Few industries are as fast moving, entrepreneurially dynamic or as ground breaking as the online casino and gambling industry. In the world of supply and demand, there seems to be a global level of demand that knows no bounds. The global appetite for a bet or a cash game just keeps on growing. From a supplier’s point of view that ought to make life easy, but – metaphorically at least – there is a chicken and an egg involved in this equation that makes the picture a whole lot more complicated and a fair bit more interesting as well.
That ever expanding appetite is in large part an appetite for novelty. People like new games, they like playing with new technologies and they like to see new twists on a familiar theme. So as much as there is an existing market hunger for new games, it is stimulated and heightened by the development and the delivery of ever-more-sophisticated and continually evolving games.
Some of the world’s most advanced encryption and random number generating software underpins the bells and whistles that customers get to see. Like any entertainment industry, what goes on behind the scenes is every bit as fascinating as what happens front of house.
The latest development by South African developers Vegas Royal is one of those that has the makings of a complete game changer, altering what happens both from the customer’s perspective and from that of the casino operator. The big innovation that the vegascasino.io website brings to the industry is to allow players to gamble in bitcoin.
On the face of it, bitcoin is just another currency. The innovation might seem to be no more than a flirtation with the crypto currency on the basis that it does, at last, seem to be gaining some sort of mainstream take up – especially in the Far East.
Whilst it is fair to say that all of the above involves a degree of truth, there is a more substantial innovation to which the use of bitcoin points. The software that underpins bitcoin – frequently referred to as blockchain – offers the means to guarantee with 100% certainty the security of any and all transactions conducted in bitcoin. In effect, it delivers a permanent record of every transaction (and every person involved), thus guaranteeing the security of the currency. Blockchain technology is increasingly being investigated by the banking sector as a way to shore up their defences and maintain their status within an increasingly digitised world.
From the client perspective the vegascasino.io initiative represents a relatively unspectacular product. Everything is as you would expect in a modern online casino – the only difference is the currency involved. From the supplier’s perspective, however, the potential of bitcoin – in terms of ramping up their security not least – suggests yet more dynamic and entrepreneurial opportunities.