by MoonbetHow Moonbet is Breaking Barriers in iGaming
As somebody that has spent the past ten years in the world of iGaming (online sportsbooks, casinos, and now even eSports betting), I have had accounts with over 100 different operators across as many countries as you can imagine.
The progress of iGaming has been incredible since I could legally join in 2006. The number of betting options, player experience, innovations, and everything else that has taken the iGaming industry to an over $50 billion market (as high as $100 billion depending on who you ask) has become staggering.
However, there are still many challenges and barriers facing the industry. From both an operator and player perspective, I believe that the current state of the iGaming industry has gone as far as it can go with the traditional technology being used today.
That is why we have created Moonbet: to use dynamic blockchain technology to revolutionize the way players, operators, and the entire iGaming ecosystem operates.
Challenges existing in the iGaming industry
Although the iGaming industry has been wildly successful over the past two decades, inherent shortcomings remain. By addressing these shortcomings using emerging blockchain technology, we can both optimize the player experience and maximize profitability for our iGaming platform.
Centralization
Most people see thousands of different online casino brands and sportsbooks thinking they are all unique companies with various offerings. However, they are almost guaranteed to be owned by a multinational iGaming conglomerate.
The top ten iGaming corporations own over 200 of the world’s most popular online betting brands and have a total valuation of over $25 billion. In an industry worth roughly $50 billion, it means that all the accumulation of wealth is going to the same few businesses.
As this cycle continues, they have more capital to purchase any new competitor that becomes even remotely successful (especially ones operating in new markets), further strengthening their hold on the industry.
This centralization reduces the need for innovation, which ultimately has a negative impact on the player experience.
Lack of Transparency
One of the biggest challenges in the iGaming industry is the transparent nature. The lack of transparency would make it difficult for players to understand and trust the process happening all over the platform. Although sportsbooks and casinos are licensed and regulated, the average player is unaware that certain practices tilt the odds in the favour of the house significantly, penalizing them for the winnings of other players.
Manipulation of Data
Secondly, altering data is considered to be another flaw in the sector. Being an online gaming platform, the chances for manipulating the data are very high. This nefarious activity of altering, modifying, or tweaking of valuable data widely diminishes the trust among the players and can lead to them exiting the platform.
Lack of Trust
The participants enter the platform to get entertained and earn profits. However, with new iGaming businesses enter the market constantly, it is difficult for players to know where to put their trust. Even with licenses and regulations, there are always concerns about where players are sending their funds, if they will be able to withdraw, and the fairness of the bets they are making.
Payment Constraints
The flow of capital is vital in the online iGaming platform. All their betting in casinos or sportsbooks involves some sort of capital. So the payment methods are mostly restricted to some common modes such as bank transfer, credit or debit cards. Not all players will be comfortable with such constrained payment methods, especially as certain traditional financial providers block access to iGaming platforms.
Emerging Market Barriers
As 3G and 4G internet connectivity spreads further and the costs of smartphones are reduced, emerging markets are quickly becoming a major target for iGaming providers. Africa has seen an explosion of online sports betting, with South Africa alone becoming a $2.5 billion annual market, having an estimated 50% of the population betting regularly on sports.
However, emerging markets also have a low percentage of population with traditional bank accounts. Africa, Asia, and LATAM studies show that citizens are 200% less likely to have a traditional bank account. Without access to bank accounts, it is extremely difficult for them to enter into iGaming.
Acquiring Players
The average cost-per-acquisition (CPA) in iGaming is between $50 and $100, depending on platform and region. More complicated is the fact that many markets have strict regulations surrounding iGaming advertising, making it more difficult and costly to reach potential users. Traditional iGaming is limited in how they can advertise, as well as in their marketing budgets.
User Experience
The on boarding process for traditional iGaming can be exhausting, leading to players simpl abandoning their journey. This raises the CPA and leads to millions of dollars in lost potential revenue.
Moonbet’s solutions to these issues
In order to put an end to all aforementioned issues, one concept comes to the mind — Blockchain Technology. This emerging technology has been used to solve similar issues in the banking sector (Decentralized Finance), secure payments (Distributed Ledger), and efficient development (Blockchain Platforms).
Here is how Moonbet will leverage blockchain technology and the cryptocurrency community to accomplish our goals.
Transparent yet Private
One of the prime purposes that Moonbet incorporated blockchain technology in the iGaming platform is to resolve the issue of transparency. The entire process and even the transactions are completely decentralized, which means that players can see the movement of funds, each bet placed, and their results, all through a public ledger.
This aspect of transparency is also protected through the highest levels of privacy and security, keeping players safe at all times.
Data Immutable
All casino play in the Moonbet ecosystem will use Provably Fair Gaming. This means that players can understand the house edge and instantly verify the fairness of the game they are playing. This builds trust in our product, while also ensuring that there is no manipulation of data or added disadvantage for users.
Fully Licensed and Regulated
Moonbet will be fully licensed and regulated by the Curacao Gaming Control Board. This ensures that all activities are held to strict guidelines to ensure fairness and integrity. It also means we will be 100% compliant with all Anti-Money Laundering and KYC verifications needed to legally operate in the world’s top iGaming markets.
Reduction and Elimination of Third Parties
By creating a decentralized iGaming platform, we will be drastically reducing the third-party integration from the outset. Currently, there are few necessities that will remain in order to offer a world-class gaming product to users, allowing us to gain traction in the market.
However, the ultimate phase of Moonbet will be the complete elimination of third-party suppliers in order to have a fully-decentralized platform using only our ecosystem.
Play with a Variety of Cryptocurrencies
We believe that the world of blockchain should be united in growth and projects should support each other.
This is why players can deposit using a variety of top cryptocurrencies for their gaming needs, while also withdrawing them quickly and easily. The best part? As new crypto-communities emerge, we can integrate them into our platform to grow our user base and build cross-platform relationships.
Community Marketing
There is no arguing that blockchain projects have incredibly loyal and passionate followers. By building a Moonbet community that earns from holding the MBET token, we will benefit from organic referral and word-of-mouth marketing that will signification reduce player CPA and maximize brand recognition.
Enhanced User Experience
Moonbet’s platform is designed to be inviting, simple, and engaging. New players will love how quickly they can join and place their first bet, while experienced iGamers can take advantage of 1000s of sportsbook options and a provably fair casino, all on their smartphone, tablet, or desktop.
Become part of the iGaming revolution on July 7
We are launching our ICO Pre-Sale beginning July 7, where anybody in the world can become part of the world’s first community driven, decentralized iGaming ecosystem.
Visit www.moonbet.org to discover all the information about our project, read our whitepaper, and see just how we will be disrupting this industry.