity, still attract many players. Embracing cryptocurrencies in iGaming can boost operator profits despite their volatile nature.
As the Bitcoin rate is expected to strengthen after the Bitcoin Halving, the average crypto bet and projected gains may see a notable impact. During such promising times, it is crucial to have reliable and experienced partners to navigate the path to success.”
About SOFTSWISS
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform, and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
The post Navigating Bitcoin’s Impact: SOFTSWISS’ iGaming Industry Overview appeared first on European Gaming Industry News.
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