Today blockchain industry has been growing since the end of economic downturn of late 2000s and is projected to continue the steady growth for the next years, according to numerous research companies (1). It is projected that by 2020 more than a half of the industry will shift from the traditional forms (casinos and lotteries) to the mobile and online market.
Also, more and more governments around the world are either legalizing, or considering legalization of online and mobile gambling because, according to the same reports, legalization of online gambling does increase employment opportunity and benefits the government in the form of taxes. These advantages are expected to motivate governments around the globe to legalize online gambling. Thus, inevitably creating additional opportunities and ensuring the growth of online gambling industry. Right now, is the time to get into the world of virtual gambling to get a piece of $60 billion worldwide market projected for 2020.
Why is use of blockchain technology such a good fit for a lottery styled business?
Most importantly for gambling industry is that, new, blockchain technology attracts two types of people, early adopters and risk-takers. The former needs no explanation, but why risk-takers? Until around 2013 Bitcoin, as the only cryptocurrency on the market was unknown to the world. However, at the beginning of 2016 more attention is being brought to cryptocurrencies market with rising ICOs. Later in 2017 a significant number of VCs and “bares” begin to migrate into a crypto-market causing it to explode.
Lastly by the mid 2017 ordinary risk-takers start follow plethora of tokens and opportunities to get rich overnight on this or that virtual coin. More and more people began to jump in and essentially gambling on the interests of volatile market of cryptocurrencies. It is not far-fetched conclusion that blockchain community is venturesome therefor blockchain community is target audience for gambling industry. Given that there is a lack of trust to the traditional gambling, not to mention regulatory constraints, online and crypto-gambling specifically, are of the interest to such crowd. That’s why blockchain is such a good fit for raffle styled business.
What’s much more important is the transparency and fairness of the games based network like PrimeBall in the way that addresses both issues of real-life, and other crypto-raffles. House edge is much lower compared to the conventional lotteries, because there’s much less “administrative costs” involved; and it’s lower than that of previously emerged crypto lotteries.
At the same time PrimeBall using Rinkeby Test Network, and had many dozens of rounds with up to a thousand participants. We needed to make sure that site works smoothly with any number of players, and that all the features of Smart Contract are in prefect sync, and the game goes as expected while results are completely unexpected – as they should be. So now we’re very much ready to host the first round with utilizing Ethereum Main Net, and invite everyone to play our most fair, most transparent, most generous and community-oriented raffle.