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Crypto Casino Fairspin Leverages Blockchain to Store and Share Data
Bitcoinist | Jan 22, 2020 | 06:37
It is no secret that blockchain is one of the most promising technologies that is capable of transforming entire industries. Besides traditional markets, iGaming might be a direct beneficiary of the emerging technology, and Fairspin is an excellent example of how blockchain can ensure transparency.
First Online Casino to Publicly Share Gaming Stats
Fairspin, formerly known as Fairplay, is the first iGaming venue to leverage blockchain to ensure transparency. Previously, no other casino shared gaming stats publicly, including deposits and payouts. Fairspin also shows the winning rate of every game displayed on its webpage. Thus, the service takes into account all wins and losses when calculating the ratio.
In 2018, Fairspin was the first online casino to integrate with the blockchain platform TruePlay, which is aimed at gambling, dating, and e-commerce services. As a result, every single transaction on Fairspin is carried out via a smart contract on Ethereum. All deposits, withdrawals, bets, and winning results can be easily monitored on Etherscan.
This level of transparency helped Fairspin to expand rapidly and gain the trust of online gamers. Last year, the service was nominated in a Rising Star category by EGR (eGaming Review) Operator Awards and SBC Awards. It is very rare that a new casino achieves this milestone within its first year of operation.
Given that all data is stored on a blockchain and cannot be tampered, Fairspin players don’t need to trust the service at all. They can check everything on Etherscan.
$6 Million Of Winnings on Fairspin in 2019
Last year, Fairspin players won 42,893 ETH. This is the equivalent of about $6 million based on the exchange rates at the end of 2019. Interestingly, the maximum win from a single bet was 54 ETH or $9,000 based on the current rates.
Fairspin’s generous winning rates and a high degree of transparency are attracting many players, who can deposit in Bitcoin, Ethereum, Dash or fiat currencies through VISA and MasterCard payments. The deposit amount is then automatically converted into TPLAY, the token of TruePlay. TPLAY has a constant rate of 1000 tokens for 1 ETH.
Fairspin is not supported by all countries and has territorial restriction. This is due to the term and conditions set by its game providers and regulator (Curacao eGaming). The complete list can be found here. The website is available in several languages, including English, German, Spanish, Russian, Portuguese, Japanese, Turkish, and Polish.
The service is one of the best examples of how to leverage blockchain in the iGaming industry. Fairspin is actively promoting its image and service. In November last year, it attended SiGMA iGaming Expo in Malta as one of its exhibitors and sponsors along with its partners – Trueplay and eGaming Curaçao.
Do you think the iGaming industry will fully integrate blockchain technology soon? Share your thoughts in the comments section!
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