When someone says “blockchain”, most people think of cryptocurrency. What they fail to understand is the fact that blockchain is related to all digital transactions. Because of the gambling industry’s rapid rise, many customers have decided to profit from the use of blockchain technology while betting.
LionGaming is a Canadian company that has managed to incorporate blockchain technology in its sports betting and casino solutions. In this article, the company’s CEO Duncan McIntyre has decided to answer a few questions related to the topic.
When asked to tell a bit more about his company, McIntyre said:
“Lion Gaming Group develops iGaming technology designed to transform online sportsbooks and casinos. We are the only provider that offers blockchain-based solutions which can be toggled on or off depending on player preference. Operators equipped with our technology can accept wagers in traditional fiat currency and virtually any cryptocurrency or digital asset.”
He also said that operators face many challenges when using blockchain technology. McIntyre explained:
“There are several challenges that operators face when building reliable live-betting products. Whether it’s customer acquisition and retention, operations, or tech development, operators need to be mindful of where their human and financial resources are going. That being said, developing betting technology (let alone live-betting technology) requires effort, time, and compliance expertise. So I’d say that the major challenge operators face is the labor, capital, and time required to develop an exceptional product. And as I mentioned, another challenge is that when your resources are tied up in tech development and maintenance, there is less that can be put toward what operators really need to succeed – mainly customer acquisition and retention.”
LionGaming CEO also explained what makes a good gambling product:
“Live-betting products need to be integrated with reliable odds-feed and data providers that in turn create great user experiences. It’s very frustrating for a bettor to see action they like only to be declined by the operator when they try to place the bet. UX design is obviously key, along with speed and the ability for players to get their money down. In addition, integrating live streaming feeds for sports or esports can help facilitate live bets and keep bettors engaged on an operator’s platform.”
At the end of the interview, McIntyre talked about his company blockchain technology:
“Blockchain technology has a number of benefits beyond just the ability to accept and place wagers in Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies. It ensures secure and transparent transactions, it adds an extra layer of reassurance for bettors who know that their bets will be paid out with the use of smart contracts, and it can increase profit margins for operators by eliminating some fees and delays. The benefits listed above are applicable to both our regular betting and live betting products.”