Blockchain
Georgia’s gambling industry is steering towards blockchain
Gambling is one of the biggest industries in the world. It is getting more and more popular with time and there is still plenty of room for development. The gambling industry varies and has changed in nature quite a few times already. While some countries are very specific with their desires in relation to the gambling industry, others are very open to any new opportunities.
Gambling is developing with rapid speed, and the clearest example for it is the online gambling industry which has become one of the mainstream gambling ways. The countries are adapting to online gambling and thus, get access to the new markets on the daily basis.
Many countries have limited online gambling for their citizens, due to the responsible approach to the subjects, others try to evolve and expand online gambling all over the local as well as international countries. Georgia, which is a small country in the Caucasus region, has a very different and liberal approach to the gambling industry, especially when compared to its neighbors.
Gambling is an especially active part of the country’s economy and operation ever since 2014. First amendments and changes have been made exactly in this period, and are still ongoing ever since. Thousands of people gambling in Georgia and despite the small and relatively unstable economy, Georgian online casinos are very popular among the local citizens.
Gambling in Georgia
Bookmakers and online gambling in Georgia are big and still growing industries that employ thousands and generate over 150 million GEL, over $50 million in tax revenue only.
Gambling, as well as sports betting, is a heavily regulated and fully legal sector in Georgia. Moreover, the advertisements, unlike many other European countries, are legal, and thus you can see plenty of banners and signs in major cities as well as online. This encourages more people to take the risk and invest their money and time in gambling activity. As such, Georgia attracts many wealthy visitors for this sole reason.
Technological progress and development have also introduced Georgian gamblers to the new type of gambling, which is a Bitcoin casino and blockchain-based gambling. It is getting more and more popular and is attracting a wider audience. Considering the number of people possessing BTC accounts in the country, the Bitcoin casinos are getting even more popular with time.
In 2017, gambling accounted for 8.4% of total revenue in Georgia’s business sector, which was just above ₾71 billion at that time. The possible increase in BTC gambling promises even increased revenue for the country’s economy. According to the statistics and observations, BTC gambling in 2021 should increase the overall industry revenue by around another $2 billion.
The forecasts are made according to the previous tendencies and the previous increase of the revenue in gambling, once the traditional casinos have switched to online gambling platforms. The largest one-year increase was recorded in 2015 when the rapid growth of online gambling and sports betting resulted in a 91% increase in total turnover in the gambling sector.
Gambling regulations
During the past several years, the local government has introduced some more regulations and initiatives, in order to make the gambling industry even more appealing and safe for the thousands of players. The tax exemptions for the gambling industry in some parts of the country are the most vibrant ones. For instance, in order to set up a casino, a company has to pay an annual fee of 5 million GEL, which is around $1.5 million. Though, in some regions like Batumi, Gudauri, Bakuriani, Borjomi, and some other resorts, the fee is almost 20x less, which is only 250,000 GEL. The massive interference like this is in order to attract more investors and build new, modern resorts.
According to official statistics from the Ministry of Finance, there are 247 permits for organizing gambling activities in Georgia. The industry paid ₾136.5 million into the state budget in 2018. This is ₾17 million more than the amount of taxes paid in 2017.
The changes in taxation resulted in building new casinos. In Batumi only back in 2018, there were 10 casinos operating and the same amount was for the online casinos. Within the next five years, the amount should increase by 50%. This also increased visitors to the region by 75%.
The development of online gambling has also ceased one more problem. Throughout the past several years, the local casinos have mostly been owned by Turkish businessmen. Though, with the development of the local casinos, many businessmen were able to invest in the traditional casinos and renown the casinos.
The increased online gambling flow is already affecting the local economy and society as well. Thus the development of the Bitcoin casino locally shall attract even more attention. So far, there is no local Bitcoin casino in Georgia, though offshore and international operators accepting Georgian players, can still enjoy Bitcoin gambling.
Gambling and the society
The overall perception of gambling in society is not very positive, as an increased amount of gamblers, increases the risks and problems of gambling in people. Though the revenue and the income the industry generates to the economy still makes the local authorities further continue focusing on the development of online gambling.
According to the official statistics, almost 90% of the respondents on the survey are engaged in any type of gambling activity. The rest of the respondents are at least engaged in sports betting, which is also very important and the most popular activity among the locals.
With all the recommendations taken into consideration, Georgia should maintain a loyal and liberal approach to the gambling industry. It is also tightly linked to the tourism industry and high profits. With the rapid technological development and an entrepreneurial boost in society, Georgia might soon become the first country in the region to introduce Bitcoin casinos and switch to blockchain gambling within the next following years.
