Industry News
Blockchain: the new paradigm for iGaming
The blockchain is the new technological paradigm redefining the way to transact. This type of technology has the potential to change the way we purchase and sell, interact with the authorities and verify the validity of services and things. It merges the openness of the Internet with the security of advanced cryptography and it offers its users a swift, clean and transparent manner to verify key data and build trust.
Why the blockchain though?
There is significant investment in blockchain technology from tech industry giants such as Microsoft and IBM with millions of dollars spent on blockchain-powered projects. Furthermore, it is estimated that the financial and banking industry would be able to save $8 to $12 billion annually if employing blockchain solutions. The technology is already showing potential and it is expected that the global blockchain market to be worth $20 billion by 2024.
Since its inception, there has been an immediate boom of interest due to its potential. In spite of its popularity and the frenzy it has created, this new technological development is often misunderstood and misplaced. But how can the blockchain be applied to different industries? Is it that flexible it can disrupt key industries with its revolutionary idea? Despite the current application of blockchain in various fields and industries, statistics show that an overwhelming 84% of C-Levels are starting to be aware of its potential and are looking at incorporating this revolutionary technology in business operations. Thus, we are not talking about a trend anymore, but we are looking at a viable alternative option to our traditional system.
Is the Blockchain a game changer?
First of all, the blockchain it was created to offer transparency and accountability when transacting. Secondly, this new technology does not represent a universal replacement for systems of production and finance, but it is more beneficial to certain industries only. Thirdly, the blockchain goes beyond transactional security as it creates a public ledger where all transactions are recorded and instantly verified against each other to ensure accuracy.
The rush to pioneer new technologies, or to apply existing ones in innovative new ways, is fierce. Businesses constantly seek to stand out from the crowd, and the fastest way to differentiate one’s self is by delivering the best user-experience. Blockchain’s fundamental feature is to create an engaging user experience rather than being a ubiquitous solution to our traditional operations systems.
Among the industries where blockchain can have a positive impact and set ground for a new experience is the interactive gaming one where different solutions started to flourish as soon as the crypto frenzy made its way out. However, as blockchain started to disrupt the gaming arena, consumers started to get more familiar with the benefits, all in an environment they are already used to.
The gaming industry and blockchain technology are the major actors of a new wave of competitive technological upheaval. New projects, such as the ICOs, provide open source development and economic frameworks that can offer game developers the chance to break new grounds.
So the question is, what can the blockchain do for the gaming industry?
The need for innovation in the gaming industry is acute. But to disrupt the industry, the concept of a fair game, based on transparency and some luck, has to be a top priority when incorporating the blockchain technology. The current consumer demographics is different than a decade ago when the gaming industry took off and users tastes and preferences became much more complex. Thus, blockchain technology represents a natural step in this situation and it is more than an overhyped marketing trigger. It creates new value by designing new generation solutions which are more efficient, trustworthy and transparent.
Despite blockchain being used by several gaming projects, only a few survived and most of them are advertising themselves as “smart casino” platforms offering popular games.
However, blockchain technology proves to be a more fit option for a different type of gaming project that is a full-scale specialized B2B platform aiming to provide the gaming operators with an innovative blockchain experience. One of such projects is SP8DE, whose objective in 2018 is to launch a sophisticated decentralized blockchain-based system for online and offline interactive gaming providers.
Evgeny Borchers, co-founder and Chief Visionary Officer of Sp8de explains. “SP8DE’s protocol is a striking use case that provides actual value not just for the gaming industry, but for anyone who needs to reliably and accurately generate random numbers with an indisputable public “paper trail” that ensures transparency. Numbers cannot be manipulated by anyone and it’s also easy to implement. The platform is specifically designed to address the challenges that publishers would normally face in integrating such a new technology with their existing tech stack. Thus, the SP8DE protocol is combining the benefits of off-chain and on-chain RNGs which makes it easier to implement for different kinds of gaming providers”.
Ensuring a brand new user-experience and security using public ledgers could be the answer for game developers to step up their competition. After all, blockchain seems to be the solution for revamping the world of gaming companies and their users. It is a matter of vision and research for entrepreneurs and projects in the gaming industry to make the most out of the blockchain technology. It is only a matter of time until more smart ideas will emerge and the game arena will do blockchain technology justice.
Industry News
LiveScore Group Announces Internal Restructuring as Part of Sustainable Growth Strategy
LiveScore Group has announced an internal restructuring process, expected to impact more than 100 existing roles across multiple business locations, including London.
The changes are seen as a difficult yet important step for LiveScore Group, streamlining the business to create improved structures and a pathway to long-term sustainable growth. All impacted employees have been informed and are now subject to a confidential consultation process.
