crypto-wallet

How Crypto Wallets Are Holding Back Web3 Gaming in Casinos

The rise of Web3 gaming has generated buzz across the gaming and blockchain sectors, offering players the chance to earn real money, own in-game assets, and participate in decentralized economies. However, one significant hurdle remains: crypto wallets are proving too complicated for many gamers, keeping them from fully embracing Web3 games.

The Barrier

According to a recent report titled “The Future of Web3 Gaming is Competitive: Global Gaming Report 2024,” published by Web3 gaming protocol Elympics in collaboration with the Blockchain Game Alliance (BGA) and PlayToEarn, over 10% of gamers cited crypto wallets as the main reason they haven’t explored blockchain-based games. This presents a challenge not just for the Web3 gaming industry, but also for online casinos looking to venture into this space.

Even more telling, 7.3% of participants said they don’t fully understand the value of Web3 gaming, while 9.1% admitted that blockchain games simply don’t appeal to them. A smaller portion, about 2.4%, said they’re satisfied with traditional Web2 gaming and see no reason to make the switch.

For online casinos, this insight highlights the importance of simplifying wallet interactions. A smoother, more intuitive wallet experience could be the key to attracting players, helping them seamlessly transition from traditional gaming to decentralized gambling options like tokenized poker rooms or NFT-based slot machines.

Why Gamers Are Drawn to Web3

The report also explores why gamers are flocking to Web3 games. Many cited airdrops and the potential to earn money as major incentives, emphasizing the financial appeal of play-to-earn models. Another big draw was the opportunity to compete with other players, showing that competitive gaming remains a significant factor.

For the casino industry, this presents an opportunity to merge traditional gambling with the innovations of Web3. Imagine poker tournaments or slot machine leaderboards where winners take home cash and earn crypto rewards or valuable NFTs. The appeal of playing for real-world, blockchain-based assets could unlock a whole new dimension of casino gaming.

Making Wallets User-Friendly and Lowering the Barrier for Gamers

While crypto wallets may be a necessary part of Web3 gaming, solutions are already in the works to make them less of an obstacle. For instance, The Open Network (TON) is working to simplify crypto interactions. TON Foundation’s Director of Investments, Justin Hyun, explained that Telegram’s Mini Apps will soon allow users to engage with crypto wallets effortlessly—so much so that players may not even realize they’re using one.

This kind of innovation could be a game-changer for the Web3 casino space. By removing the friction of wallet management, more players could explore and engage in decentralized gaming, including casino games that incorporate blockchain technology. Projects like Hamster Kombat have already attracted over 300 million users through seamless integration with Telegram, offering a roadmap for how casinos might follow suit.

The Future of Web3 Gaming in the Casino Industry

As more high-quality Web3 games hit the market, the casino industry will need to adapt to stay competitive. Elympics CEO Michal Dabrowski believes that infrastructure players like TON are helping create the networks and communities that will drive the next wave of Web3 gaming.

For online casinos, the takeaway is clear: embracing Web3 is a must for staying relevant in an ever-evolving industry. By addressing the challenges of crypto wallet complexity and offering competitive, rewards-driven gaming experiences, casinos can position themselves to thrive in the Web3 era.

regulations-rules

Strong Start for Potential Tighter Crypto Regulation in 2024

Many people are likely to be optimistic about the future of the cryptocurrency sector because of the verdicts of the previous year, the possibility of the approval of a spot bitcoin exchange-traded fund, and the overall rise in the market. Nevertheless, it is very improbable that lawmakers and regulators will allocate fewer resources to crypto-related complications too.

This is already playing out, especially in the realm of online gambling and crypto derivatives.

Taiwan’s Elections

The presidential elections in Taiwan will take place on January 13, 2024, and the government has issued a caution against using bitcoin betting sites to speculate on the results. Many locals in Taiwan have been reportedly betting on the next presidential election on the decentralized website Polymarket. Several people have already been called in for questioning, according to reports, which suggest that the investigation is still underway.

It is against the law to engage in gambling activities associated with Taiwanese elections, since it might be a violation of Article 88-1 of the Election and Recall Act. Such an infraction entails a punishment of up to 100,000 New Taiwan dollars (about $3,188) or six months in jail or detention.

An Ongoing Concern

Taiwan’s elections are not the first time that the operator has found itself in the spotlight. Polymarket, in a related matter, ran into regulatory obstacles in the United States in 2022.

The platform was subject to legal action in January 2022 by the Commodity Futures Trading Commission (CFTC), a New York-based regulatory agency. Platform operators faced allegations from the CFTC that they ran an “illegal unregistered or non-designated facility” from June 2020 forward.

