Josh Andrews

The Rise of Stake.com in the Multi-Billion Dollar Crypto Gambling Industry

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Stake.com opened its doors in 2017 with Ed Craven and Bijan Tehrani at the helm. The intention was to provide a trustworthy environment for crypto gamblers. They were motivated by the success of SatoshiDice, the pioneering cryptocurrency gaming platform that went live in April 2012 and now years later it has paid off.

The company has become a $2.6 billion industry powerhouse with customers all around the globe enjoying its cutting-edge services despite facing some setbacks in its early days.

What Makes Them Different?

Stake.com fully utilizes the benefits that cryptocurrencies provide to the online gaming industry, like anonymity, decentralization, quicker transactions, and cheaper costs. They have also adapted well-known games like Crash, Dice, and Plinko for the cryptocurrency community.

They’ve also established relationships with the industry’s top game developers, guaranteeing that their players will always have access to new and interesting games. This is in addition to the way they have capitalized on the rising popularity of live-streamed games, which has helped the business expand rapidly.

Continuous Growth Ambitions

Stake.com takes a proactive marketing approach, running campaigns aimed at both prospective consumers and regulatory organizations to better explain bitcoin and blockchain technology. This is evident in how they have put a lot of money into social media advertising, which has helped them reach more people and generate more buzz about the offerings.

Thanks to this, the company has risen to prominence as one of the most trusted brands in the cryptocurrency gaming industry.Stake.com is currently listed as the seventh biggest betting business internationally based on revenue, outperforming other well-established brands thanks to its 6 million registered accounts and over 600,000 regular and active users.

With ambitious aspirations for worldwide development and the ability to successfully navigate varying legal climates, Stake.com is undoubtedly at the forefront of the crypto-gaming revolution.

And it just keeps going.

Stake.com has highlighted plans to offer ‘unique and exclusive betting markets’ for its new audience. This includes esports, entertainment, and political events, all of which have the potential to produce significant income streams within the sector over time. As part of their company growth plans to maintain the competitive edge in an increasingly saturated industry, they provide a welcome bonus and a VIP program in addition to the 15 other promos that they already provide.

Gemini Looking to Revolutionize the Crypto Derivatives Platform for Traders Worldwide

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US-based bitcoin exchange Gemini has established a new department called Gemini Foundation. This platform will change the game by facilitating international participation in the spot and derivatives markets. The first product to be offered on the platform will be a Bitcoin perpetual contract with the value expressed in GUSD, which is Gemini’s stablecoin tied to the US dollar. Shortly after that, it is anticipated that Gemini will provide an Ethereum perpetual contract.

The Gemini Foundation offers its qualified customers a once-in-a-lifetime chance to leverage their cryptocurrency holdings to speculate on the price of an underlying asset without owning it. This ground-breaking idea gives cryptocurrency traders more leeway to adapt quickly to market shifts, making it easier for them to make money.

For a start, the platform will be accessible to customers in Singapore, Hong Kong, India, Israel, and Thailand, as well as several other countries in Central and South America and Asia. Traders in these areas have access to both the spot market and the futures market, expanding their potential for profit.

Dealing With Regulatory Hurdles

Gemini’s intention to launch its cryptocurrency derivatives platform in jurisdictions outside the United States is noteworthy given the regulatory hurdles faced by centralized cryptocurrency firms in the country. Following disasters like the FTX implosion and the TerraUSD collapse in 2022, the Securities and Exchange Commission (SEC) has filed regulatory charges against several cryptocurrency firms. The fact remains, however, that many centralized U.S. crypto businesses have had a rough few months.

In response, Gemini has announced its intention to relocate its engineering hub and developers to India, where the evolving crypto environment in South Asia is fostering a supportive atmosphere for cryptocurrency innovations. This is a significant move for the crypto industry, as it demonstrates that countries outside the US are becoming more receptive to crypto.

Implications for Crypto Gamers

An intriguing new option has opened for crypto gamblers and investors with the opening of the Gemini Foundation’s crypto derivatives platform outside the United States. Users that qualify are given the opportunity to trade in the spot market as well as derivatives markets via the platform. This gives them exposure to the price of the underlying asset without actually needing to own it. This allows them to speculate on the price of their preferred cryptocurrency without worrying about keeping or moving around any physical tokens.

