According to experts, the global gambling industry will exceed $525 billion by 2022, which is approximately equal to $68 for every person on the planet. On the other hand, the cryptocurrency already has an established relationship with iGaming today – currently, about 50% of bitcoin transactions are in online games.
What is the secret to the success of cryptocurrency games
First, cryptocurrencies such as Ether and Bitcoin make it much easier for people in jurisdictions where gambling is prohibited to access the market. For example, in most Asian countries, any transactions involving gambling sites may arouse suspicion from banks and, subsequently, from controlling government agencies.
Secondly, there are a lot of online players who simply don’t want their gaming transactions to show up on their bank statements, and cryptocurrencies provide anonymity and make it easy to deposit and withdraw funds.
Last but not least, the use of cryptocurrency and blockchain technology allows users to see that the games are safe and fair. Due to the fact that all crypto-currency transactions are recorded within the blockchain technology, as well as through the use of smart contracts, the levels of trust in operators can be significantly increased, and there is less room for cheating.
The target audience
The target audience of a product is one of the most important factors when choosing. You need to present a portrait of the target audience, understand how popular the niche is, how they treat it, and how high the entry threshold for the target is.
In crypto, the main audience starts from 30+. And the older the audience, the higher the conversion. People consider crypto offers as a means of investment. Therefore, you need to focus on people who have free money.
According to GEO, the crypt has no special restrictions. It can be uploaded even to Europe, even to Africa, since the cryptocurrency is in high demand there (Nigeria is the 2nd largest P2P Bitcoin market). It is better to give preference to regions where there is not much competition now. As an example, you can see a case from our webmaster, who uploaded to Poland.
Gambling target audience
In gambling, the target audience is divided into 2 types: people who play for pleasure, and those who try to make money on casinos and other things. The second type is desperate guys, it is not so easy to work with them. This audience includes men over the age of 20. This niche also has its own nuances. For example, in regions with a stable economy (Central Europe, Australia, New Zealand, etc.), you can safely pour even on pensioners. Such an audience wants to feel alive and young, so they often resort to gambling.
Bitcoin games – to license or not?
It is important to understand that a gambling license is absolutely necessary for a gambling business to open a corporate account with a bank or other financial institution and officially work with electronic payment systems.
However, when a casino website, for example, works with bitcoin, all payment processing can be done using cryptocurrency without the involvement of third-party services.
Deposits and withdrawals are almost instantaneous, and bitcoins move directly between players’ bitcoin wallets and the casino. Thus, there is no need to provide a gaming license to any financial institution. Therefore, it can be argued that when it comes to working with bitcoins, a gambling license is optional, or at least not a prerequisite for accepting payments.
On the other hand, many players perceive bitcoin casinos in the same way as any traditional online casino. They want to be sure that they are investing their free funds in a safe and secure online environment and that their rights are protected by an independent body. In this case, a valid gambling license from one of the licensing jurisdictions becomes an important marketing tool that promotes player loyalty and significantly enhances the reputation of the casino.