Despite these regulatory hurdles, Polymarket had robust trading activity throughout the 2020 US election, with a new volume record-breaking $10 million.

What Now?

The cryptocurrency sector is looking forward to a busy and promising year ahead. Market players often face the significant challenge of regulatory compliance when navigating the crypto derivatives landscape, since laws differ greatly by jurisdiction. Can this change?

We may anticipate the SEC to approve its first batch of spot bitcoin ETFs shortly after the new year of 2024, which would encourage large institutional investors to pour millions into the cryptocurrency market. This means word of the approvals might potentially pique the public’s interest in virtual tokens, bringing them out of the financial shadows and into the spotlight. Similarly, in late 2024, the European Union’s (EU) crypto regulatory framework, MiCA, will also eventually be put into action.

bitcoin-casino

2023’s Defining Crypto Trends

Looking back on the major themes that impacted the world of crypto gambling in 2023, it is crucial for both experienced players and newbies to remain ahead of these evolving trends. This piece analyzes some revolutionary changes that have changed the face of online crypto gambling and created conditions for an unmatched gaming experience.

AI and ML Integration

The integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies has ushered in a new era of personalized gaming experiences. By leveraging user preferences, these advancements curate tailored gaming recommendations, enhancing user engagement and fostering continued exploration of gaming varieties.

Evolving Game Dynamics

In the dynamic world of crypto casinos, the relentless pursuit of innovation has birthed a gamut of modern and captivating games. Collaborations with industry-leading software providers like Microgaming and Pragmatic Play ensure an ever-expanding repertoire of engaging and diverse gameplay experiences.

The advent of live dealer games has revolutionized the online gambling sphere, offering an immersive and lifelike gaming environment for aficionados of blackjack, roulette, and poker. The integration of Bitcoin into poker platforms has ushered in a new era of convenience and flexibility, expanding the horizons of online gaming possibilities.

Moreover, the social fabric of Bitcoin casinos pulsates with vibrant interactions and community-driven engagements. Encouraging group participation, these platforms foster an environment for collaborative gaming experiences, amplifying the thrill and camaraderie among players.

Tailored Interfaces for User Accessibility

Acknowledging the varied expertise levels within their user base, top-tier crypto casinos have endeavored to offer user-friendly interfaces. Focusing on simplicity and ease of navigation, these platforms facilitate a seamless onboarding experience for newcomers while providing a familiar and intuitive interface for seasoned players.

Globalization

The resounding appeal of cryptocurrencies has orchestrated a widespread global adoption, enticing both seasoned and novice players to explore the realm of crypto gambling. Regulatory frameworks implemented by nations like Switzerland, Japan, and Malta have accelerated the integration of cryptocurrencies, recognizing their potential benefits and paving the way for their widespread acceptance.

Better Security Measures

The inherent security and privacy afforded by cryptocurrency’s decentralized network and blockchain technology are cornerstones of top-tier BTC casinos. Provably fair gameplay systems, robust encryption, two-factor authentication (2FA), and secure cold wallet storage mechanisms fortify the security and integrity of crypto gambling platforms, safeguarding user data and financial information.

stake

Ethereum and BNB Theft at Stake.com Crypto Casino Sends More Shockwaves Through the Industry

Stake.com, a popular crypto casino, was hit by a massive heist involving Ethereum (ETH) and Binance Coin (BNB), which amounted to tens of millions of dollars, in a shocking turn of events.

Stake’s Ethereum and Binance Smart Chain (BSC) hot wallets were compromised, but the business assures customers their money is safe. Bitcoin, Litecoin, XRP, EOS, and Tron wallets, among others, are safe for the time being.

An Analysis

On-chain transaction analysis reveals a startling $16 million in stolen Ethereum (ETH), USDC, USDT, and DAI from an Ethereum wallet. Apparently, to avoid any blocking by Tether or Circle, these stablecoin holdings were changed to ETH. In this fraud, almost 6,000 ETH were stolen.

In addition, tokens worth $17.8 million were illegally gained from the BSC chain, and another $7.8 million came from the Polygon wallet. Both of these amounts are referred to as the total amount stolen. Collectively, attackers got off with somewhere about $40 million.

Speculation that Stake.com’s platform has been systematically infiltrated has been fueled by comments from MetaMask’s Product Manager, Taylor Monahan, who noted that the transactions were precisely organized.

This lends credence to the hypothesis that the theft was carried out straight from the internal systems of the platform, most likely via the unauthorized acquisition of private keys. Important to remember is that they were “hot wallets,” meaning they lacked the extra protection of offline keys. Still, it has not been possible to determine who was responsible for this daring heist yet.

