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NFTs and Its Impact on Real Money Online Gambling Industry

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The relevance of NFT is a hotly debated topic in the real money online casino gambling space. One side of the divide maintains that NFT is a fad riding on the back of the crypto craze. While the other believe NFTs are innovative technology and are leveraging it to increase their player base, boost revenue and improve players’ experience

Are you a real money online casino South Africa operator curious about how NFT will affect how people gamble online for real money? Or are you a player looking to know the benefits NFT lends to the real money online casino gambling world? You’ve come to the right place.

We shall explore the impact of NFTs on online gambling. Let’s dive in.

What Exactly Are NFTs?

Non-Fungible Tokens (NFT) are unique digital items designed to be rare. They run on the same technology as a cryptocurrency (blockchain) which means they are transferable. Some things represented as NFT include arts, music, books, tickets, and game assets. 

Different NFTs have become famous for various reasons. Each NFT has a specific identifier. Therefore you can track each NFT and confirm who owns the original version of every NFT in real-time. However, the value of NFTs is determined by their uniqueness, rarity, cultural significance, utility, etc. 

5 Impacts of NFTs on Online Gambling Real Money 

The following are some ways NFTs are utilized in real money online casinos.

1. Distribution of Reward Programs

Reward distribution is an aspect of online casino real money that benefits from the NFTs. Currently, casinos require players to gamble for several hours and spend vast amounts of money betting to join the VIP club and earn loyalty rewards. While this approach works, it exposes careless players to gambling problems. The emergence of NFTs changed reward distribution in the online casino real money forever. With NFT, the real money online casino South Africa and other parts of the world can reward loyal players without risk of addiction.

The casinos can connect with loyal customers by minting limited edition NFT, which they can buy in one trade. Alternatively, online gambling real money platforms can share VIP membership NFTs for free to reward early adopters.

A practical application of NFT in online casino reward distribution can be seen in NFT projects, which gives holders membership access to casino VIP clubs. Players buy the NFT on the casino’s marketplace or a secondary market for a fixed price and start enjoying exciting cashback bonuses, free spins, and a share of the casino house edge.

2. NFT Give Players True Ownership

Many real money online casinos’ gameplay is such that players strive to claim in-game assets such as rare guns, symbols, and gems. But until now, in-game assets have always been the property of game designers and never genuinely owned by the players.

Actual asset ownership makes online real money casino games more competitive and rewarding. When in-game assets are minted as NFTs, players can transfer them across different casino games, enjoy different experiences, or even sell them to other players for profit. Incidentally, this increases website traffic and boosts the online casino real money operators’ revenue. 

3. NFTs Fosters Players’ Privacy 

Privacy contributes to the reason players gamble online, as we can see in the rise of no signup casino online real money, which requires only banking details to set a player’s profile. NFTs stretch players’ anonymity in online casino real money even further.

In specialized NFT casinos, a player’s profile is represented by a digital avatar. Therefore, the player doesn’t need to submit any sensitive information to play casino online for real money or to claim their winnings. A popular game where NFT serves as the player profile is Axie Infinity. 

4. NFTs Creates a New Way For Operators to Raise Money 

Online casino operators can use NFT to fund new projects. They will sell the NFT collection to players for a share of the casino revenue and house edge. Here are two ways online casinos can use NFT to raise money. First, operators can create NFT and use the revenue to fund their upcoming projects. In return, holders get access to the casino when it launches, occasional raffle draws, and part of the casino revenue. On the other hand, if the casino project has already launched but wants to create another revenue source, it can create NFT, which gives players ownership of a percentage of its house edge and other exclusive perks.

