fbpx

SiGMA

Blockchain for iGaming: Easy integration and a win-win story for everyone

Posted:: Apr 11, 2022 16:37 Category: Casino , Deep Tech , Online , Posted by Katy

There is already a solution on the market that removes the barriers between technological progress and iGaming. The Trueplay platform has successfully taken gambling to the next level by introducing an all-in-one solution for business tokenization

Blockchain technology already seems to be something ordinary. Blockchain solutions are being actively implemented in many industries, and most experts are sure that it should be used in iGaming. Of course, many casinos already use cryptocurrencies as a payment method and offer their players to play with Bitcoin, Ethereum, and other crypto-assets.  However, this doesn’t reveal the full potential of the blockchain.

For several years now, the media have been discussing how great it would be to make gambling platforms transparent and independent of the human factor. Blockchain is often mentioned in articles, but in reality, we don’t see such progress as we would like. Several factors slow down the implementation of this technology: casinos don’t want to change the structure of their business, the integration of new technologies requires time and financial costs, and many representatives of the gambling industry don’t want to disclose their data. But things have changed! 

There is already a solution on the market that removes the barriers between technological progress and iGaming. The Trueplay platform has successfully taken gambling to the next level by introducing an all-in-one solution for business tokenization. 

The Trueplay solution includes an integrated approach to issuing the internal cryptocurrency, holding a Token Sale, listing on exchanges, launching unique tokenized loyalty programs, as well as integrating the Trueplay Blockchain Explorer, with which all users will be confident in the gaming platform.

Why is tokenization necessary?

Tokenization of gambling platforms is an opportunity to expand the business boundaries. The issuance of an internal cryptocurrency is a new way to interact with players, providing them with motivation, access to the global crypto market, and transparency. 

Moreover, this step has a positive effect on the financial performance of the platforms, because the scaling of the user base in the gambling industry directly depends on the players’ trust. Moreover, Trueplay provides a fast and easy way to issue tokens, where all processes are managed in a convenient personal admin panel, including the management of tokenized loyalty programs. 

Tokenized loyalty programs

The Trueplay platform provides the opportunity to make the most of blockchain technology for the benefit of both businesses and players. The project team developed two interconnected loyalty programs – Play To Earn and Hold To Earn. 

The first program, Play To Earn, is great for motivating players to do bets since from each bet the user automatically receives cashback in tokens and can operate with them on the crypto market. The received tokens, the player can also increase using the second program – Hold To Earn. This program can be compared to classic crypto staking, but it’s ideally adapted to the gambling audience. The mechanics of Hold To Earn is quite simple – the user chooses the holding period and the number of tokens that he wants to put on the holding.  At the end of the holding period, the user receives their tokens back with a reward that depends on the platform’s income. 

Thus, the user is motivated to play in order to receive tokens and put them on the holding.

The effectiveness of the Trueplay solution has been proven by the Fairspin blockchain casino. By partnering with Trueplay in 2021, this platform has significantly increased its performance. For example, the increase in Customer Retention Rate was +45%, Turnover +55%, and Deposits grew by 40%. 

As you noticed, tokenization is the evolution of the iGaming industry, and Trueplay will help to take this step without wasting valuable time and without changing the business structure.

By the way, there is a great chance to discuss the Trueplay approach in person. The project team will be present at ICE 2022 in London! On April 12-14, come to the N3-120 stand and start your journey to WEB 3.0 with the safest and most transparent solution!

 

Join us for SiGMA Americas – Toronto:

Toronto is the perfect hub for SiGMA’s growth in North America, making it a nexus of networking and business development in the region with regards to land-based, iGaming, sports betting, and more. Playing host to a massive iGaming industry, Toronto will be the home for the SiGMA Group’s initiative to link the industry pioneers of the continent together for 3 days of networking, workshops, and awards. To learn more about sponsorship and speaking opportunities or to inquire about attending the event, please contact Sophie on [email protected].

Related Posts

iTech Labs scores high on…

iTech Labs identifies four main areas that they’ve found are important to customers in a test lab provider: Quality of…