EXPERTS Bookmakers can harness the power of blockchain 4 years ago Samuel Post Views: 645 Blockchain technology is not limited to cryptocurrency alone. Blockchain technology is now being embraced as the driver of innovation. Theses technology has not only disrupted but taken over traditional business models. The best part of it is that there is a competitive advantage. However, the reason why betting companies in Africa should consider blockchain, its can create additional capital; the biggest challenge that startups and existing bookmakers are facing is raising capital. Banks do not make it easier either in these parts of the world, since the list of requirements usually ends up being impossible to meet and even if you do, the interest rate isn’t friendly and your business idea might not interest the manager. Blockchain can be used to offer an Initial Coin Offering (ICOs). A good example is Kik which is a chat app. They managed to raise $100 million via an ICO. For instance, the gaming industry in Africa quite fragmented with many small players, meaning accumulators bets is the most popular form of betting in Africa, though, variations in attitude of players, which also increase the spending needs, the industry bookmakers are forced to meet up or consolidate with players demands in terms of latest technological platforms, however, such bookmakers that cannot meet up with these transition could be forced to close down operations due to financial constraints, if the technology is properly harness could save the overall business model of a company. Blockchain technology if deployed to an online gaming platforms could do a lot in terms financial transparency, fast payments, security, it is important bookmakers in Africa take advantage of these technology, as well as the ever growing online gambling, which is becoming more prevalent particularly, the young African’s are embracing this trend of gambling. Indeed, most African countries still doesn’t have regulated online gambling markets. Though, blockchain enable on bookies platform can attract new players from other African countries. For example, 1XBET is one of the bookies that have implemented this technology in Africa which virtually accept all players in the region. Blockchain is the future, better late than, better now than later because the early adopters reap the most benefits. Blockchain unblocks opportunities it is easier to implement and cheap, change on a brad scale using blockchain technology, you can set the rules and others can follow. Article by Adeleye Awakan Associate/Editor www.gbc.ng Africa’s leading digital gaming magazine. For consultant on gaming in Africa, Bookmaker’s review, Content, Advertising, and Thoughtful leadership article contact: [email protected], Linkedin Adeleye Awakan. About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: blockchain, ICO Continue Reading Previous Why cybersecurity is vital to the growing igaming businessNext Summary of the 2019 Game Year in Africa More Stories EXPERTS KENYA Digital wallets as an enabler for financial services in Africa 2 days ago Szarlot EXPERTS NIGERIA Afreko Media Amplifies Its Betting Platform Portfolio With The Acquisition Of Gamblers.Africa 2 days ago Szarlot EXPERTS KENYA Unlocking the power of mobile trading: A financial revolution in Kenya 3 days ago Samuel EXPERTS SOUTH AFRICA Online gambling addiction is a pandemic in SA, sucking in children and adults 3 days ago Szarlot EXPERTS SOUTH AFRICA MultiChoice investors kiss R32 billion goodbye 3 days ago Samuel EXPERTS KENYA Flutterwave wants to invest $50 million in Kenya 6 days ago Samuel EXPERTS HOT NEWS KENYA GamStop and Responsible Gambling in Africa 6 days ago Szarlot EXPERTS KENYA National Treasury Drafts Strategy to Catch Tax Evaders 1 week ago Samuel CASINO EXPERTS Seven fun and interesting facts about slot machines 2 weeks ago Iwo Bulski EXPERTS ZAMBIA Crypto-Powered Cross-Border Payments in Africa 2 weeks ago Szarlot EXPERTS NIGERIA Nigeria is losing out on Blockchain Regulations 2 weeks ago Samuel EXPERTS HOT NEWS NIGERIA Responsible Gambling in Nigeria: The Role of GamStop 2 weeks ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.