Blockchain
Innovative price prediction game provider teams up with leading cryptocurrency casino gaming platform to bring quick-fire, Bitcoin-based betting to the masses
Bitblox, the pioneering online software provider behind an innovative new wave of Bitcoin-based titles, has partnered with popular crypto casino and sports betting platform, Betcoin.ag, to bring its innovative price prediction games to a wide new audience.
Known for its signature releases Up or Down? and Up or Down? Turbo – which challenge players to guess whether the price of Bitcoin will rise or fall in a 60 or 20-second window respectively – Bitblox provides a range of products that are both games of skill and games of chance, giving them a unique cross-market appeal that’s proven popular with sports bettors and casino players alike.
Boasting dynamic fixed odds that are tied to the real-time price of Bitcoin, Bitblox’s games aren’t dictated by RNG and therefore offer players a genuine chance of using their understanding of the crypto markets to turn a long-term profit. That said, they’re also highly accessible and require no prior knowledge of Bitcoin, meaning even crypto novices can enjoy their quick-fire betting rounds.
Of course, with Betcoin.ag being one of the industry’s premier cryptocurrency-based online betting platforms, Up or Down? has already established itself as a staple part of the provider’s line-up and Bitblox will continue sharing titles with the site as and when they launch in 2024 and beyond.
As such, both parties are optimistic that the partnership will continue to be a fruitful one going forward – and Betcoin.ag players will also undoubtedly be looking forward to trying exciting upcoming releases such as 3 in a Row and BitSlap when they debut on the platform later this year.
Brandt Page, Chief Executive Officer at Bitblox, said: “We’re very happy to have partnered with BetCoin and have already witnessed a tremendous response to Up or Down? from their players. Over the coming months, we’re looking forward to releasing many more innovative new titles on their platform and hope this will continue to foster interest in the world of crypto-based betting.”
Jessica White, Public Relations Director at Betcoin.ag, said: “With Betcoin being one of the industry’s most popular crypto casino and sports betting sites, we were always going to be a good home for Bitblox content. We really love what the provider is doing with its crypto price prediction games and having seen Up or Down? perform so well, we’re already looking forward to their next release.”
Blockchain
Innovation in the Casino Industry: Top Tech Trends Transforming Online Casino Industry in 2024
The Impact of Technology on the Modern Online Casino Industry: Innovations and Trends 2024
The global casino industry is undergoing a revolution driven by technology. From traditional brick-and-mortar establishments to the vast world of online casinos as https://lol-la.com/, the influence of technological advancements is transforming how people experience gambling. Modern innovations such as artificial intelligence (AI), blockchain, mobile gaming, and virtual reality (VR) are reshaping the landscape of the casino industry, offering new possibilities for both operators and players. This article explores the impact of these technologies on the modern casino industry, examining current trends and predicting what the future might hold.
The Rise of Online Casinos: Accessibility and Convenience
a. Online Casinos and Their Growth
One of the most significant transformations in the casino industry is the rapid rise of online casinos. In the past, gambling was predominantly associated with physical casinos located in glamorous cities such as Las Vegas, Macau, and Monte Carlo. However, the internet has democratized access to gambling, allowing players from around the world to participate in casino games from the comfort of their own homes.
The growth of online casinos has been driven by factors such as improved internet connectivity, user-friendly platforms, and a diverse range of games. In addition, online casinos offer various bonuses, promotions, and loyalty programs that attract players. Unlike traditional casinos, online platforms operate 24/7, providing accessibility and convenience to players regardless of time or location.
The global pandemic further accelerated the shift towards online gambling. With physical casinos temporarily closed, many players turned to online platforms for their entertainment, leading to a surge in online casino revenue. As a result, the online gambling industry has seen tremendous growth and shows no signs of slowing down.
b. Mobile Gaming: The Power of On-the-Go Gambling
Mobile gaming is another trend reshaping the casino industry. With the widespread use of smartphones and tablets, players can now access their favorite casino games while on the move. Casino operators have developed dedicated mobile apps and optimized their websites for mobile play, ensuring seamless gaming experiences for users.
Mobile casinos offer players the convenience of gambling from virtually anywhere, allowing them to play during their daily commute, while waiting in line, or during breaks at work. The ease of access provided by mobile gaming has expanded the player base, attracting casual gamblers who may not have otherwise visited a physical casino.
Additionally, mobile technology has allowed casinos to introduce features like real-time notifications, geolocation-based offers, and personalized gaming experiences. These features create more tailored and interactive experiences, which further engage players and enhance their satisfaction.
