Online Gaming Cryptocurrencies & Crypto Betting
Online gaming has been a target for adoption for many cryptocurrencies, where the attraction of easier on ramps and greater anonymity appeal to gamblers and easier fund management appeals to the house. Bitcoin and Ether have seen increased use on major online casinos, while gambling specific utility tokens and blockchains have struggled to break into the market as their features and benefits are simply not required by casinos. So how is temtum looking to revolutionise the industry and become the go to as a gaming cryptocurrency that can also be used in your everyday life?
Online gambling was a 50 billion USD industry in 2017 and around 60% of all Bitcoin transactions are gambling related.
temtum allows online casino and poker room players, as well as sports bettors or any other online gambling enthusiast, to enjoy their favourite pastime free of fees, payment delays and legal restrictions and offers significant advantages relative to using the likes of BTC or ETH as a stake
Players can ‘pay-as-you-play’ without the need to deposit to an applications wallet and drawdown on funds. Therefore, players are able to instantly transfer what they intend to bet for any single hand, stake or prediction.
- Removing crypto deposit delay – customers want to see their funds instantly - allowing betting instantly. Logging out and back in to see deposited funds is not a user friendly experience.
- Instant buy backs - with existing cryptocurrency coins, buying back into games such as Poker, is generally not possible without a lengthy depositing process. Therefore, continuation of gambling is not achievable.
- Removing depositing of funds – ‘Pay as you play’ gaming eliminates the risk of a casino/gaming application holding your deposit or your winnings in their wallet.
- Instant withdrawals - winning stakes are immediately paid directly to your wallet in TEM, without transaction delays.
There are two very different ways in which temtum can improve payments in this industry.
The first we call the ‘on-ramp’ model – this allows TEM to be used as a stake in a game, either through a traditional deposit of funds or with our temtum ‘Pay as you Play’ model.
The second is a full online gaming application running on the temtum network, and is not described here, but has already been demonstrated in our gaming demo. This option may form part of our future road map as integrations are demonstrated alongside industry partners – the benefit to the industry is that this technology offers a full audit on the blockchain, so players can see that each game is ‘provably fair’ and as described by the gaming brand.
There are four types of temtum gaming integrations that can exist in the on-ramp space:
- Full temtum gaming app - An online casino where you can play using only TEM for each stake, with provably fair gaming based on the temtum network.
- Hybrid online app - This works like a regular online casino/game, but you can deposit, play and withdraw using TEM via our payment plugin, or via an existing crypto payment processor interface.
- Pay-as-you-play - Instant payments for each stake, with no depositing directly to the platform required. Both stakes and payouts will be direct wallet to wallet transactions.
- temtum payment gateway - Working like a regular online casino/game, but you can deposit using TEM via a payment gateway partner. Do note that these online casinos will convert your temtum into Fiat currency such as dollar, euro etc and you cannot withdraw temtum.
In the example of an existing online casino / gambling application wishing to accept TEM as a payment method, the client would simply create a temtum wallet and integrate our payment API into their platform. The API can create a unique wallet address for each player automatically at user sign up, allowing the application to easily monitor each users depositing or staking – requiring no input from the user.
The house can then either automatically convert any TEM to fiat via an exchange or hold the amount in their TEM wallet for liquidity on the platform.
The benefits of using TEM over more established cryptocurrencies such as BTC and ETH are recognised by both the players and the apps alike, where current blockchain and crypto friendly platforms are still falling short of suitable solutions outside of ‘provably fair’ gaming.
temtum benefits players where they can directly use crypto (TEM) as a stake with immediate transactions and no fees. For the casino/gaming app, unlike waiting on average 45–60 minutes for Bitcoin to confirm a transaction, potentially losing the player valuable gaming time, they will have the funds confirmed in their account within 12 seconds, retaining player engagement.
With the use of TEM as both the stake and the reward, price volatility of the currency is less of a concern for the house, with instant transactions and no bank or payment gateway fees providing significant benefits in both the long and short term.
Via the ‘pay-to-play’ model, online gaming platforms no longer need to hold any client deposits and are therefore able to significantly reduce their own asset management risks. The use of temtum would also give the users additional benefits such as increased anonymity while using the application.
Although temtum is far more than a coin created for online gaming, it’s clear that the core pillars of the technology are capable of being a game changer for the industry. More than simply discussing the benefits, temtum have successfully integrated their technology with fair gaming innovators Roobet alongside a $500,000 giveaway campaign to coincide with the temtum launch on CoinAll.
Players can now deposit, withdraw and stake using their temtum, while earning significant rewards from Roobet for doing so, distributing TEM to thousands of gamers around the world. This is a big step for the temtum network and an exciting development for online gambling.