How Blockchain-Based Loyalty Programs Turn iGaming Upside Down
The iGaming industry is growing and developing quickly, and it is one of the most competitive business sectors. Every company and online casino platform tries to be different and more attractive to players than others. Brands offer bonuses, special promotions, and marketing tools such as jackpots, tournaments, and free spins.
However, modern users dictate their terms to gambling platforms: now, no one wants to endure non-transparent conditions, long bonus accruals, and a boring bonus system. Moreover, the mistrust of players in online casinos always predicts a quick exit from the market and loss of funds. Therefore, no marketing ploy can help a platform if it has lost the trust of its users.
Why trust matters
This may surprise some, but trust is 80% of success in the gambling business. Betting and gambling come with a certain amount of risk, as winnings are by no means guaranteed, so it makes sense that to participate, the player must trust the process and trust the casino with their money.
Beyond that, trust means loyalty. The casino’s cash flow depends on regular players, and each competitor is doing everything possible to lure them.
What happens if a competitor manages to offer better conditions, a newer game, or a bigger bonus? The only thing that will protect your business, in this case, is the fact that people prefer to buy from brands they trust.
Brand building is so important to a business: it costs five times more to acquire new customers than it does to retain old ones.
At the same time, forums are increasingly filled with player reviews about the dishonesty of platforms, requests to check the transparency of the processes of their favorite websites, as well as suspicions of fraud. In turn, even with a strong desire to be frank with their players, online casinos simply don’t have the tools that would guarantee the transparency of all processes.
Loyalty of players
Loyalty programs are a significant part of the casino experience. For many platforms, a small group of high volume, frequent players generates most of the income. To give away even one such player to a competitor is a big loss.
Of course, bonuses and special treatment are an excellent way to let your high rollers know that you appreciate them. But, at the same time, no one will be surprised by standard merch, special tournaments, or early access to new games.
To incentivize these players, you can introduce a Loyalty Points system that can be accumulated by playing frequently or even just offer big deposit bonuses for those who bet regularly. First, however, we can return to the previous point about honesty. How to understand that loyalty programs distribute bonuses fairly, or how to find out that the player received the reward for his bets?
Blockchain solution by Trueplay
Trueplay answers all questions and offers its solution, which meets the requirements of the current time and doesn’t involve any investment.
Sounds interesting!
Trueplay provides a win-win scenario for iGaming operators and their users. Product integration includes custom tokenized loyalty programs that allow rewarding players with crypto tokens explicitly created for their brands.
This solution is already integrated into the Fairspin casino. In practice, it has been proven that it boosts the average deposit per player, time spent on the platform, and retention.
How does it work?
There are two types of loyalty programs – Play To Earn and Hold To Earn, they are closely related and offer a new gaming experience.
The Play To Earn program involves receiving tokens for actions on the platform. For example, the player makes bets and receives cashback from each, regardless of whether the bet was winning or not. Thus, the user will never see “zero” on balance and will continue to bet.
Moreover, the received tokens can be multiplied in Hold To Earn’s second loyalty program. The principle of operation of this program is very similar to the classic crypto staking, but it is based on the platform’s income. If the casino has a positive trend, the holding will bring additional tokens to users. And in the case of a large win and a negative income of the platform, users don’t lose anything and continue to play.
This is how the flow of Trueplay solution integration looks like:
- Using the unique Admin Panel operators quickly create their own token and add the Trueplay widget to their platform without having to change the platform’s structure. It takes no more than 48 hours.
- Players start receiving tokens for making bets. They also multiply these tokens in the Hold To Earn program.
- Players can verify any transaction through the Trueplay Blockchain Explorer and make sure the casino works honestly.
- Players trust the casino’s brand, play more and spend more.
Profit!
The idea of switching online casinos to a blockchain is not new. Everyone believes in the bright future of the industry. But the solution to implement tokenized loyalty programs in less than 48 hours is something truly innovative.
You can try the DEMO version right now!
Trueplay offers all the benefits of blockchain without the need for existing casinos to go broke with a fortune. The Trueplay monetization model assumes that operators pay a certain percentage of players’ earnings from tokenized loyalty programs. Thus, the integration of this solution doesn’t imply any investment, as the casinos share a small part of the additional income they have earned through Trueplay.
Join us in Belgrade, Serbia from the 22-25th August:
Renowned for its beautiful scenery, delicious cuisine, rich culture, and penchant for parties, the Balkans have been sought after by both tasteful tourists and entrepreneurs with an eye on the growing iGaming ecosystem calling the region home. As the home to the global Gambling community, the SiGMA Conference is known far and wide for its enlightening panels, inspiring speeches, ample opportunities to invest and network, and the ability to do it all while having the time of your life. Join us in Belgrade for the best the industry has to offer and for a window into the future of worldwide gambling. To learn more about sponsorship and speaking opportunities or to inquire about attending the event, please contact Sophie at [email protected].
