“Blockchain technology has the potential to revolutionize the gambling industry”
This time we are talking to Enrico Giancaterina, who has been a cryptocurrency trader since 2017. He has worked as an advisor on numerous Crypto projects, researching how to improve the speed and profitability of transactions without losing decentralization. His greatest success is founding Nextwin. In an interview with us, Enrico talks about the future of blockchain technology and its potential impact on the gambling market.
What is your perspective on the future of blockchain technology and its potential influence on the gambling market?
Blockchain technology has the potential to revolutionize online cross-border transactions in several significant ways. Potentially it can reduce the transaction time from days to minutes or even seconds reducing the number of fees associated with cross boarder transactions. The decentralized nature means that a single entity can’t alter a transaction so it will increase the security and transparency of transactions. Blockchain can provide financial services to the unbanked or underbanked populations and became more widely adopted thanks to a standardized protocols for international transaction. Cryptocurrencies can be used as intermediaries to reduce the cost and complexities of currency exchange also. Last but not the least it can offer a decentralized identity solution that can be used for KYC and AML proposes, ensuring secure and standardized identity checks across borders.
In the context of gambling sector, decentralized applications (smartcontract that allow predefined rules to execute automatically once certain conditions are bet) can create decentralized gambling platforms where the middleman is removed, often resulting in reduced fees and higher returns for players. It can provide gambling access to areas where traditional banking system might not be as prevalent or where online gambling transaction are cumbersome. This can open new markets for the industry. For example we at Funtech Games are having great results in LATAM and Africa but also some country of Asia.
Casinos can create their own tokens or cryptocurrencies for use within their platforms. This can introduce a new level of loyalty programs where user can trade sell or use their tokens for various perks within the platform. In Coingames.fun we are launching a revolutionary NFT collection that go exactly in these directions.
The integration of blockchain can lead to the creation of unique games formats, leveraging the technology’s capabilities. For instance, players could bet on real time events outside of the traditional sports like the outcome of an online game or even eSports tournaments, the best way to engage the GenZ.
Using blockchain, platform can create more robust and globally recognized self-exlusion lists, ensuring that individuals who have opted for self exlusion are universally recognized and exluded across all participating platform.
In conclusion, blockchain technology has the potential to revolutionize the gambling industry, addressing issues of trust, enhancing transparency, and providing innovative solutions. However, it’s also important to navigate the regulatory landscape carefully and address potential challenges to realize its full potential in the sector.
How do you evaluate the level of awareness within the iGaming industry regarding blockchain solutions?
The level of awareness regarding blockchain solutions within the iGaming industry, has been growing steadily. However, the pace of adoption and the depth of understanding vary across different stakeholders and regions.
Blockchain and cryptocurrency topics have been consistently featured in iGaming conferences, workshops, and seminars. These events highlight new technologies, platforms, and trends, indicating that there’s a significant interest in understanding and potentially integrating blockchain solutions. There’s been a noticeable rise in the number of blockchain-based casinos and betting platforms and they are the casinos whith the highest growing rate in the last 2 years (Stake.com registered a growing rate +800% and Coingames.fun with his “game changer technology” is a rocket ship) .
Regulatory bodies in some jurisdictions have begun discussions about the implications of blockchain and cryptocurrency in the iGaming sector. This is a clear indicator that the technology is on the radar of even the most traditional stakeholders. For example we worked with from the Isle of Man gambling commission to study and implement a new gambling license that allow operators to “decentralize gambling activities” using smartcontracts and Coingames.fun is the first in the world having these license.
While there’s growing awareness, there are also challenges and some degree of skepticism. Concerns about regulatory hurdles, potential misuse for money laundering, the volatility of cryptocurrencies, and the technical complexities of blockchain might hinder its rapid adoption.
The rise in dedicated educational resources, courses, and training programs tailored to iGaming professionals indicates a growing desire within the industry to understand and potentially leverage blockchain technology and convince also the skepticist. We also are running the Coingames Accademy with the aim have a positive impact in blockchain mass adoption.
What advice would you offer to individuals who remain uncertain about the applicability of blockchain technology in the iGaming business?
If individuals remain uncertain about the applicability of blockchain technology in the iGaming business they might educate theyrself, starting with the basics of blockchain technology to understand its principles, advantages, and limitations. Attending seminars, webinars, or conferences focusing on blockchain in iGaming. Many industry events now have dedicated tracks or sessions on this topic.
It’s important engage with industry experts who have experience integrating blockchain into iGaming platforms. They can provide insights, use cases, and share their experiences, both positive and negative.
Since the intersection of blockchain, cryptocurrencies, and gambling can be a regulatory gray area in many jurisdictions, it’s essential to stay updated with relevant laws and regulations. Engage with legal experts familiar with both iGaming and Blockchain to get clearer picture of potential challenges and solutions.
Last: Stay Open-minded! The world of technology, especially sectors like blockchain, is rapidly evolving. What seems challenging or uncertain today might become clearer tomorrow. Staying open-minded and adaptable is key.
However, like any technological innovation, it comes with challenges and uncertainties. By taking a measured, informed, and iterative approach, individuals can better understand and harness the benefits of blockchain for their iGaming businesses.
Among your various professional experiences, which one had the most significant impact on your career development?
Certainly, starting to work as an entrepreneur by founding a startup and, through this, meeting hundreds of high-level professionals has given me an innovator’s mindset with a different approach to the concept of failure. I learned that going to market immediately is much more important than creating the perfect product and learning from one’s mistakes. Lastly, meeting Edoardo Narduzzi, a partner and investor in Funtech, had the most significant impact on my career path. He provided me with the means and resources to fully express my potential as an entrepreneur and manager, transitioning from managing startups to a structured company.
In what ways do you envision Funtech Games changing the rules in the iGaming industry?
Funtech faces the challenge of optimizing conversion rates and user value while minimizing acquisition costs in a crypto-
gambling sphere fraught with lengthy onboarding and opaque fund management. High acquisition costs and low margins in a market saturated with similar value propositions compound this difficulty.
Our breakthrough solution is “Dega”, a technology that allows players to game directly from their non-custodial wallets, eliminating deposits. A single click gets players started, and every transaction is recorded transparently on the blockchain. Dega revolutionizes user experience, reduces costs, and introduces transparency like never before.
In 2022, fast-growing global operators were crypto-based, but remain centralized, lacking proper blockchain utilization to resolve the trilemma of scalability, security, and decentralization. The market will reach a value of 93$ billion in 2023.
We can offer instant gameplay, enhancing conversion and retention rates. They provide transparency, security, and the convenience of having one-token/wallet, reducing acquisition and transactional costs while improving operational efficiency. We have the first license for decentralized gambling. Through a comparative study with a centralized crypto casino, our Dega technology demonstrated superior KPIs: 160% better conversion rate, 600% improved deposit per user, and 170% higher retention. And this is only the beginning.
We are now in the process of raising $15M. These funds will be strategically utilized to expedite our development efforts in Brazil and Canada through our platform, Coingames.fun. Additionally, the investment will facilitate the expansion of our B2B operations, allowing us to extend our technology to new blockchain networks. This expansion is not only poised to benefit other iGaming operators but also industries like e-sports, enabling them to leverage the advantages offered by our innovative technology