What This Means for Stake.com

Stake.com, established in Curacao, promotes itself as the premier crypto casino by offering an online gaming platform for cryptocurrency betting. Since its 2017 debut, Stake.com has enabled users to gamble on sports and online games using cryptocurrencies such as BTC, ETH, and DOGE. Bets in fiat currencies, like as the US dollar, are also accepted on the site. The company has had legal problems before, but nothing like what happened yesterday.

It is part of the growing industry of cryptocurrency casinos, which has seen success in part because of its customers’ need for privacy. Because they do not need users to reveal their identities via the Know Your Customer (KYC) process and accept cryptocurrencies for deposits and withdrawals, these sites have opened anonymous worldwide betting.

Despite the serious breach in security, Stake.com has continued to operate normally. The corporation has assured customers that their money is safe and is once again processing withdrawal requests. It seems likely at this point that the stolen goods belonged to the business, rather than specific consumers.

On the other hand, withdrawals have been enabled again, suggesting that Stake.com is confident in its capacity to make up the lost funds. Without these guarantees, customers are hesitant to make withdrawals for fear of going bankrupt. Thankfully, it does not seem that this is an issue with Stake.com.

kick-streaming

Twitch’s Gambling Ban Sparks Competitions As Kick Rises to the Challenge

In September 2022, Twitch, Amazon’s live-streaming platform, made headlines with its decision to ban gambling content.

This action was taken in response to calls from prominent streamers to address the problem of potentially dangerous gambling streaming, which might have a negative impact on viewers under the age of 18. On October 18, 2022, Twitch officially began blocking broadcasts involving illegal gambling games, which would have affected sites like Stake.com, Rollbit.com, Duelbit.com, and Roobet.com.

Although the decision was supported by some, the ban was met with strong opposition from others who saw the platform’s attractiveness in large part due to its gambling content. However, as a result of the prohibition, Kick had the chance to enter the market and become a formidable competitor.

To differentiate itself from rivals, the service made the calculated decision to allow material linked to gambling and was backed by a cryptocurrency casino. The addition of cryptocurrency and these gambling components to the Kick platform has the potential to completely change the streaming experience, turning it from a passive to an interactive one

A Show of Might or An Industry Norm?

Several popular broadcasters have moved from Twitch to Kick, among them Felix ‘xQc’ Lengyel and Drake. And, together with Stake.com, the site provided a way for users to gamble on cryptocurrencies while watching popular broadcasts.

This rapid ascent of Kick exemplified the ever-changing nature of the streaming market and posed a threat to the dominance of Twitch. But this analysis runs even deeper.

Long-term, the effects of Twitch’s gambling restriction and the rise of competitors like Kick might cause significant shifts in the streaming market. The restriction intended to make Twitch a more welcoming place for all users, but it might have the unintended consequence of driving users looking for gambling content to competitors like Kick, which would hurt Twitch’s income and user base. Kick’s success showed there was a market for gambling-related material, but the site could only attract a niche audience.

Where Do We Go From Here?

The emergence of services supported by cryptocurrencies like cryptocurrencies and live-streamed casino games brings a new element to streaming. Although there are benefits and drawbacks to this novel method, it has the potential to completely change the way we see streaming media. As the environment changes, platforms, streamers, and viewers alike will need to adjust to make their way through new and interesting seas.

crypto-investigation

ezBtc Under Investigation for Massive Crypto Fraud Scheme

According to the British Columbia Securities Commission (BCSC), the Canadian crypto trading platform, ezBtc, has been engaging in fraudulent activities for the past three years. It has come to light that ezBtc has lied to its consumers about the protection of their personal assets and has instead been funneling the customers’ money to online gambling websites. That is right, instead of keeping their customers’ assets safe and secure, ezBtc transferred incoming Bitcoin and Ether to two crypto gambling websites, and the assets were worth a staggering $13 million as of mid-2019.

However, things only get worse. According to the BCSC’s findings, ezBtc did not maintain custody of its client’s money, and most of the holdings reported by the platform did not exist. To put it another way, to trick its customers, ezBtc has been pretending on its website to have real holding thus acting just like a bank would.

But wait, there’s more bad news! EzBtc has been running under the auspices of a numbered corporation known as 1081627 B.C. Ltd. since 2016, when David Smillie, the only director of the firm, registered it. Furthermore, Mr. Smillie’s whereabouts are unknown as of at least the year 2021.

Early Red Flags

In November 2019, customers noticed something was wrong when the ezBtc.ca website stopped working and they were unable to make any transactions or withdraw any funds. They were led to think that their funds were being stored offline, in “cold storage,” safely under ezBtc’s watchful eye.

