Luke Engerer of CasinoFair explains the genesis of the platform and the expectations for its future.
EGR Intel (EGR): What was the guiding idea behind the creation of CasinoFair?
Luke Engerer (LE) The wallets and all funds are held in escrow for the duration of the gameplay. It’s overall a more transparent way of gaming online.
EGR How has technology helped to further simplify gaming online?
LE This is still the beginning for blockchain technology in gaming. At present, CasinoFair does not have a large selection of games, but with every game currently available, players can easily verify every spin ‘on chain’ so you know the randomly generated numbers are all coming from the blockchain so theirs is no way of cheating the system.
Where traditional casinos have more control over money, with CasinoFair a lot more aspects of the online gambling system — holding the money, for instance – is in the player’s control. With CasinoFair, money is never held by the casino. Blockchain technology is fundamentally about transparency; everyone can view what transactions have happened with a wallet. When you win, it’s instant; the payment will go straight to a player’s wallet. With traditional casinos you have to request withdrawal and this can be a lengthy, fiddly process.
Our aim in the first place was to remove such hurdles both from a player and affiliate point of view. Our affiliate system is also set up for instant payments; at the end of every game session, whether a player wins or loses — because we give commission on every bet opposed to having a win/lose system — at the end of every session the affiliate receives their percentage, the players gets their winnings (if they’ve won), and all the other payments that have to go out are automatically sent out via the actual smart contract.
EGR What else does blockchain help with?
LE: Every spin is truly randomly generated, and transactional data such as this can be viewed on the system. Also with payments, there is there’s no commission, and no middleman. If using a credit card in a casino there are charges associated with this, and the same is true when if using other payment methods – which enable charges on both sides of commission. Crypto in this way eliminates any third parties and there’s no commission so if you’re paying $10, for example, that is the actual fee and with zero deductions.
“Having games and affiliate programmes set up on the blockchain is a wholly different concept to gambling with crypto; this is blockchain-centric.”
EGR What are your expectations for CasinoFair as it continues to develop?
LE We’re launching a new wallet in the next few weeks which is going to make it easier for players to convert into funds. Our other general aim is to broaden the market for Blockchain casinos. We’re setting the way for blockchain technology in casinos. It’s still leading-edge and is going to take some time for people to fully understand and embrace the full benefits behind blockchain which have been used to promote crypto casinos. CasinoFair takes things a step further than merely just playing with a crypto-currency. Having games and affiliate programmes set up on the blockchain is a wholly different concept to gambling with crypto; this is blockchain-centric.
It’s also worth pointing out that all the benefits of crypto-currency are all coming from Blockchain, including: being able to play anonymously; instant withdrawals and no deposits; and verifications
EGR Can people also use crypto funds at CasinoFair?
LE: Yes – players can exchange crypto funds for fund tokens and then convert them back later — this which all happens through the wallet and is not a difficult process.
Unfortunately, what’s happened over the last few years is that the term bitcoin has seemingly been used/replaced the word cryptocurrency, so in general people believe that bitcoin means cryptocurrency; it does not. In some cases, cryptocurrency has even taken on the terminology for blockchain. As a result of such misconceptions, an important part of rolling out this new technology lies in educating the market about blockchain and its benefits, especially within the gambling sphere.
Blockchain really is a simple concept when broken down and I feel it has been needlessly overcomplicated. However it’s only in the last couple of years that we’ve begun hearing about blockchain technology, whereas previously it was just though that blockchain was supporting cryptocurrencies — that was the perception.
This article was originally published in the EGR Affiliates Report 2019