The rapid emergence of cryptocurrency and blockchain technology has not gone unnoticed by many in the gambling industry – although the technology does have its detractors.
Brandt Page, VP of Business Development at HXRO, is not one of these critics, however, as he predicted increased engagement between blockchain/cryptocurrency and the betting sector in 2022.
Speaking to SBC’s Senior Media Executive Erin Gallagher at the Betting on Sports Europe (BOSE) conference at London’s Stamford Bridge stadium last month, Page gave a quick summary of what he expects to see in the gaming space in the new year.
“There’s lots of developments for the industry in 2022 and beyond,” he said. “We’ll see continued emergence of esports as an area of market, there’s going to be more of a transition between finance and sports in the sense of gambling products as well, and that will certainly be driven by some aspects of things being developed on the blockchain.”
The VP also asserted his view that the ‘hype is here to stay’ when it comes to cryptocurrency, pointing to what he believes are some of the sector’s main benefits for different segments of the economy as it continues to develop.
“There’s two aspects to cryptocurrency – one is the transition of value, in the sense of tokens and money, and the other is the actual use case for the technology behind crypto, which is effectively distributed ledgers, and I think that’s where we’ll see a lot of developments in the next few years.”
Leveraging of crypto by the betting and gaming space was a topic of discussion a past episode of SBC’s Double Espresso Show, in which Lorenzo Pellegrino, CEO of Skrill, Neteller and Income Access at Paysafe Group, pointing to how operators could capitalise on consumer demand for the offering.
However, Joe Pappano, CEO of Sightline Payments, was more apprehensive about the potential benefits of cryptocurrency, saying: “There is a parallel financial system that is being created in support of cryptocurrencies, but from our lens it is incredibly important to stay disciplined and make sure we are focused on providing a safe, secure and seamless payment ecosystem that has the inherited consumer protection and allows them to move financial transactions in and out of wagering accounts in a responsible manner.”