Mark Robson, CEO at Eminence Holdings, details the benefits for operators and players that utilise blockchain technology
Online gambling spans the technology and entertainment sectors so both need to evolve to remain compatible with emerging technologies, regulatory requirements, and market trends.
Despite still being in an early phase of adoption, it is inevitable blockchain will be increasingly integrated into the operations of every business that has technology elements. Take Forex hedging as an example. It is already commonplace within international businesses and crypto exchanges are also being used in an increasingly extensive way.
The safety and traceability of transactions are significantly enhanced by the very nature of them being on the blockchain. The exceptional security surrounding player accounts, when combined with an operator’s internal procedures, can eliminate fraudulent accounts.
Traditionally, casino games have been relatively secretive about game performance and pay-outs, sharing this data only with regulators, their internal teams, and an individual’s own game history. The transparency that blockchain brings to the industry will help reinforce the trustworthiness of sites, games, and studios.
At Eminence, we have a tech-first ethos. Since stepping into the role as CEO last year, my primary focus has been the relaunch of our flagship product, CasinoCoin (CSC), to the industry.
CasinoCoin can facilitate up to 1,500 peer-to-peer transfers per second and, now combined with the XUMM wallet, provides a harmonised solution for both gaming operators and their players.
Alongside being a true utility for holders and users, speed and cost are also unrivalled – with transactions having near-instant confirmation with a typical cost of less than one penny.
This utility was further expanded earlier this year after we penned an agreement with Chimoney, a developer of platforms, APIs, and in-app embeddable apps. CSC holders can now purchase popular gift cards such as iTunes, Amazon and Uber Eats, as well as in-game credits for the likes of FIFA, CoD, and GTA.
The token, which has been available to purchase through a number of exchanges for some time, is on the XRP Ledger (XRPL) as an issued token.
Our trust and confidence in the XPRL are demonstrable as we are putting our money where our mouth is. We recently took on the responsibility of running a Full History Node from Domicilium’s datacentre in the Isle of Man.
The XRPL is an open and decentralised network that relies on several independent parties to operate and while the ledger does not require Full History to operate day to day, they serve an important function for the Ledger. The Eminence Full History Node is a milestone in legitimacy and sustainability for the CasinoCoin project, cementing it as an integral part of the broader XRPL ecosystem.
This is all delivered through our Casino Lobby which hosts a suite of security-rich features and functionality that means operators can provide a seamless onboarding experience to their players.
This allows operators to engage with new audiences that may have been deterred from signing up to their brands by having to transact with traditional payment methods. By being on the blockchain, transparency is guaranteed, which in turn means that chargebacks are eliminated.
Delivering a frictionless experience is at the foundation of all Eminence products, but so too is responsible gambling and ensuring compliance with regulatory requirements. Our digital wallet application also includes player identification checks, anti-money laundering measures, user-defined responsible gaming limits, and full transactional reporting.
We have an ambitious roadmap set for the coming year, including the addition of more B2C brands in the Casino Lobby that will be made available to millions of crypto users globally.
We will also launch a state-of-the-art metaverse environment. I can’t say too much for now, but we’re looking to partner with virtual worlds and virtual casinos to pair CasinoCoin with operators, casino software houses, and virtual landowners to provide the next generation of gamers and gamblers with the best immersive experience.
In the metaverse onboarding, payments, and finding favourite slots will be easier. Whilst traditional sports betting can already be done when you’re at the venue itself, the metaverse will blur the lines between real life and cyberspace through virtual and augmented reality.
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].