Throughout human history, gambling has been a prevalent activity that has spanned across various civilizations and societies. Even in the Paleolithic era, evidence of human gambling can be found. As technology has advanced, so have the methods of gambling. While traditional brick-and-mortar casinos in places like Las Vegas and Macau still dominate the industry, online casinos have experienced a significant surge in popularity in recent years. Many of these online platforms utilize cryptocurrency as their primary form of currency. One such platform, Stake, reportedly amassed a staggering $2.6 billion in gross revenue in 2022 alone.
In a recent episode of The Agenda podcast, hosts Jonathan DeYoung and Ray Salmond interviewed Zach Bruch, the founder and CEO of MyPrize. MyPrize is a crypto casino that has recently emerged from stealth mode and is now open for early access. The aim of the interview was to gain a deeper understanding of how crypto casinos operate, their role within the broader crypto ecosystem, and how they may be quietly introducing millions of people to Web3.
Bruch argued that the most significant use case for crypto in 2024 is still speculative trading, as demonstrated by the memecoin craze. He explained that memecoins are incredibly popular because people enjoy speculating and participating in a group activity with their friends. Crypto casinos, according to Bruch, provide a fun and social environment where friends can come together to engage in risk-taking and speculative behavior. In the case of MyPrize, the minimum bets can be as low as $0.01, making it accessible to a wide range of users.
However, operating an online crypto casino comes with its own set of challenges. One major challenge is ensuring compliance with the regulatory requirements of each country in which the casino operates. To meet these requirements, many online casinos, including MyPrize, have separate websites with different functionalities for customers based in the United States. Additionally, security concerns are paramount for crypto casinos, as they must ensure the safety of their code and smart contracts. Bruch likened operating a crypto casino to operating a crypto exchange, as both require considerations such as user accounts, AML, KYC, fraud prevention, chargeback risk, and asset security.
Bruch believes that online casinos serve as significant entry points into the crypto ecosystem. He stated that many people are unaware that some of the largest crypto applications today are connected to the casino space. By onboarding users through the casino, there is an opportunity to introduce them to the broader decentralized ecosystem of Web3. MyPrize’s long-term vision is to create a compelling application that will attract millions of users and then guide them into Web3.
To hear more insights from Bruch’s conversation with The Agenda, including discussions on the future of “GambleFi,” the possibility of casinos in the metaverse, and more, listeners can tune in to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts, or Spotify. Additionally, Cointelegraph offers a diverse lineup of other shows that may be of interest to readers.
Please note that this article is for informational purposes only and should not be considered as legal or investment advice. The opinions expressed are solely those of the author and do not necessarily reflect the views of Cointelegraph.