Rollbit On the Spot for Allegedly Operating Without a Valid License

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Accusations that Rollbit, a new and fast-rising cryptocurrency-accepting online casino, is operating illegally have caused quite a stir in the crypto world. The reality is, however, that this is just the tip of the iceberg.

The license status of the firm is the focus of the allegations, which Rollbit says are presently being reviewed as part of the yearly renewal procedure. The company claims this renewal procedure is typical of Curaçao-authorized platforms. In addition to this, they assert that to keep up with the standards that are required of a licensed casino, they have gone through the same process of renewal each year since the establishment of their business.

Some Serious Inconsistencies

Skeptics, however, have reason to doubt Rollbit’s assertions due to discrepancies between the company’s claims and publicly accessible data about Curaçao gambling licenses.

Slotegrator, a software provider and aggregator for online casinos, reports that so long as the master license from Curaçao is still active after five years, the sub-licenses may remain in place indefinitely. This runs to counter to what Rollbit says about having to renew their license every year.

Further uncertainty was added when crypto and finance researcher FatMan revealed a chat he had with Rollbit’s support team. In the beginning, the firm claimed that the lack of licensing information was a “UI problem,” but he did not buy it. He suggested that one of Rollbit’s new games might have upset the regulator.

As the situation around Rollbit develops, more accusations have surfaced. Others have accused Rollbit of engaging in unethical behavior by supplying false balances to influencers. In this claimed strategy, influencers utilize free money to demonstrate large wins, perhaps attracting their followers into gambling through affiliate links. This practice has been criticized because it is dishonest and lures naive customers while providing the casino with risk-free profits.

The Implications?

The accusations leveled against Rollbit are serious and may seriously damage the company’s reputation. In a statement released in response to the situation, Rollbit said it was in constant contact with the licensor and had made some small adjustments to the app’s user interface per the licensor’s suggestions. Yet the company’s answers haven’t been enough to calm the crypto community’s fears.

Some members of the cryptocurrency community are even demanding that Rollbit be shut down, while others are demanding that the firm provide more information to explain the issue.

Although the future of this situation is uncertain, it highlights the significance of openness and compliance with regulations in the online gaming industry.

SOFTSWSS Reveals Some Predictions for Crypto Gambling

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New research from SOFTSWISS, a renowned IT supplier for iGaming, has revealed that the crypto-friendly gaming business is still growing impressively. That is, there is still a strong preference for crypto payments among players, despite the setbacks experienced in 2022.

The report’s findings, based on an analysis of data from 700 users of SOFTSWISS’s Game Aggregator and Casino Platform, were astounding. Total bets placed via the provider’s platform climbed by 31% compared to 2021, despite the volatility of the cryptocurrency market. Overall gambling earnings, measured by Gross Gaming Revenue (GGR; the sum of all bets and all payouts, including taxes and fees), increased by 36% year over year.

Impressive Growth Figures for Crypto

One of the most interesting revelations was that although the number of fiat-based initiatives has been growing, the influence of the existing global crypto community is not waning. It is still a priority for iGaming businesses to accept cryptocurrency payments and create new cryptocurrency-centric technologies.

Bitcoin is the most widely-bet digital currency despite a 60% price decrease in 2022, making up an astounding 72.7% of all crypto bets. Ethereum, on the other hand, has seen a 3.7% growth in popularity since 2021, and now accounts for 13.6 percent of all crypto bets. 5.5% of all wagers are placed on Litecoin, which is not far behind.

A total of 20.2 billion Euros was wagered on cryptocurrencies, a reduction of 14.6% compared to 2021. Nevertheless, the decline in crypto bets has been countered by the increase in fiat bets, which accounted for 76% of the total player bets by the end of 2022. This indicates that the growth of fiat bets has more than compensated for the decline in crypto bets.

High Expectations for the Future

SOFTSWISS is confident in the long-term viability of cryptocurrency in the iGaming industry despite the aforementioned swings and hurdles in 2022. Vitali Matsukevich, Chief Operational Officer of SOFTSWISS, claims that crypto’s fast transactions, privacy, and decentralization continue to make it a popular choice among gamers. He is optimistic that the trend toward using cryptocurrency by gamers will continue.