5. Birth of NFT Casinos and Games

The emergence of NFT has ushered in specialized online casinos where players gamble to win NFT prizes. To implement this gaming model, online casinos create games that use limited-edition NFT as prizes. Punters can participate in slots and other traditional online casino games for a chance to win NFT, which they can quickly sell for real money. Look no further than Red Tiger to see the NFT-prized game in effect. Recently, Red tiger launched a new game called NFT Megaways, which offers Cryptopunk characters as slot prizes. This is a big deal because the original Cryptopunk NFTs are one of the most expensive NFTs, and some are worth millions of dollars.

Conclusion

Many people think NFTs are not worth the hype due to the high cost and negative environmental impact. But some partnerships are already being formed to combat the problems. Regardless, NFTs are genuine innovations. They have been around for quite many years, and their use case has ballooned from social media avatars to real use cases in online subscription, music, sports, arts, and gaming.

We have highlighted the unique impacts of NFTs on online casino real gambling as it relates to operators and punters that want to play casino online for real money. NFT in online casinos can bring about a new form of online casino economy where the interest of both players and operators are aligned.

Cryptocurrency

Payhound empowers LSports with a seamless solution to receive payments

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Payhound empowers LSports with a seamless solution to receive payments
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Fintech crypto company Payhound has been facilitating leading data provider LSports to accept payments from its clients.

As the premier data provider, LSports offers real-time sports data, providing operators with a competitive edge in the sports betting saturated market. By using Payhound’s solution, LSports can conveniently receive payments from its clients, significantly enhancing operational efficiency.

Established in 2018, Payhound’s mission is to enable businesses to handle cryptocurrencies with the same ease, security, and transparency as dealing with fiat currency. Through crypto, Payhound offers fast and efficient international payments, with security being a fundamental principle in all its operations.

Commenting on the partnership, a spokesperson for LSports stated: “Partnering with Payhound to optimize our payment solutions signifies a significant advancement in our global business strategy. This collaboration enables us to conduct transactions swiftly and securely, further bolstering our position as a premier data provider in the industry.”

Elton Dimech, Managing Director at Payhound, added: “We are delighted to service LSports.Through our platform, clients like LSports can easily receive payments, have such funds instantly converted into fiat, and as a result, greatly improve their operations and availability of funds. We look forward to continuing to be their reliable crypto partner in the future.”

Payhound is licensed by the Malta Financial Services Authority (MFSA) and is a holder of a Class 3 VFA License under the Virtual Financial Assets Act of 2018. The company has recently revealed its achievement of ISO 27001 certification for the second consecutive year.

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Cryptocurrency

SOFTSWISS Named Crypto Company 2024

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SOFTSWISS Named Crypto Company 2024
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Crypto Company of the Year was announced at the International Gaming Awards in London. SOFTSWISS, a leading technology company with 15+ years of experience in the industry, gets this title for the second year in a row.

Marking the beginning of ICE London, the awards ceremony has brought together top names in the iGaming industry to honour their achievements. The International Gaming Awards not only unites experts and gaming enthusiasts worldwide but also serves as the pinnacle charity event of the year. 

The Crypto Company of the Year category recognises companies that create innovative experiences for clients in the gambling sector with a focus on crypto. The winner is determined by evidence showcasing the company’s standout performance in the crypto space compared to competitors. Reconfirming the previous year’s success, SOFTSWISS emerged as the Crypto Company of the Year for the second time in a row.

Securing the title of Crypto Company of the Year comes naturally to SOFTSWISS, the trailblazer in introducing crypto-friendly solutions for online gaming. Beginning with Bitcoin, SOFTSWISS has expanded its cryptocurrency offering to nearly 20 digital coins since 2013. 

In its dedication to improving player experience, SOFTSWISS introduced the In-Game Currency Conversion feature. The innovation allowed players with crypto holdings to engage seamlessly in games originally tailored for fiat only. One year post-launch, 85% of all bets in crypto casinos powered by the SOFTSWISS Casino Platform were made via the feature. 

As an expert in crypto-friendly solutions, the company shares its expertise through the quarterly State of Crypto reports and topical podcasts. This helps raise awareness among all stakeholders, offering essential insights for strategic decision-making.

