As you may well know, cryptocurrency and blockchain technology are evolving fast and we are seeing more and more real-world applications each day. One of the most pertinent industries that this innovative technology has infiltrated is that of iGaming, otherwise known as online gambling.
There are lots of different ways in which immutable, decentralised, and transparent tech such as blockchain can help to improve and advance the industry, and there is one particular jurisdiction- Curacao- that is leading the way.
The global gambling industry is estimated to be worth in excess of $525 billion by 2022 which roughly equates to $68 for every single person on the planet. Cryptocurrencies on the other hand, have an already excellent and established relationship with iGaming- currently around 50% of Bitcoin transactions are attributable to iGaming. This is a testament to the nature of the online gambling sector and the way that cryptocurrencies dovetail into it.
Firstly, cryptocurrencies such as Ether and Bitcoin make it a lot easier for people in jurisdictions where gambling is banned, to access the market. For example, iGaming is outlawed in most of Asia and any transactions to iGaming sites would raise suspicion with banks and subsequently the authorities. As a result, cryptocurrencies provide a viable option for those that want to gamble without drawing the attention of overzealous government departments.
Secondly, there are many online gamblers that simply do not want gambling transactions to show up on their bank statements and cryptocurrency provides anonymity as well as ease when it comes to depositing and withdrawing funds.
Last but by no means least, the use of cryptocurrency and blockchain technology allows users to see that the games they are playing are free and fair. Due to the immutable nature of blockchain, the fact that all cryptocurrency transactions are logged on it, and through the use of smart contracts, trust levels in operators can be greatly increased and there is less room for foul play.
These factors suggest that there is a very important and still, as of yet, relatively unexplored role for blockchain technology in both the regulated and unregulated gambling space.
That said, the world’s first smart contract casino was just granted a Curacao gaming license, de facto giving approval for the use of smart contract protocol within the iGaming industry. This was great news for the small Dutch Carribean Island, which already enjoys a thriving offshore, finance, and corporate services industry.
At Fast Offshore, we have been assisting clients with their corporate services needs for over 21 years. This also extends to our gaming practice and we are well versed in guiding our clients through licensing applications in a range of jurisdictions.
In Curacao, we can not only assist with normal gaming licenses and company formation but we can also help clients acquire a cryptocurrency gaming license or Bitcoin gaming license. To find out more about the process, or about doing business in Curacao, get in touch and we will be happy to assist.