“Despite the fluctuations, crypto has already gained a strong foothold and has become an integral part of the market. For this reason, SOFTSWISS continues to strengthen its partners’ projects, whether fiat or crypto, with new innovative tools and solutions, providing operators with security, reliability, and top-level service.”
Vitali Matsukevich, Chief Operational Officer of SOFTSWISS

The sector as a whole is expanding and diversifying, and stakeholders increasingly gravitating towards digital services and products with crypto leading the pack.

Stake.com Becomes Title Partner for Alfa Romero

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Stake.com, a leading provider of online betting and gaming in the crypto space, has agreed to become the title sponsor of the Alfa Romeo F1 Racing Team. This is a massive milestone for the crypto-based gaming company and the F1 team.

In light of this development, the team’s name has been changed to “Alfa Romeo F1 Team Stake” and Stake is now officially the team’s title partner. As part of the multi-year relationship with Alfa Romeo F1 Team Stake, the gaming operator will compile a schedule of activities and experiences from across the globe to run concurrently with the F1 season.

According to the team’s representative, Alessandro Alunni Bravi, Stake’s arrival as a co-title partner marks a fresh beginning for both entities. The recent explosion in the popularity of Formula One is reflected in the entry of new businesses like Stake, which may benefit greatly from the immense publicity the sport generates. They are looking forward to Stake’s activation campaign for their fans and to becoming part of such a diverse roster of sports and entertainment companies.

A Few Concerns

Stake has been actively working to expand its global profile, and this is the latest step in that direction. Stake has sponsored the promotion of the brand by Premier League football teams, UFC fighters, and even celebrities.

Despite not being the first to do so, Alfa Romeo has taken cryptocurrency funding at a time when many other teams have dropped their corporate sponsors. For instance, once the $32 billion business declared bankruptcy, Mercedes dropped its sponsorship deal with FTX. Similarly, Ferrari abandoned Velas when its worth went from $0.001 to $0.000081.

Therefore, it is not surprising that Alfa Romero wants to conceal the crypto component behind their new sponsor. Although Stake differs from the aforementioned platforms in that it serves as a crypto casino rather than a marketplace, the omission of the term from Alfa’s press statement is interesting, particularly given that there may be more to it. That could be because, despite Australia’s prohibition on internet casinos, Stake.com is headquartered there thanks to a legal loophole.

Although these worries need consideration, the crypto industry stands to gain considerable potential advantages as well. Even if it will take some time for things to take root and for all those advantages to materialize, the good news is that it is a good beginning, especially considering past achievements. Streamlining regulatory developments would be great, but things should go smoothly regardless if proper routes are followed in the meantime.

Crypto Gaming in 2023: What to Expect

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As we go closer and closer to the year 2023, one of the most popular topics of conversation is play-to-earn (P2E) cryptocurrency gaming. This kind of gaming combines the most successful aspects of the cryptocurrency and gaming industries.

More people resorted to internet games as a way to socialize during the COVID-19 pandemic, boosting the development of the gaming industry as a whole. As we enter a new year, it’s becoming apparent that the recent uptick in global growth was no fluke.

A Novel Way to Game

The implementation of blockchain technology in play-to-earn games enables players to earn digital currency payouts depending on their in-game activities. Within the context of the P2E paradigm, players have the option of using cryptocurrencies to get payment for the time they spend participating in gaming activities or delivering other services to other users within the same virtual environment.

What differentiates crypto gaming apart from typical video games is that players, in addition to receiving NFTs, may own their in-game assets and convert them to fiat currency, trade them for other cryptocurrencies, or join a liquidity pool.

Thanks to this novel, community-driven business model, players, and creators may work together and more freely on game content.

A Stronger 2023

Although blockchain gaming and play-to-earn (P2E) enjoyed a surge in popularity during the crypto bull market of 2021, the industry was then struck hard by the arrival of crypto winter, which has been worsened by a couple of high-profile crashes, destroying the valuations of the top P2E firms.

Many speculated, because of the decline in values, that the P2E and gaming industries were only profiting from bull market circumstances, and that the long-term future is grim because of weak adoption rates.

However, there is evidence from recent studies that the predicted demise of P2E may be exaggerated since the vast majority of players are interested in exploring ways to earn cryptocurrency via in-game achievements.

