In a column for leading gambling industry publication EGR, John Caldwell, co-founder of blockchain development studio ASG Solutions, laid out the opportunities for online operators when it comes to cryptocurrencies.
Citing a potential multi-billion dollar upside for the online gaming sector, Caldwell stressed the importance that operators move to better understand the nature of the crypto gambler.
“The culture of crypto is different. Crypto people are, by definition, a group of people with a higher risk tolerance than most,” he said.
“Holding crypto is, in and of itself, a bet and a vote against the traditional financial system. These folks aren’t interested in the way banks operate. Traditional banking (and I would argue traditional gaming) is going to have to adapt to gain these customers’ business.”
Caldwell added that cryptocurrency uses fell directly within the demographic which online casinos are struggling to engage.
“It strikes me that the online industry is entering a phase not unlike what the land-based industry (especially in America) has been going through over the past 15 years: how to get more young people in the door, and how to keep them interested.
“The crypto gambler is a high value player who likes a gamble and wants it fast and simple. Crypto gamblers will give the business they deal with outsized returns and be loyal to those embracing the space.
“They just need the approach made in a way that speaks their language, makes sense to them and cuts all unnecessary steps out.”