The Role of Artificial Intelligence and Machine Learning
a. AI-Powered Personalization and Customer Experience
Artificial intelligence (AI) is one of the most disruptive technologies in the modern casino industry. AI allows operators to personalize the gaming experience for each player, delivering customized game recommendations, bonuses, and promotions based on individual preferences and playing patterns.
Through AI-driven data analysis, casinos can track player behavior, understand their preferences, and optimize the gaming environment to suit their interests. For instance, AI algorithms can recommend slot games that match a player’s betting history, suggest new table games, or provide personalized loyalty rewards.
AI also improves customer service by enabling chatbots that offer real-time support to players. These AI-powered chatbots can handle routine inquiries, provide assistance with account issues, and even explain rules of different games, reducing wait times for players while enhancing the overall customer experience.
b. AI for Fraud Detection and Responsible Gambling
In addition to improving the player experience, AI is instrumental in detecting fraud and ensuring player safety. Online casinos handle massive amounts of data, including financial transactions and personal information, making them prime targets for cybercriminals. AI algorithms can identify suspicious activity, such as irregular betting patterns or unusual withdrawals, and alert operators to potential cases of fraud or money laundering.
AI is also used to promote responsible gambling. By monitoring player behavior, AI can detect signs of problem gambling, such as frequent large deposits or extended gaming sessions. When high-risk behavior is detected, the system can trigger interventions such as sending warnings to the player, limiting betting amounts, or temporarily suspending the account. This proactive approach helps protect players and ensure responsible gaming practices.
Blockchain and Cryptocurrencies: A New Era of Transparency
a. The Integration of Blockchain Technology
Blockchain technology is another game-changer in the casino industry. Known for its decentralized and transparent nature, blockchain provides enhanced security and fairness in online gambling. By utilizing blockchain, casinos can offer games that are provably fair, where every transaction and game outcome is recorded on a public ledger. This level of transparency builds trust with players, who can verify the fairness of the games themselves.
Smart contracts, which are self-executing contracts stored on the blockchain, also streamline payments and payouts. These contracts eliminate the need for third-party intermediaries, reducing transaction times and minimizing processing fees. Blockchain technology ensures that all financial transactions are secure, tamper-proof, and transparent.
b. The Rise of Cryptocurrency Casinos
Cryptocurrency casinos, which accept digital currencies such as Bitcoin, Ethereum, and Litecoin, are gaining popularity due to the growing interest in cryptocurrencies. Players can deposit and withdraw funds in cryptocurrencies, offering them faster and more secure transactions compared to traditional banking methods.
Cryptocurrencies also provide a level of anonymity that appeals to players who value their privacy. In regions where gambling regulations are strict, cryptocurrencies offer a way for players to gamble online without the need for traditional banking channels.
In addition, many cryptocurrency casinos offer unique incentives, such as lower transaction fees, faster withdrawals, and exclusive bonuses for players who use digital currencies. As the adoption of cryptocurrencies continues to grow, their integration into the casino industry is expected to increase.
Virtual Reality and Augmented Reality: Immersive Casino Experiences
a. The Emergence of Virtual Reality (VR) Casinos
Virtual reality (VR) is taking online casinos to a new level by providing players with immersive, interactive experiences that rival physical casinos. VR casinos allow players to enter fully rendered 3D environments, where they can walk through virtual casinos, sit at poker tables, or interact with other players in real time.
In a VR casino, players can experience the sights and sounds of a real casino without leaving their homes. They can use hand controllers to place bets, spin roulette wheels, or pick up cards in blackjack. The social aspect is also enhanced, as players can communicate with each other through avatars, creating a more engaging and realistic gaming experience.
Although VR technology is still in its early stages, it holds tremendous potential for the future of online casinos. As VR hardware becomes more affordable and accessible, more casinos are likely to adopt this technology, offering players a fully immersive gaming experience.
b. Augmented Reality (AR) in Casino Gaming
Augmented reality (AR) is another technology that is transforming the casino experience. Unlike VR, which creates entirely virtual environments, AR overlays digital elements onto the real world. In the context of casinos, AR can enhance traditional games by adding interactive and dynamic elements to the gameplay.
For example, AR glasses or smartphone apps can be used to create holographic dealers in live casino games or overlay special effects onto a physical poker table. AR technology can also be used in promotional events or interactive tours of casinos, making the overall gaming experience more engaging and entertaining.