Given that 64% of respondents claimed they had never played a P2E game with monetary benefits, the study findings suggest there is a lot of space for expansion in the P2E industry among existing players. Furthermore, 38% of U.S. gamers indicated they knew nothing about the use of cryptocurrencies, NFTs, or blockchain technology in gaming, suggesting that more education is needed in this area. That is more than enough to induce some growth in the coming year.

The 2022 World Cup and Crypto Sports Betting

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The next weeks may bring more changes to the betting industry, as Qatar hosts the world’s largest sports betting event. Much like the Super Bowl or the Wimbledon final, the World Cup is one of those exceptional sporting events that manages to capture the interest of nearly everyone in the world.

It should come as no surprise that it is also a very big deal from the point of view of the global sports betting sector. Consider the staggering total of $133.7 billion that was gambled on the 2018 World Cup, which was held in Russia.

The World Cup finals brought in roughly $8.2 billion in wagers, compared to around $6 billion for the most recent Super Bowl. Bets on Qatar 2022 are expected to exceed those placed on Russia 2018 by a significant margin, according to industry analysts.

In 2018, a very tiny subset of the betting industry was focused on the World Cup using cryptocurrency. Additionally, most of the people there were early adopters and crypto industry experts.

In only the last four years, that subset of the betting sector has seen immeasurable transformation. More and more people who wager on sports and play casino games are opting to do it using cryptocurrency.

Online gaming platforms are also evolving to meet this need. Today, Bitcoin is accepted as a form of payment by a growing number of recognizable brands, alongside traditional payment methods like credit cards and e-wallets.

More Than Betting

Bookmakers are not the only ones keeping crypto in the news during the World Cup, though. Many prominent cryptocurrency companies are now sponsors, a development not without controversy. This is to be anticipated, particularly when taking into account the fact that the cryptocurrency industry has experienced its fair share of highs and lows in recent times.

One prominent cryptocurrency exchange, for instance, officially backed out of a five-year, almost $500 million sponsorship arrangement with FIFA. Additionally, Everton supporters have demanded that the club cut ties with a major crypto-gambling provider that has been a sponsor of the team.

Naturally, there are still many kinks to work out, but it’s encouraging to see how far we have come. Regular sports fans will certainly come to realize the various advantages of cryptocurrencies as the public’s familiarity with them grows. This simplified, secure, and user-friendly system allows fans to place bets and collect their winnings in a flash. And that is just the beginning.

Dogecoin Use in Online Gambling on the Rise

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It is undeniable that memes are to blame for Dogecoin’s rise to fame as one of the most popular cryptocurrencies. The cryptocurrency is more often referred to as DOGE. The instantly identifiable outline of a Shiba Inu dog, which acts as the insignia for the business, has swiftly grown to become a well-known brand in a very short length of time.

There is no sign of Dogecoin’s popularity waning anytime soon, and new sites that take DOGE are popping up every day. Today, it’s no surprise that Dogecoin casinos are favored by gamblers, given the ease with which they can make deposits and withdrawals and the minuscule costs associated with doing so.

As it stands, Dogecoin is accepted by reputable companies.

A Change of Pace

For a long time, the widespread use of DOGE coins as a payment method has not materialized as many would have anticipated since many DOGE aficionados would rather HODL. However, Dogecoin’s popularity is soaring in one sector because of its speed and low costs: the gaming business.

Traditional casino games such as blackjack and roulette may now be played using cryptocurrency as the medium of exchange. While Bitcoin is the most popular option right now, Dogecoin is quickly gaining popularity.

When compared to Bitcoin, Dogecoin transactions complete far more quickly. Furthermore, due to DOGE’s widespread acceptance across the world, it may be used to make deposits at a large number of online casinos. Additionally, Dogecoin has a sizable following on social media, which numbers in the millions, and its supporters can be found in every region of the globe.

In the midst of the recent cryptocurrency downturn, Dogecoin has seen a surge in interest while other meme coins have mostly stagnated. To expand its user base and appeal to new investors, Dogecoin is also actively pushing its usage in daily transactions.

Is It a Good Investment for Online Gamblers?

The widespread use of cryptocurrencies and the excitement around them are not merely about financial benefits. Doge is an excellent and shrewd investment opportunity due to its unique position in the cryptocurrency market and its current cheap price. As a result, it has room to grow in value.

