Crypto casinos can onboard millions of users into Web3 — MyPrize CEO

0



Over the long course of human history, one activity that has followed humanity practically everywhere is gambling. The earliest evidence of human gambling dates back to the Paleolithic era, and it has been present in every major civilization and society since then.

As technology has evolved, so have the ways people gamble. While major gambling hubs such as Las Vegas and Macau still dominate with brick-and-mortar casinos and entertainment, online casinos have exploded in recent years — and many of these websites use cryptocurrency to power their platforms. The largest, Stake, reportedly generated a whopping $2.6 billion in gross revenue in 2022 alone.

On Episode 14 of The Agenda podcast, hosts Jonathan DeYoung and Ray Salmond spoke with Zach Bruch, founder and CEO of MyPrize — a crypto casino that recently emerged from stealth and is now open for early access — to better understand how crypto casinos work, where they fit into the broader crypto ecosystem, and how they might be silently onboarding millions of people into Web3.

Crypto and gambling: a match made in heaven?

Bruch argued that the biggest use case for crypto in 2024 is still speculation, and this is playing out via the memecoin craze, which The Agenda recently discussed in depth in Episode 34 with Andreas Brekken of SideShift.ai. According to Bruch, memecoins are so popular “because people love to speculate. People are having fun with their friends. They’re participating as a group. They’re rallying around something, and they’re speculating together.”

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

Bruch sees crypto casinos as fun places where people can come together as friends to engage in risk-taking and speculative behavior in a fun environment where — at least for MyPrize — the minimum bets can be as low as $0.01.

But operating an online crypto casino is not without its challenges. For one, it must comply with the regulatory requirements of each country it operates in, which is why many online casinos — MyPrize included — have separate websites with different functionalities for United States-based customers.