A new wave of crypto prediction games which blend elements of financial market speculation with interactive entertainment are threatening to take the iGaming industry by storm.
The recent launch of a new partnership between Bitblox and Timeless Tech could be the catalyst for a concept which could be a game-changer in the global gambling sector.
In this blog post, I will explain Crypto Prediction Games and how these could be the next big thing in the gaming industry.
Let’s start!
Introducing Crypto Prediction Games
Crypto prediction games task players with forecasting how cryptocurrency prices fluctuate within a set timeframe.
The games use real-time Bitcoin price data to allow players to predict whether prices will go up or down. They blend elements of chance, skill and strategy, making them perfect for iGaming.
While most games on online casino platforms run solely on Random Number Generators (RNG), crypto prediction games allow players to have an active role in determining outcomes.
In established iGaming markets such as the Republic of Ireland, players are eager to try new games. Irish players love casino games, but adding something fresh into the mix would boost engagement.
How do Crypto Prediction Games Work?
In such games, players need to register for an account on a Bitcoin prediction platform and fund it with cryptocurrency. They can choose the events they wish to forecast by looking through the available markets once they have money in their account.
Players can wager on any of the possible outcomes that are present in each market. The platform’s algorithm calculates the probabilities for each result by considering several variables, including past performance, present patterns, and professional judgment.
A player will get paid in cryptocurrency if their prediction comes true. The amount of bitcoin wagered and the event’s chances determine the reward amount.
Why Crypto Prediction Games are Becoming More Popular
- Appeals to Younger Audiences: Bitblox CEO Brandt Page explained says players are attracted by the crypto content. The prediction games are a low-risk, entertaining way to enter the crypto universe.
- Fill a Market Gap: Traditional iGaming offerings such as slots still hold a dominant gaming market share, but they need competition. Prediction games fill the gap and combine entertainment with financial education.
- Instant Gratification: The quick gameplay loops make the sessions short and engaging. Prediction games immediately deliver feedback on the in-game decisions.
The Timeless Tech Partnership
Timeless Tech’s collaboration with Bitblox will fuel the adoption of crypto prediction games. This collaboration could be a major milestone for the ecosystem.
The firm’s Chief Operating Officer, Nicola Cainero, said: “At Timeless Tech, we are always looking to integrate innovative content that pushes the boundaries of gaming. Bitblox aligns perfectly with our goal of providing unique and engaging experiences to both players and operators alike.
“By adding their releases to our platform, we can further broaden the gaming verticals that we supply to partners, providing them with fresh content that will add an exciting dimension to their current libraries while also attracting a new wave of players who are interested in cryptocurrency.”
Challenges and Opportunities
Crypto prediction games have immense potential, but there are numerous challenges to surmount before they can become mainstream.
- Regulation and Perception: Bringing something as arbitrary as cryptocurrency into gaming immediately raises red flags around regulation and fair play. Operators and developers must ensure the games are transparent and follow regulatory standards to gain player trust.
- Educating the market: Many people with reservations about cryptocurrency will hesitate to engage with crypto-based games. Developers must implement tutorials and deliver a smooth, user-friendly experience for potential players.
- Competition with Established Verticals: Slots and live dealer games are still the dominant forces in the iGaming scene. New verticals must carve out a niche for themselves to thrive.
The Path Forward
If developers of crypto prediction games are to carve out a respectable market share of the gaming industry, they must react quickly to player preferences.
Crypto prediction games need transparency and can leverage blockchain technology to ensure immutability. They could also incorporate augmented reality (AR) and virtual reality (VR) to take the gaming experience to a new level.
They must also incorporate social interaction features such as in-game chat, leaderboards and community events to improve player engagement and retention.
There are also elements around the gameplay that need to be improved. The rewards system must be restructured to encourage tactical play, while longer gaming sessions would bolster player loyalty.
With the iGaming industry gravitating towards more interactive, skill-based and socially engaging formats, crypto games could thrive as more people engage with blockchain technology.
The dominant verticals such as slots and other casino elements are not going anywhere, but crypto prediction games will provide healthy competition for the ecosystem.
Crypto games may never corner the majority of the market share, but it is an exciting niche that should garner enough players to make their entry into the iGaming sector worthwhile.