Despite this, Dogecoin, like the prices of all other cryptocurrencies, is subject to significant price swings. With the help of its dedicated investor base, this cryptocurrency has been able to outlive almost all of its forerunners in the altcoin market. To a greater extent than many other digital currencies, this has allowed it to maintain a high degree of stability.

Polygon Now on 1xBit

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Players and users of the popular gaming site 1xBit now have access to Polygon, a new cryptocurrency designed specifically for usage in crypto games. Polygon, a novel digital currency, is the brainchild of Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. Together, the four of them saw the need to fix Ethereum’s lack of interoperability. Ethereum’s seamless interaction with other blockchains was a pipe dream until Polygon made it a reality.

Of course, it’s about a lot more than that. With Polygon’s simple-to-use architecture, developers now have a chance to introduce their own groundbreaking Ethereum-friendly blockchain. Now the development of an “Ethereum Blockchain Internet” has become feasible with the help of the Polygon network.

This ground-breaking network is completely compatible with Ethereum’s Virtual Machine (EVM). Chains that are connected keep their independence and control themselves. All of these systems are compatible with Ethereum and can communicate with one another.

Solid Debut

The cryptocurrency community as a whole has warmed to this new development due to its unique character. It thus comes as no shock that 1xBit has included Polygon as a bitcoin payment option. Since its inception, 1xBit has been a bitcoin betting platform that keeps an eye on the latest and greatest cryptocurrency developments to provide more betting alternatives to its customers. There is a really bright future for the project within the context of crypto gambling going forward.

The Polygon network stands out among Ethereum’s decentralized exchanges because of its emphasis on both interchain cooperation and decentralized security. This ensures that no blockchain is compromised in its pursuit of interoperability.

Some of the amazing features that users can look forward to include:

Support for dozens of other digital currencies
Even faster payments
Amazing welcome bonuses and other incentives
Fast and user-friendly registration
Unmatched anonymity capabilities

When using 1xBit, polygon transactions are quick and inexpensive. Players should expect to get their winnings as soon as possible. All new players are also eligible for a 7 BTC Welcome Bonus, spread out across their first four deposits. That is a really well-rounded package that will push 1xBit’s efforts even further.

Could Crypto Wagering Be Coming to Australia’s Regulated Gambling Industry?

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Wagering in cryptocurrency might join the realm of legally sanctioned gambling if reports of discussions between the Northern Territory Racing Commission (NTRC) of Australia and gaming enterprises and license holders are true. The deadline for interested parties to submit their comments to the regulator is September 29.

The NTRC recently sent a piece of correspondence to all of the gaming companies that have valid licenses as part of their ongoing efforts. These gaming companies include well-known international gambling businesses like Betfair, Entain Group, and Draft Kings, among others.

The paper requests their comments on the viability of cryptocurrencies being used in gaming in the Northern Territory. In addition, licensees are asked for their input on the paper on the kind of legislative and industry reforms that would be necessary to make this a reality.

“What it provides for is a licensee, say a sports bookmaker who holds a license in the Northern Territory, who wants to accept cryptocurrency for striking or paying out wages, [is that they] need to apply for consent to be able to do that. And there’s certain conditions that attach to that.”
~ Julian Hoskins, the principal of Senet, one of Australia’s major gambling law and regulatory advisory firms.

At least for the time being, gamblers using one platform will have to make separate wagers in fiat currency and cryptocurrencies. This is because these two forms of currency won’t be able to be exchanged for one another while gaming.

The Tax and Legal Implications

According to sources close to these initiatives, the NTRC is also mulling over the subject of the tax implications of utilizing cryptocurrencies for gaming purposes. It will take a bit of time to understand the full scope of that but there are certainly a lot of potential solutions.

Nevertheless, the use of cryptocurrency in gaming would first need jumping over several legal hoops, such as adhering to strict identification criteria to comply with Anti-Money Laundering (AML) legislation. It is quite probable that gamblers will be required to have the addresses of their cryptocurrency wallets validated, and winnings will have to be withdrawn to the same wallet that was used to make the original deposit.

As is standard procedure in gaming that is based on fiat currency, local gambling enterprises will be legally obligated to have cryptocurrency wallets that store sufficient cash to adequately collateralize the wager amounts of their customers.