The BCSC has issued a summons to ezBtc, instructing the business to attend at its offices on June 27 ahead of any planned hearing. That is if the company wants its side of the story to be heard. The authority claims that ezBtc has committed securities fraud since the contracts it offers to clients are technically futures contracts, which are classified as securities. These accusations, however, have not been proved in a court of law.

Tough Times for Crypto

Even as the cryptocurrency industry reels from the collapses of FTX Trading Ltd. and Celsius Network LLC, it seems that crypto fraud is on the rise. Doug Muir, director of enforcement at the British Columbia Securities Commission, has seen many instances like ezBtc as Canadian regulators crack down on cryptocurrency services.

For crypto users on such platforms, this calls for even more diligence. If you are thinking about getting involved in cryptocurrency, it is imperative that you do your research and comprehend how the industry functions before you do so. In case something seems to be too good to be true, then there is a strong chance that it is not what it claims to be.

Cryptogames-Casino-logo

CryptoGames Races to Take on Fast-Paced Crypto Gambling Space

The crypto betting business is booming, but there’s always an opportunity for new entrants to increase competition and usher in new ideas. CryptoGames is gaining popularity as a trusted place to gamble online using crypto. Featuring state-of-the-art safety protocols and entertainment options, the casino caters to customers from all over the globe. It also offers the newest and greatest cryptographic implementations of traditional casino games, a delight for cryptocurrency consumers.

A major selling point is that gamers from all around the globe may enjoy the Curacao casino without leaving their homes. That means that players may use any modern mobile device to have free and unlimited access to the casino.  The site also consistently promotes safe and fair crypto gaming alternatives for players of all skill levels.

A Well-Rounded Package

When it comes to financial systems and providing a level playing field for crypto aficionados, CryptoGames leverages cutting-edge technology to ensure both. The casino features a complete collection of classic games, all of which provide modern crypto gaming experiences. Blackjack, Keno, Roulette, the Lottery, and six more standard casino games are all featured inside the casino’s sleek design.

As a whole, the platform’s games are designed to be simple to play and understand to appeal to the largest possible number of casual gamblers. All ten games are simple to pick up and play, but each has its own flavor and its own set of rules for how bets are handled.

As a result, CryptoGames is now recognized as a platform that consistently exhibits its commitment to fair and responsible gaming, therefore ensuring that all players may enjoy themselves in a risk-free environment. The 10 games all have distinct goals and features, so they are up to par with today’s requirements for video games.

After registering for an account, gamers may use their Play Money to try out nine different games at no cost.

A Solid Payment System

For a company like CryptoGames, which operates in the cryptocurrency industry, having a reliable payment system is essential. There are ten different cryptocurrencies available for use in the country’s financial system, which may be used for everything from transaction processing to playing games.

Even better, either fiat currency or cryptocurrency may be easily deposited into the system. Credit cards and an advanced monetary exchange system may also be used to make deposits and make trades.

Exchanges between other cryptocurrencies are also supported in CryptoGames, with the help of reliable aggregators. The casino also maintains an open and accessible list of services on its website, including things like the casino’s safety and privacy regulations, as well as its promotions, bonuses, and affiliate programs. Players who sign up for a free account at Play Money get instant access to the site’s rewarding system.

bitcoin-casino

New York City Casino to Feature Crypto Trading Floor

A gaming giant and asset management firm headquartered in Las Vegas are mulling the possibility of adding more options to a multibillion-dollar casino that will be coming to the famous Manhattan skyline in New York City. The resort would have a spot for cryptocurrency trading as well as a landing pad for flying vehicles.

UE Resorts International, a partnership of Japan-based gaming technology supplier Universal Entertainment Corporation, and Jason Ader, a former Las Vegas Sands board member, had planned to submit a proposal for the casino to the local betting authority by December 10, 2021, according to an Insider.

The planned trading floor for cryptocurrencies would be the largest of its kind anywhere in the world. It would also contain a venue for events such as New York Fashion Week, the US Open, and Fleet Week. eSports stadiums are also part of the plans.

Trading or Wagering?

Crypto-based casino games were intended to be only one part of a broader entertainment strategy that featured other intriguing elements, according to Ader. The suggestion to establish a trading floor also resonates with the argument over whether trading digital currency is an investment or mere gambling.

“Mirai,” which means “future” in Japanese, was selected as the casino’s name. This lines up quite well with the futuristic plans that the developers have for the property. A $3 billion budget was initially set for the project. However, this might change depending on where all the proposed plans end up. Even the location itself could change.

Can It Work?

