Edgeless key insights from ICE 2018 (the largest gambling conference in Europe)
Online casino gaming is having a ‘prime’ time.
ICE 2018 was huge. With over 30,000 attendees from more than 150 countries, ICE Totally Gaming brought the international online and offline gaming sectors together.
The entire venue was divided into 2 parts: offline gambling operators and online gambling operators. An interesting fact is that 5 years ago, there was almost nothing happening for online operators — and now it’s a total shift.
The online gambling venue was overpacked with people and the offline gambling part felt a bit empty. If you talk with most of the industry oldies, they would confirm an online gambling phenomena and how fast it took an industry. Start-ups which started 3 or 4 years ago now have the largest stands in the conference.
Everyone is interested in crypto but not that many companies have something to offer
Since 2017, gambling conferences started adding “blockchain” and “cryptocurrencies” to their own agendas. Not without a reason: crypto solves many fundamental problems that online gambling industry face such as transparency and efficient payments. Most of the online casinos are heavily interested in what’s happening in crypto, and a lot of B2B game providers added crypto as one of the possible payment methods.
However, the ICE conference did not have that many true cryptocurrency companies which actually develop games on smart-contracts or provide specific services aimed at crypto gambling sector. Besides Edgeless (the first licensed Ethereum based casino), there were a few other players such as Crytopay, FunFair, and Trueflip. But that’s almost insignificant in comparison to all of the online gambling sector. And that makes sense because today, crypto gambling is not even 1% of the entire online gambling market. But that number is shifting rapidly, like online gambling five years ago.
Even traditional offline casinos can’t ignore the fundamental problems that blockchain solves so there is no doubt a smart-contract Ethereum technology will be an industry standard in a gambling industry in the next decade.
We are proud to be the first online casino based solely on Ethereum blockchain, and the first cryptocurrency project in the world which got an official gambling license. We hope 2018 will be the year when regulators will approve more and more Ethereum-based online casinos but more work need to be done to achieve true transparency of online gambling industry.
Regulations are on the way
With a boom of online gambling, regulators had a lot of scope to handle. Adding crypto to an entire set, makes things even more complex. On a positive note, most regulators already started grasping an idea of what’s a crypto/blockchain or how does it functions. Most of them (in a gambling sector) see a lot of potential in technology if it’s used correctly. A lot of gambling regulating countries (Malta, UK and Curacao) mentioned that a new set of rules designed for crypto gambling is on the way.
Edgeless presence on a stage, blockchain panel
Edgeless spokesperson, Tomas was invited to speak on a blockchain panel and represent an actual crypto gambling operator. Recording and pictures are coming soon.