Sam Sadi, CEO of LiveScore Group, said: “On behalf of all Directors of LiveScore Group, and the relevant subsidiary companies, we are saddened by the difficult decision to commence an internal restructure of the business, a process which impacts a significant number of our people.
“Whilst we celebrate our recent period of significant and exciting growth, we must now future-proof the organisation and ensure our internal structures allow us to achieve long-term and sustainable success.
“This is a hard time for all our people, as we say goodbye to colleagues who have played an important role in our journey across recent years.”
The announcement follows on from the recent news that LiveScore Malta Limited (part of LiveScore Group) is to withdraw its LiveScore Bet brand from the Netherlands following recent government tax increases in the market. The announcement includes those impacted by this. There will be no other customer impact in respect of any of the remaining LiveScore, LiveScore Bet or Virgin Bet sites globally.
Industry News
Pronet Gaming Appoints Alex Karaoulis as its New Commercial & Product Strategy Lead
Pronet Gaming, an award-winning platform provider of full turnkey solutions, announced the appointment of Alexandros Karaoulis as its new Commercial & Product Strategy Lead.
With over 14 years of experience in the iGaming industry, Karaoulis brings a wealth of knowledge and expertise that will be instrumental in driving the company’s strategic initiatives forward.
Throughout his iGaming career, Karaoulis has held various senior roles with B2B sportsbook and casino providers, as well as with B2C operators. His extensive background in marketing and sales within the iGaming sector positions him as a true industry expert, ensuring that Pronet Gaming remains at the forefront of innovation in a rapidly evolving market.
“I am thrilled to join Pronet Gaming and excited to fulfill my role in developing and executing sales strategies to drive the company’s revenue growth in key markets,” Karaoulis said.
With a track record in commercial strategies and driving product excellence, Karaoulis’ appointment is invaluable as Pronet Gaming now seeks to expand its footprint to Asia. His vision and deep understanding of the iGaming landscape equip him to navigate the unique challenges and opportunities that the dynamic region presents.
“I want Pronet Gaming to lead the iGaming revolution by providing innovative, culturally tailored solutions that cater to the diverse and rapidly growing demands of the region. Through strategic partnerships, cutting-edge technology, and a deep understanding of local markets, we aim to empower operators to offer world-class gaming experiences that engage players and drive sustainable growth,” he added.
According to Karaoulis, Pronet Gaming is poised to make a splash in Asia by leveraging its advanced technology, flexible platform solutions and deep market expertise while adapting to the unique characteristics of the region.
“The key differentiation point of Pronet Gaming is that we have B2C experience, which greatly aids in understanding the needs of operators and helping them to improve and execute their strategy according to the market. I have worked in B2C roles for more than seven years in my iGaming Career and managed campaigns across various channels, optimised conversion funnels, and learned to use data to improve player acquisition and retention,” said Karaoulis.
Karaoulis acknowledges that the marketing skills he has acquired from B2C experience are valuable in every B2B environment. As he dives into his new role at Pronet Gaming, Karaoulis aims to guide his operator clients on how to better market their own sites, including providing them with advice on effective acquisition strategies, content marketing and campaign structures that appeal to iGaming audiences.
“I also focus heavily on engagement strategies, loyalty programs, bonuses, and personalised offers to keep players active and returning. In my new B2B role, I will advise clients on best practices for player engagement, helping them adopt effective loyalty programs, personalised marketing, and retention tactics that drive player lifetime value to improve the end-player experience for our clients’ sites,” Karaoulis added.
Industry News
Vbet Wins Best Online Casino Operator 2024 at SiGMA Europe 2024
Vbet has been crowned the Best Online Casino Operator 2024 at the highly coveted SiGMA Europe event, cementing its position as a leader in the online gaming industry.
This achievement highlights Vbet’s commitment to providing an exceptional user experience by combining cutting-edge technology with a vast range of options and a secure process. The dedication to creating a responsible, enjoyable environment for players was recognised with this award, making this accolade even more significant. As Vbet continue to expand into new markets, the list of strategic partnerships grows alongside our constant drive to expand its offering. This award serves as a stepping stone on its path to reach more players and set new standards in the industry.
Arman Khachatryan, VBET’s Managing Director, said: “We are incredibly proud to receive the Best Online Casino Operator award at SiGMA Europe 2024. This recognition is a testament to the hard work, passion, and effort of our entire team. Our mission has always been to deliver the highest quality experience in the safest environment possible to our users. This award not only recognizes our dedication to this mission but also motivates us to continue expanding into new markets and territories.”
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