The correlation between poker chips and cryptocurrencies runs deep. It's no surprise that there are dozens of cryptocurrency projects aimed at the casino market. Let’s dive into some of those projects in more detail to see how exactly they plan to support the casino industry.
PlayChip is an Australian project that combines sports betting, casino operations, and eSports tracking on one platform. Instant KYC and real-time balance information makes it possible to track financial transactions in a secure and scalable manner on the Ethereum blockchain. The PLA token is an ERC-223 token that is currently used by nearly one million people.
The intersection between sports betting, casino gambling, and eSports is an interesting one. The terms “gambling” and “gaming” are being used too interchangeably for many regulators to be comfortable. Not only are people gambling by purchasing random mystery boxes, but it’s possible to place wagers on an eSports matchup or just tip your favorite Twitch streamer.
CasinoCoin offers an open-sourced, peer-to-peer blockchain solution tailor made for the casino industry. It’s KYC- and AML-compatible and claims to be capable of handling any regulatory requirements. Casinos face a lot of regulatory requirements, which is why roulette tech manufacturer Cammegh partnered with CasinoCoin to launch its own token on the blockchain.
In the U.S. alone, casinos face regulations from the Securities and Exchanges Commission (SEC), along with the Gaming Control Board of whichever state it’s legalized in. Transparency, training, and tracking are key components of a successful casino operation. Regulatory compliance is the single biggest hurdle cryptocurrencies must overcome to gain widespread adoption in casinos.
NativeCoin was created to link Indian Sovereign Businesses operating within the U.S. to businesses in the outside world. There are over 550 Tribes in the U.S., and they have their own laws and governments. Many were forced to band together with other tribes just for safety in numbers. However, they’re still forced to use the U.S. dollar for currency as it’s the only way to remain solvent. These Tribes are also able to run casinos in states where gambling may still be illegal.
In fact, the National Indian Gaming Commission (NIGC) estimates there are 460 Native gaming operations run by 240 federally recognized tribes. The project is widely hailed by the crypto community as a worthwhile project, and it’s not limited to gambling. Any Native businesses can operate on the network.
These four projects are just the tip of the iceberg. Every casino business is looking for new ways to leverage technology. A surprising amount of data is tracked each time you pull that slot machine lever or scan a player's club card, it triggers a ton of background actions.
Every casino's goal is striking the perfect balance of security, usability, and functionality. Cryptocurrency isn't the new way of doing things - poker chips have been around for nearly as long as poker itself. Crypto is simply digitizing them.