The Transformation of iGaming Through Blockchain-Based Loyalty Schemes

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Blockchain-Based Loyalty

The rapid expansion and evolution of the the iGaming sector has made it an intensely competitive field, pushing every online casino to strive for ways to distinguish and differentiate their brand. Online casinos regularly employ a myriad of strategies, ranging from bonuses and special promotions to jackpots, tournaments, and free giveaways.

In response to this, modern-day users now have higher expectations, demanding full transparency, speedy bonus payouts and exciting bonus system. If an online casino lost player’s trust because of their opaque processes or dubious activities, not even the most ingenious marketing campaign could save it from eventual financial failure.

Importance of trust

While it may sound astonishing for some, trust surprisingly makes up a whopping 80% of the success quotient in the gambling industry. Since gambling, by nature, comes with a degree of risk, with winnings far from certain, players must naturally trust both the process and the online casino they are transacting with.

Beyond its primary definition, trust translates to loyalty. The constant patronage of regular players is what keeps a casino’s coffers afloat. Therefore, every online casino must attract and retain loyal customers to maintain its revenue stream.

Let’s assume that a competitor manages to offer better perks, a more exciting game, or larger bonuses. In such a scenario, having built a trusted brand will be paramount in keeping your customers from being swayed to other platforms.

One crucial aspect of maintaining customer loyalty is through effective brand building. Applying this principle is crucial in the gaming industry, since it’s five times more expensive to acquire a new customer than to keep an existing one.

Yet, despite having sincere intentions of maintaining transparency with their players, online casinos often lack the necessary tools to ensure the complete transparency of all transactions and processes.

Players’ Loyalty

Loyalty programs are integral to the casino platform experience. Very often, a small cohort of high-rolling, regular players brings in the bulk of revenues for many gaming platforms. Losing even one such player to a competitor could deal a significant blow to revenues.

Undeniably, offering bonuses and special perks is an effective way to show your high-rolling players that they are valued. However, traditional perks like merchandise, exclusive tournaments or early access to new games just won’t cut it anymore.

To motivate these players, introducing a Loyalty Points system that rewards frequent gameplay could be an effective strategy. However, we need to circle back to the transparency issue: How can we ensure that the loyalty bonuses are distributed fairly and that players are rewarded appropriately for their bets?

Trueplay’s Blockchain Solution

Trueplay offers an innovative solution that addresses these issues, demanding no investment in return.

Got your attention yet?

Trueplay offers a mutually beneficial scenario for iGaming operators and players alike. Their product includes tailor-made tokenized loyalty programs that reward players with cryptocurrency tokens unique to their brands.

This solution has proven its effectiveness through its integration into the Fairspin casino. It has demonstrated its value in increasing the average deposit per player, time spent on the platform, and retention rates.

How does it function?

Two types of loyalty programs – the Play To Earn and Hold To Earn – work interactively to provide a new gameplay experience.

The Play To Earn program allows users to earn tokens by performing actions on the platform. For instance, players earn cashback on every bet placed, regardless if it’s winning or not, ensuring they never run out of balance.

Furthermore, the tokens earned through the Play To Earn program can be multiplied under the Hold To Earn program. Its mode of operation is similar to classic cryptocurrency staking, but it’s based on the online casino’s revenues. In the event of the casino seeing positive revenue growth, the Hold To Earn program provides additional tokens to its users. Conversely, during periods of negative return, users lose nothing and are encouraged to continue playing.

The steps for integrating Trueplay’s solution are:

  1. Through unique Admin Panel, operators can swiftly create their token and integrate Trueplay’s widget into their site without requiring any changes to the platform’s structure. This process typically takes no more than 48 hours.
  2. Players begin earning tokens through gameplay and also multiply these tokens in the Hold to Earn program.
  3. Any transactions can be verified on the Trueplay Blockchain Explorer assuring players of complete transparency and fairness.
  4. As a result of trust in the platform, players play more thus forming a positive cycle.

Win-Win!

The concept of adopting blockchain technology in online casinos isn’t a recent one. However, the idea of establishing tokenized loyalty programs in under 48 hours offers a new and truly innovative slant towards it.

Trueplay offers all blockchain advantages without requiring online casinos to make hefty investments. Their model requires operators to pay a percentage of the earnings made through the tokenized loyalty programs. As such, integrating this solution does not require significant investment since online casinos only need to share a small part of the additional income generated through Trueplay.