Casino Betting Coin President Ed Brennan on why crypto gambling coins are set to break out in 2021
I sometimes hear people compare the crazy swings they witness on the crypto markets to a casino. This is unfair to both crypto markets and casinos. During a time of increased global uncertainty, these are two of the surest bets you can make. Because as we all know, the house always wins.
Betting and online casinos are cryptocurrencies’ number one use case right now. There are countless successful brands accepting billions of dollars of wagers in Bitcoin and other alts.
Power to the players
The reason is quite simple: gambling is an area where cryptocurrencies are often more convenient than traditional currencies. For players, deposits and withdrawals are faster and more secure. And these users enjoy greater autonomy, anonymity, and discretion as they play.
As we saw with the Robinhood / GameStop debacle, ordinary people don’t want to be at the mercy of centralised gatekeepers who can withdraw their funds or limit their purchases with a click of a button. It is the same in the gambling world – blockchain technology gives us the opportunity to offer a truly decentralised and fair experience. And if you live in a developing country and don’t yet have access to a bank account, you can still play with crypto.
There is a big upside for the casinos, too. They get to be their own bank. This means lower fees and less fraud, so they can pass on the rewards to their players. It is no coincidence that we now see Bitcoin casinos advertising at the world’s biggest sporting events, including the English Premier League.
This is a genuine use case for cryptocurrency which is booming right now. We aren’t talking about potential. The revolution has begun.
Why Casino Betting Coin?
Casino Betting Coin (CBC) is uniquely placed to capitalise on the opportunities I’ve outlined above.
For one, CBC’s biggest hodler is Greentube, the online division of Novomatic. For those who don’t know, Novomatic is one of the largest casino companies in the world. In 2019, they posted annual revenues of more than 2.6 billion euros.
Casino Betting Coin is already being offered as a payment method to players at Greentube’s social casino, Gametwist.com. This integration is introducing a cryptocurrency to the site’s millions of monthly visitors, often for the first time. And via our partner MoonPay, we are able to make the introduction as seamless as possible, offering users the option to purchase their CBC with their bank card in a few seconds.
Better than Bitcoin for gamers
For the high-speed world of online gambling, Casino Betting Coin is a better match than Bitcoin. Faster transactions are an important factor for players, and transactions can be anonymized within a casino operator.
Our ability to provide treasuries for casinos and support them with a ready-made gaming ecosystem is also critical. There are also a host of second layer activities, such as staking or allowing users to become the house which simply isn’t possible on the Bitcoin blockchain.
And this is just the start for Casino Betting Coin. We see an entire range of applications for the coin, including loyalty programs where holders of CBC will receive exclusive bonuses from popular casinos.
We are already beginning to explore other parallel sectors for the token, receiving interest in areas as diverse as esports and drone racing.
Crypto gambling is a multi-billion dollar industry
2021 will be the year of crypto gambling altcoins. Gambling is a multi-billion dollar global industry. In the US, DraftKings has grown into a 25 billion dollar company from nothing in the space of a few years. Many other gambling giants report annual profits in the billions.
It is why it is surprising to see so little representation from the sector when browsing Coinmarketcap’s top 50 coins by market capitalization.
That is starting to change. Our friends over at FunFair have recently seen their token increase rapidly in value. Others, such as $WIN, have built strong communities around great products and technology. But these coins are only scratching the surface of what is possible at the intersection of crypto and gambling. I expect to see several billion-cap gambling-focused altcoins emerge within the next couple of years.
Casino Betting Coin, with the backing of its partners, is making that happen.