In recent months, a number of gambling market analysts have been turning their attention to the potential of blockchain technology to fundamentally change the gambling industry – crypto gambling was a major focus of the latest ICE conference in early February in London, an annual gathering of the world’s leading gambling industry players.
And there is already widespread agreement that blockchain tech makes for a perfect fit with gambling generally, with some even suggesting that gambling is the most likely industry to offer up the world’s first mass adoption blockchain technology.
Blockchain-based gambling platforms and apps offer perfect transparency along with the ability to stake and receive winnings in real-time. But it also offers up full anonymity as well as the ability for users to offer their own markets on platforms that are willing to accommodate these features.
And it is these last two features which may be the reason why P2P blockchain-based gambling platforms may displace current industry leaders who do not begin to accommodate the technology.
Recent Price Run
There are currently over 2000 cryptocurrencies in circulation, and a number of these are designed specifically to pioneer new blockchain-based gambling platforms.
The leader in this field is a cryptocurrency known as Augur (REP) which has brought crypto gambling back into focus as a result of its recent price surge.
After the great crypto crash of January 2018, REP, like the vast majority of other cryptocurrencies, pursued a twelve-month decline which saw its market price fall from a high of $108 to just under $7. Since the turn of the year, however, its value has recovered to a current price of $22, representing a YTD return of just over 200% – a figure that is vastly superior to the 33% registered by the CCI30, an index which tracks the aggregate performance of the top thirty crypto-currencies.
Much of Augur’s recent increase appears to be due to the usual speculative plays on the crypto markets – the Augur platform itself engages with one active user in any given hour, according to one Augur statistical tool tracker, indicating that the fundamentals simply aren’t there to justify such a jump.
However, a look elsewhere – notably on Google’s keyword tracking tool – indicates that there may be another reason behind the recent spike. Analysis of keyword terms related to crypto gambling shows that such terms have taken off in recent months, indicating a growing interest in the concept – and Augur’s price may have been an indirect beneficiary of this effect.
Augur enjoys, in other words, the strongest profile in a niche and nascent industry. The only thing it is currently missing is an attractive – and simple – interface that achieves mass adoption. In its current form, users need to be highly tech-savvy to use it.
A number of projects are emerging now to offer something along these lines but a question remark remains about whether this can be achieved before more established, traditional players enter into the space.