Is Vegasino set to shake up the US crypto iGaming market?
The online gambling industry has continuously been evolving over the last 20 years since it exploded onto the internet. From hundreds of different online gambling sites and sportsbooks, the development of smartphones sparked the next iGaming revolution that prompted considerably more registrations.
More sophisticated marketing techniques, due to the availability of different forms of media further helped online gambling companies to increase their presence. The introduction of fintech saw the availability of more payment methods as customers began to become savvier about online security.
In recent years, further markets have become to open up with bills passed in countries that have key growth potential around Europe, while the US has seen numerous states open up online gambling to residents.
As technology continues to evolve - we have seen much of this integrated into the online gambling industry - with cryptocurrencies now appearing to gather pace in the industry many operators are already offering this as a form of banking.
However, this has since led to the launch of a number of cryptocurrency-only online casinos and while a few have yet to really move into the public eye, there is one that is starting to make great waves in the industry.
Perhaps unsurprisingly, this comes from the aggressively expanding US market, where funding appears to be in excess.
Having clearly been founded strategically, Vegasino, is being predicted to be a cryptocurrency casino that can change the landscape of the industry and it seems to have all of the right components in place to be successful.
With an objective of attempting to revolultionize the crypto casino scene, launched on the Binance Smart Chain, the Nevada-based company is focused on making sure the customer experience is as good as it can be in order to turn it into an industry leader.
Indeed, Vegasino CTO who goes by the moniker of Kajrak revealed: “We took what we learned from Nevada and put it together with our users' feedback to create something that will be truly a game changer in the space.”
Powered by the robust technology provider Owl.Games, which specializes in crypto-related gambling projects, this will integrate content from industry software powerhouses that include the likes of Evolution Gaming, Microgaming and Pragmatic Play. This subsequently ensures that there is familiarity for players who might be new to crypto, though still have a background in online gambling.
In addition, Vegasino also allows registrants to engage in sports betting, with a well-equipped sportsbook, that will continue to evolve during the first few months.
Smooth execution of key operations an immediate priority
Over the last few years, online security has become paramount in the iGaming industry, especially from a payment transaction perspective. More players are becoming savvier about the potential dangers of entering their banking information via a specific online casino and as such, fintech solutions have become increasingly popular.
Despite sites having SSL (Secure Socket Layer) encryption technology that protects sensitive details, many customers have started to lean more towards ewallets, such as PayPal, which provides an extra layer of security.
With Vegasino being run on the Binance Smart Chain, not only does this provide more robust security, but the true beauty is that it is completely anonymous and customers are required to use their unique crypto wallet in order to make deposits and withdrawals.
Because the crypto gambling industry is really still in its relative infancy there is an uncertainty as to how popular this may be, even if the advertising is executed as effectively as it possibly can be.
This was a view echoed by the Chief Financial Officer, who goes by the name of ‘Starkess’: “Good marketing is essential for any project to succeed, and our business model allows the casino to market itself.
“We are truly excited with all the partnerships we have in the works.”
The last couple of years have witnessed explosive growth in the US online gambling industry and the fact that it is still relatively new may work in the favor of Vegasino. This is because players are still deciding which aspect of gambling they prefer, and as a result, could give Vegasino a boost in being able to boost customer acquisition ahead of more traditional operators.
For new operators in the US defining an efficient marketing strategy has been key, many operators have secured partnerships with sports franchises as a way of helping to raise awareness - a potential route that Vegasino could look to explore.
As far as competition for Vegasino is concerned, within this market it is relatively untapped, especially when considering the level at which the brand wants to operate at and the careful planning that has gone into the venture.
Most crypto casino sites in other markets, such as the UK have essentially been built via white label companies, which take care of all of the infrastructure and the build of the site, leaving the owners to look after the marketing. Often these have small budgets and look to build organically.
The model that Vegasino has embarked upon appears to be ‘next level’, in terms of how fast it wants to scale. As a result, this should help it to become a leader in this space.
Securing licenses in more states will be considered a priority for the brand as it looks to grow fast, particularly when there are likely to be states where there is a high interest in crypto gambling. New York (Wall Street) and California (Silicon Valley) are two potential areas where this may prove to be a success.
How big an impact could this have?
In terms of potential popularity, a lot of it will come down to both marketing and user experience. If the website is built to a standard that appeals to the target market and the target market is then correctly identified and advertised to, Vegasino would have a real chance of being a success.
Over the next few years it could be the crypto casino industry in the US that becomes a major attraction in the same way online casinos and sports betting have taken off in the country recently.
Should Vegasino encounter rival startup companies over the next few months, this will certainly be a good indicator that it is a growing niche and, as a result, the founders will be proven right. It is definitely a case of ‘watch this space’.