Whether land-based casinos like it or not, their dominance is slowly fading. Today, no one needs plastic chips and the hustle and bustle of the gambling table. Online casinos and blockchain technology have replaced this outdated approach.
In an environment where regulation is becoming increasingly strict and traditional payment methods are more complex, gambling operators rely on cryptocurrencies. This mainly applies to non UK regulated casinos, which value their players’ freedom of choice and are keen to expand their player base.
Such platforms not only actively implement crypto into their backend systems but also develop their own tokens. In short, they create an entire blockchain-based ecosystem around their services. Customers interact with it, contribute to its growth passively, and receive rewards.
The beginning of the crypto casinos
Well, okay. Maybe we shouldn’t be too harsh on the old school. After all, there’s nothing new under the sun. The first casino tokens were essentially the same chips, but digital. But where land casinos offered VIP service, online platforms had to come up with something new.
Let’s face it, when you can switch to another casino in just a click, and all operators offer almost the same thing, you need something more than one-time bonuses and a pretty design. That’s why casino internal cryptocurrencies have gradually become more complex. They have stopped being just digital chips and have turned into a long-term contract between the player and the platform.
That is, a player who already has internal casino tokens ceases to be an ordinary user. He becomes a supporter interested in the operator’s success. The more the casino earns, the greater the capitalization of the native currency – it’s as plain as day.
How does staking work in online casinos?
Rewards for active play are obvious. It can manifest itself in larger bonuses, priority access, etc. But staking is something new. It is a mechanism that makes native tokens not just chips, but the lifeblood of the casino’s economy.
Similar to blockchain, staked tokens help sustain the platform’s ecosystem. In return, their owner receives a percentage of the coins, access to VIP events, cashback, discounts, bonuses, etc. Some casinos even provide a voice in brand development.
This is beneficial for the platform, as currency volatility decreases. And this contributes not only to the stability of the internal economy but also increases bilateral trust.
However, this is a risky game. If the token falls, the interest rate will unlikely save the player from losses. In addition, there is a risk of too long lockups. Some crypto casinos don’t disclose the duration of the lockup period. And this is a red flag.
Technical pros of tokenomics in casinos
So, a player who owns casino tokens has a stake in the platform’s success. Still, most players care mainly about the game. This is where a blockchain-based internal economy brings real advantages.
First of all, it’s about transaction speed and low fees. Having an internal cryptocurrency enables instant or near-instant automated transactions. And the token’s isolation ensures cheap exchange.
Second, all blockchain transactions are recorded in a public ledger. This means that any player can verify that the casino counts coins honestly. In contrast, traditional loyalty programs leave players relying solely on the operator’s honesty.
Casino tokens with the best capitalization
Crypto casinos have not yet significantly impacted the cryptocurrency market, as the niche is still too small. However, they are becoming increasingly popular, and they have the potential to change both gambling and blockchain.
Let’s take a look at the most promising casino tokens for now.
Rollbit Coin (RLB)
It is the largest casino token ever to exist. As of today, its capitalization is $217.9 million. This currency is part of the Rollbit casino and trading platform. The token is used to participate in the lottery, receive discounts, cashbacks, etc.
Despite the highest capitalization, RLB is risky due to high volatility.
FUNToken (FUN)
FUN is a blockchain casino token created by the FunFair project. The coin has a market capitalization of around $130 million. FUN has a deflationary model. Some tokens are burned to reduce their number in circulation and maintain the price.
FUN runs on both Ethereum and Polygon.
Solcasino Token (SCS)
The capitalization of Solcasino Token is approximately $19 million. It may not seem impressive, but it is still a promising asset of the Solcasino casino.
The token is used for betting, staking, cashback, and access to exclusive bonuses. It provides instant transactions with low fees.