If you are simply jumping into the cryptocurrency market without a plan or strategy, you are almost certainly doomed to fail. Cryptocurrency experts fear that many of the alternatives on the market may evaporate within a few years, leaving investors with little to show for their money.

However, if you put in the time and effort, you may be like Bitcoin and watch your investment soar, just like that. Or, even better, you’ll be a pioneer in a wild new future when crypto replaces conventional money within a few years. Because of this, cryptocurrency is gaining in popularity.

This is likely what the New York casino investors are aiming for. The market is still in its nascent stages, especially with regard to mainstream adoption. Early investors and adopters here have a real shot at starting something big. The only question is whether or not they are willing to live with the eventual outcomes.

DefiXBet

DefiXBet Launches World’s First DeFi Casino Platform

The future of P2P gaming platforms is looking very bright thanks to all the amazing innovations that are coming to the space. One of the most recent developments in this regard is from DefiXBet which has announced its very first decentralized casino that has integrated Decentralized Finance (DeFi) features. In addition to being an amazing offering with P2P functionality, the site claims to deliver the cleanest, transparent, secure and anonymous betting experiences in the industry.

Many crypto gamblers will be aware of centralized casinos and all the challenges that they are associated with. Many gaming operators have been trying to solve this problem. Some of the solutions including DefiXBet’s are very impressive. Instead of relying on gaming scripts that are easy to manipulate, the platform uses smart contracts. This contributes to the transparency and trustworthiness that the platform boasts of.

To further affirm its commitment to trustworthiness, the platform also supports decentralized betting. Through its “Custom Decentralized Bet” or CDB, the leaders of the site will have access to real-world and real-time data like API. This goes a long way in increasing user trust on the platform.

Opportunities For Players to Share Profit

Now, gambling can be fun but as always, winning is not guaranteed regardless of the game that you are playing. This is not really a problem as it is the very nature of all games of chance. However, DeFiXBet seems to found a way of letting the customers share a piece of the casino’s profit even if they lose at the gaming tables.

One of the features that make DefiXBet so attractive is its utilization of the DeFiProtocol to share casino profits with holders of its DXB token. That profit is distributed in such a manner that 40 percent goes to the stakeholders of the DeFi platform while another 40 percent goes to the DeFi platform itself. The remaining 20 percent is then channeled towards token buy-back and half of this will get burned.

“The DXB token value is designed to grow rapidly by scaling the platform while token holders can gain passive income by staking DXB or by creating their own casino games as a 3rd party developer,” one of DXB’s developers elaborates.

The inclusion of 3rd party games is a particularly exciting concept. This will not only mean more games for users but also presents an opportunity for more revenue generation from the additional profits gotten from the third parties.

mia-and-the-marbles

Hamster-Powered Marble Races Come to Ethereum

Crypto gambling continues to grow thanks to several innovative developments that have been causing quite a stir in the gambling industry. We have already seen lots of amazing innovations but, as it turns out, there is so much more to come. The latest development in the sector has come in the form of a new model of gaming.

Referred to as “Mia & the Marbles” the new model of gambling that is now available on Ethereum has been in development for over two years. It is a pretty ambitious project that has the potential to shake up the crypto gambling sector in many ways.

How Does It Work?

Mia & the Marbles (M&M) is powered by Mia, a female Djungarian or “winter white dwarf” hamster, and her trusty hamster wheel. With the help of a group of accomplished developers, Mia and her wheel make some very fun and engaging marble races possible. The result is a very unique and surprisingly robust marble-racing and wagering platform.

Needless to say, this is a rather unusual form of gambling but it is implementation has proven that there is indeed room for such extraordinary ideas. Speaking on the project, the developers behind Mia & the Marbles affirmed that participants can rest assured that they will be treated to all the benefits that come with Ethereum. That is, all the marble races are provably fair, provably live, and easily-verifiable.

“We can guarantee that the races are taking place in real-time and are not pre-recorded. We do this with our provably live video stream that shows the first 8 bits of the current Ethereum blockhash physically on the race track with 8 movable pegs. A high peg stands for a 1, a low peg for a 0.”

Also integrated into the new model of gambling is a compensation service. This has been put in place to sort out any races where accurate results cannot be introduced after two days.

More to Come?

Many ambitious projects are currently being pursued in the crypto gambling space but, as expected, not many of them see the light of day. The M&M project’s success is, however, proof that with the right kind of push, just about anything is possible. Even though the form of gambling the new game introduces stands out quite a bit for being unusual, the strong push for fair gambling was certainly bound to turn some heads.

That said, there are lots of opportunities in the online gambling and crypto sectors which means that M&M is probably just the beginning of even more launches.