Crypto Casinos Magnetize Millions to Web3 – MyPrize CEO

Crypto casinos advocate for widespread acceptance, according to Zach Bruch, founder of MyPrize, on The Agenda podcast.

Gambling is one pastime that has accompanied people almost everywhere throughout human history. Since the Paleolithic period, when the first indications of human gambling appeared, gambling has been a feature of every significant civilization and society.

The methods that people bet have changed along with technology. Major gambling hubs like Las Vegas and Macau continue to rule the industry with their physical casinos and entertainment options. Still, online casinos have taken off in recent years, and many of these websites rely on cryptocurrencies to power their operations. The biggest, Stake, is said to have brought in an incredible $2.6 billion in gross revenue in 2022 alone.

The founder and CEO of MyPrize, a cryptocurrency casino that recently came out of stealth and is now available for early access, Zach Bruch, was interviewed by hosts Jonathan DeYoung and Ray Salmond on episode 14 of The Agenda podcast to learn more about how cryptocurrency casinos operate, where they fit into the larger crypto ecosystem, and how they might be quietly onboarding millions of people into Web3.

Is gambling the perfect match for cryptocurrency?

According to Bruch, the most extensive application for cryptocurrency in 2024 will still be speculation. This is evident in the memecoin frenzy, which The Agenda covered in-depth in episode 34 with SideShift.ai’s Andreas Brekken. Bruch claims meme coins are well-liked because “people love to speculate.” People are enjoying themselves with their friends. They’re taking part together. They are speculating together and uniting behind a common cause.

Gambling has been around since the very first day of human life. People love taking risk. Crypto is the epitome of that.

According to Bruch, cryptocurrency casinos are enjoyable venues where friends can engage in risk-taking and speculation in a lighthearted setting where, on MyPrize, the minimum stake is as little as $0.01.

However, there are difficulties involved in running an online cryptocurrency casino. One reason is that it needs to adhere to the legal and regulatory standards of every nation in which it conducts business. For this reason, many online casinos, including MyPrize, have distinct websites with unique features just for their American clientele.

The security issues significantly differ for crypto casinos because they need to ensure their smart contracts and code are impenetrable. Stake was hacked for an estimated $41 million in September 2023. According to Bruch, operating a cryptocurrency casino is more like running a cryptocurrency exchange: “You’re creating user accounts.” You’re considering many aspects, such as asset security, chargeback risk, fraud, AML, and KYC. And an internet casino is also subject to all of that, correct?

Gambling is a means of widespread adoption

Bruch said there are substantial on-ramps into the cryptocurrency ecosystem, from online gambling to The Agenda. He remarked, “The majority of people aren’t even aware of this, but some of the biggest uses for cryptocurrency today are on-ramping into the casino space,” potentially bringing these patrons into the larger cryptocurrency ecosystem. According to Bruch, the fact that gaming has a long history of having a perfect product-market fit makes this easier.

You have all these traditional folks that aren’t actually active members of the crypto ecosystem or the crypto ecosystem that we know it, but are active gamers and gamblers in online casinos, and they are buying crypto to go play in these sites.

MyPrize’s long-term goal is for customers to stay on Web 3 after using the casino to on-ramp into cryptocurrency. According to Bruch, millions of users will be onboarded by our killer application, which will subsequently direct those millions of users into a far larger decentralized ecosystem.