Andrey Starovoitov, Co-CEO at SOFTSWISS, shares: “We are delighted to receive this award, and it signifies more than just recognition for our recent achievements. The title of Crypto Company of the Year holds deep meaning for those who led the way in integrating digital currencies into iGaming, actively advocate for crypto solutions, and generously share expertise in this field.”

 

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.

 

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Cryptocurrency

Casino Market Industry Forecast Reveals Surge to $165.72 Billion by 2028 with Digital Transformation and Cryptocurrency Integration

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The “Casino Global Market Report 2024” report has been added to ResearchAndMarkets .com’s offering.

The latest report on the global casino market highlights significant growth, with expectations for the industry to swell from $131.42 billion in 2023 to an impressive $165.72 billion by 2028, at a compound annual growth rate (CAGR) of 4.6%. The report offers a comprehensive analysis of current market dynamics, future trends, and potential opportunities, positioning it as an essential resource for stakeholders in the casino sector.

The casino industry, experiencing a renaissance through digitization and a shift towards online gambling, is witnessing the rising popularity of cryptocurrency casinos. Innovations, alongside a deepened focus on responsible gambling, are propelling market growth, drawing attention from both established players and new entrants.

Key Market Dynamics Influencing Growth

  • Online Gambling Expansion
  • Smartphone Proliferation
  • Innovative Casino Products
  • Strategic Industry Partnerships

The report underscores the growing dominance of the Asia-Pacific region in the global casino market, bolstered by evolving consumer behaviors and burgeoning tourism sectors. The detailed geographic assessment provides strategic insights into the vitality of various regions within the industry.
Gambling machines, gaming tables, and novel casino experiences are discussed in the report. The document leverages industry-specific metrics to provide a nuanced understanding of segment performance, addressing both offline and online modalities.

 

Industry Leaders Making Strategic Moves

With major corporations like 888 Holdings PLC and Caesars Entertainment Corporation, the casino market is rife with tactical mergers, acquisitions, and partnerships aiming to solidify market positioning and leverage collective strengths.

The global casino market research report presents in-depth market analysis, reflecting cutting-edge industry trends such as the integration of advanced gaming technologies. It also spotlights operational strategies and expansion plans of front-runners in the gambling domain.

This comprehensive research report is poised to be an indispensable tool for industry investors, strategists, and stakeholders planning to navigate the complex terrain of the casino industry with data-driven confidence.

The casino market research report is devised to serve a diversity of informational needs, offering a meticulous examination of the interplay between market forces, technological advancements, and consumer preferences shaping the future of gambling worldwide.

Please note, the market value detailed in the report represents the actualized revenues recognized by entities within the industry over the specified period and geography.

 

A selection of companies mentioned in this report includes

  • 888 Holdings plc
  • Boyd Gaming Corporation
  • Caesars Entertainment Corporation
  • Melco Resorts and Entertainment Limited
  • Delaware Park Casino & Racing
  • Eldorado Reno Resort Casino
  • Foxwoods Resort Casino
  • Galaxy Entertainment Group Ltd.
  • Golden Nugget Atlantic City Hotel Casino & Marina
  • Harrington Raceway & Casino
  • LC International Limited
  • MGM Resorts International
  • Palms Casino Resort
  • Penn Entertainment Inc.
  • Bally’s Corporation
  • Churchill Downs Incorporated
  • Genting Group
  • Golden Entertainment Inc.
  • Hard Rock International Inc.
  • SJM Holdings Limited
  • Station Casinos LLC
  • Star Entertainment Group Limited
  • Tropicana Entertainment Inc.
  • Wynn Resorts Limited
  • Las Vegas Sands Corp.
  • Red Rock Resorts Inc.
  • Eldorado Resorts Inc.
  • Monarch Casino & Resort Inc.
  • Pinnacle Entertainment Inc.
  • Isle of Capri Casinos Inc.
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