iGaming 2023: The Coming Crypto Revolution According To Felix Römer
There’s no denying the potential benefits that come from leveraging exciting new platforms driven by blockchain technology and cryptocurrency.
But, likewise, with the undeniable controversy surrounding volatile token valuations and the framework’s lack of central regulation, there’s also no doubt that crypto and its offshoots have also generated heated debate within our industry and across wider society.
To get a clearer fix and insight into the fascinating world of blockchain and to hear how it can be suborned to superpower iGaming, we caught up with Felix Römer, CEO of leading crypto casino, Gamdom. As they say, if anyone knows then Felix knows.
What inspired you to create a crypto casino and sportsbook? What are the main benefits for the customer?
“We recognized the incredible potential of cryptocurrencies and blockchain technology to revolutionise the gambling industry, offering a seamless, secure and transparent experience for players.
“At Gamdom, players enjoy a plethora of benefits that traditional casinos can’t offer.
“Primarily, the high level of transparency and privacy associated with gameplay. Additionally, payment processing times are significantly reduced. Unlike traditional methods, crypto transactions are almost instantaneous, eliminating long wait times. Furthermore, Gamdom has low-to-zero transaction fees, saving you money. Lastly, the global accessibility of cryptocurrencies means you can play from any corner of the world without worrying about currency conversion or related fees.
“It’s a revolution in the casino landscape that provides players with a secure, swift, and cost-effective gambling experience.”
Some argue that increased customer trust is a strong factor in the success of blockchain betting. But for big brands in the market who are already household names, customer trust is less of an issue. With this in mind, is the topic of trust still an important factor for Gamdom?
“Trust is fundamental to building long-term relationships with our customers. Even for well-established brands, consistently providing a secure and transparent gambling environment is vital for retaining customers and fostering loyalty. With the ever-evolving nature of the online gambling industry, and the rise of blockchain betting, customer expectations are also evolving. In order to meet this demand, operators must remain up-to-date with the latest security technology.
Cryptocurrencies are usually more popular amongst younger, more tech-savvy consumers. Is this the key to attracting the next generation of bettors in an industry with an ageing demographic?
“Embracing blockchain technology and building trust are key factors in attracting the next generation of bettors in an industry with an ageing demographic. The next generation of bettors is more tech-savvy and values transparency, security and innovative solutions.
“Blockchain technology provides the foundation for a transparent and secure gambling environment.
“Mainstream adaptation also requires a transfer of responsibility from the user to the platform. Traditional gambling models may place the burden of trust entirely on the user, requiring them to trust the casino’s processes and fairness without any verifiable evidence.
“By addressing the concerns of the next generation of bettors through blockchain technology, and transferring responsibility from the user to the platform, the gambling industry can revitalise itself and attract a broader and more diverse customer base.”
Cryptocurrency itself is known for being very volatile. Does this pose an increased risk for operators such as yourselves? And, if so, how can they be mitigated?
“While it’s true that cryptocurrency volatility can pose risks for some businesses, established operators like Gamdom are well-prepared to handle these fluctuations.
“At Gamdom, we take a pro-active stance toward risk management. Rather than simply reacting to market fluctuations, we implement strategic measures to anticipate and address cryptocurrency volatility.
“This forward-thinking approach ensures that our operations remain stable, even in periods of significant market movement. Our agility and adaptability are key factors in our continued growth and success within the sector.”
Felix is a powerful advocate for the future of crypto casinos.
He clearly recognises that as new generations of players continue to enter the marketplace, they will have new expectations for their digital experiences – and ones that our industry will need to deliver in order to keep a competitive edge.
By leveraging the blockchain, Felix has managed to create a trustworthy platform that offers an enhanced customer experience. Its ability to better engage the younger audience is a major advantage. And we look forward to seeing how this growing sector will change the very face of iGaming.