Throughout the extensive trajectory of human history, one constant presence has been the activity of gambling. Traces of human gambling can be found as far back as the Paleolithic era, revealing its deep roots in various civilizations and societies. As advancements in technology have reshaped the world, the ways in which people gamble have also transformed. Traditional gambling hubs like Las Vegas and Macau continue to thrive with their physical casinos and plethora of entertainment options. The recent surge in popularity has been seen online, with digital casinos, many of which are now leveraging cryptocurrency to enhance their platforms. Remarkably, the leading platform, Stake, reportedly brought in an astounding $2.6 billion in gross revenue in 2022 alone.
On the 14th episode of their podcast, hosts Jonathan DeYoung and Ray Salmond invited Zach Bruch, the founder and CEO of MyPrize, a recently unveiled crypto casino now accessible for early users. Their discussion aimed to delve into the workings of crypto casinos, their place within the larger crypto ecosystem, and their potential role in onboarding millions into Web3 silently.
The relationship between cryptocurrency and gambling appears to be quite complementary. Bruch argued that the most significant application for crypto in 2024 remains speculation. This trend is evident from the memecoin frenzy, which was extensively discussed in episode 34 with Andreas Brekken of SideShift.ai. He pointed out that memecoins’ popularity stems from people’s love for speculation, the enjoyment of group participation, and the social aspects of rallying around a shared speculative activity.
Bruch pointed out that gambling is a fundamental human behavior, existing since the dawn of human life, and crypto represents the ultimate risk-taking environment. According to him, crypto casinos are essentially thrilling spaces where friends can gather to engage in exciting speculative activities. At MyPrize, the platform allows for minimal bets as low as one cent, making the experience accessible to many.
Running an online crypto casino isn’t without its obstacles. Compliance with the varying regulatory requirements of each country is a significant challenge. Consequently, many online casinos, including MyPrize, have distinct websites catering to U.S. customers with varied functionalities. Security is paramount; crypto casinos must ensure their code and smart contracts are secure. For instance, in September 2023, Stake faced a hacking incident that resulted in a loss of $41 million.
Bruch equated operating a crypto casino to running a crypto exchange, highlighting the necessity for secure user accounts, adhering to AML and KYC regulations, managing fraud, dealing with chargebacks, and ensuring asset security. Similar to crypto exchanges, online casinos must address these complex concerns to operate effectively and securely.
From Bruch’s perspective, online casinos serve as substantial entry points into the crypto world. He mentioned that many people are unaware of some of the largest applications for crypto, which exist within the casino space. These platforms present opportunities to guide these users into the broader crypto ecosystem. This transition is facilitated by gambling’s longstanding product-market fit, as traditional gamers and gamblers, who may not be active in the conventional crypto ecosystem, purchase cryptocurrencies to participate in these online casinos.
MyPrize envisions this as a pathway to Web3 integration. The goal is to create an engaging application that will attract millions of users to the crypto space through the casino platform and subsequently encourage their participation in a more extensive decentralized ecosystem. As Bruch stated, the primary focus is on developing a stellar application that will onboard millions, thereby expanding their involvement with Web3.
To explore more from Zach Bruch’s discussion, including insights on the burgeoning “GambleFi” sector, the potential for upcoming metaverse casinos, and additional topics, listeners are encouraged to tune into the full episode on various podcast platforms. A complete lineup of related shows is available for those interested in further exploring these themes.
This sounds like a high-tech way to lose your money even faster. No thanks.
Online casinos bridging the gap to the broader crypto ecosystem is a smart way to broaden the user base.
Incredible how gambling continues to evolve. From ancient times to digital crypto platforms.
Understanding the regulatory and security challenges was enlightening. Vital issues for maintaining trust. 🔒⚖️
Why are we acting like gambling is some noble human pursuit? Maybe focus on tech innovations that improve lives, not drain bank accounts.
This podcast episode was a glorification of gambling, ignoring the real consequences it can have on peoples lives.
So grateful for podcasts like this that dive deep into such fascinating topics. Can’t wait for the next episode!
It’s amazing to see how traditional casinos like Vegas are still thriving while digital platforms take off!
Compliance issues, security flaws, and addiction risks. What could possibly go wrong? 🙅♂️❌
Jonathan DeYoung and Ray Salmond always bring such interesting guests. Zach Bruch is super insightful!
Integrating gaming and crypto is such a smart move. Bringing millions into Web3 without them even realizing it!
Wow, the intersection of crypto and gambling is intriguing! Stake’s revenue figures are mind-blowing!
Bruch’s comparison of running a crypto casino to a crypto exchange makes perfect sense. 🎰🔗
All this talk of ‘onboarding millions’ sounds more like sucking people into a financial black hole. Relative to Web3’s potential, it’s incredibly short-sighted. 🌪️👎