The Future of Entertainment in the Casino Industry
The casino industry has always been at the forefront of innovation, constantly seeking new ways to entertain players and enhance their experience. As technology continues to evolve, the line between the physical and digital casino experience will blur further. The convergence of AI, blockchain, mobile gaming, VR, and AR is transforming how people gamble and interact with casino platforms.
a. Hybrid Casinos: Blending Physical and Digital
In the future, hybrid casinos that blend both physical and digital experiences are likely to emerge. These casinos will offer traditional gaming options like poker and roulette, while also incorporating VR, AR, and other digital technologies to create a seamless, interactive environment. Players will be able to move between physical tables and virtual worlds, choosing the level of immersion that suits their preferences.
b. Esports Betting and Casino Integration
Esports betting is another emerging trend that is likely to play a significant role in the future of casinos. With the global esports market growing rapidly, many casinos are exploring ways to integrate esports betting and tournaments into their offerings. This integration could attract a new generation of players who are passionate about competitive gaming, further expanding the casino audience.
Conclusion
The impact of technology on the modern casino industry is profound, driving innovation and reshaping the way players engage with casino games. From the convenience of mobile gaming to the immersive worlds of VR and the transparency of blockchain, technological advancements are enhancing the player experience and creating new opportunities for operators.
As the casino industry continues to embrace new technologies, the future of gambling promises to be even more interactive, engaging, and personalized. Players can look forward to a future where entertainment, technology, and gaming converge, offering unprecedented levels of excitement and enjoyment in both online and physical casino environments.
Blockchain
Iggy Azalea Announces New Online Casino, Motherland
Mother provides: former Grammy-nominated artist and entrepreneur Iggy Azalea is set to disrupt the online gaming industry with the launch of Motherland, a new online casino powered by the $MOTHER token. Announced during her highly anticipated “Motherland Rodeo” event at Breakpoint in Singapore, Azalea unveiled the project alongside business partner Joe McCann, founder of crypto investment firm Asymmetric, and manager Reece Pearson.
Motherland is set to revolutionize the online gaming space by merging entertainment, crypto, and advanced gaming technology. Partnering with web3 gaming leader Kasino Labs and backed by investment from strategic partner Karatage, Motherland will integrate seamlessly with the $MOTHER token ecosystem, going beyond the hype of memecoins to position Azalea as a leader in the space.
In addition to offering a wide variety of casino games—slots, blackjack, roulette, and poker—players will enjoy live dealer games, tournaments, sports betting and a unique community-driven social experience that fosters real-time interaction and engagement among players, creating a social gaming environment with blockchain-based features.
“Motherland is a digital homeland for the crypto community unlike any other,” said Iggy Azalea. “This is all about merging culture and entertainment beyond hype cycles to create long-term value.”
“Memecoins are built on internet culture and the attention economy. No one does that better than Iggy — $MOTHER provides sustainable value creation by offering real utility,” said Joe McCann, Motherland advisor and founder of Asymmetric. “Motherland is a perfect example of how Iggy is taking the token beyond speculation and into real-world applications. By integrating $MOTHER into a unique social casino experience, players can not only engage with web3 gaming, but also use the token as currency within the platform. This is Iggy’s way of merging culture with tangible, lasting value, giving fans and the crypto community a practical and exciting way to participate.”
Set to launch in November, Motherland will provide players with a best-in-class gaming experience, powered by $MOTHER. The casino integrates advanced blockchain security, ensuring transparency and fairness for all users.
Launched May 31, 2024, $MOTHER has rapidly expanded its utility, securing listings on top-tier exchanges such as Bybit and Gate.io. In just 100 days, it has partnered with DWF Labs and Wintermute Trading, and has been integrated into Breakaway Fest as its official token. The utility continues to grow, as $MOTHER can now be used to pay for any purchase on Unreal Mobile’s checkout. With its integration into Motherland, $MOTHER continues to push the boundaries of crypto and entertainment.
-
Asia4 days ago
Hong Kong Construction Titan Turned Macau Casino Boss Lui Che-Woo Dies Aged 95
-
Cryptocurrency6 days ago
Kyrrex to host online panel discussion on MiCA and the future of crypto in Europe
-
Australia6 days ago
Light & Wonder Signs Multi-year Systems Deal with SkyCity Entertainment
-
Asia6 days ago
Skillhub Online Games Federation Launches SOG Grandmasters Series, Targets Discovery of 1 Lakh Gaming Talents Nationwide
-
Africa5 days ago
SunBet Extends Online Betting Platform Contract with Bede Gaming Amid Record-Breaking Performance
-
Conferences in Europe6 days ago
Aviatrix approved for Sweden take-off
-
eSports6 days ago
Welcome to the World Esports Championship 2024!
-
Greece6 days ago
Stakelogic Live Pens Deal with Novibet for Mexican and Greek Markets