Modern society trends, entertainment industry development, income growth in developing countries and common use of mobile devices have positive effect on the development of gambling industry, both traditional one and online segment. A rapid growth in gambling and sport bets market is observed nowadays. The industry’s average earnings-growth rate for the last 7 years is 9 per cent, which is three times more than the global GDP growth rate.
The development of IT-technologies makes the most essential contribution to the gambling market growth. With the progression of Internet connectivity hundreds of millions of players worldwide have got the possibility to play in a casino without leaving home. Mobile devices have enabled casino users to play practically from any point with the access to Internet. Technological expansion, development of high-speed mobile Internet network have provided for the development of online gambling market, and, particularly, online casino market.
The industry’s heady growth rates can be explained by the advantages over traditional business practices. Operational costs for the maintenance of online services, as well as transaction costs for running such business activities are significantly lower comparing to the ones of traditional casinos. Online processes enable serving clients worldwide, which reduces costs for attraction of new audience planetwide.
Despite such a positive forecast, online gambling industry suffers from many problems hindering the market’s development. One of the biggest problems is fraud, and, as a consequence, absence of clients’ trust to entire market. Users are afraid of cheating on gambling platforms: use by gambling machines of wrong algorithms for winnings calculation, which significantly hinders the growth of the number of gamblers in an online segment. One more important problem is a risk of account blocking in case of a big jackpot winning and its subsequent withdrawal. Internet gambling activities are legally restrained in many countries, and a bank is entitled to block the account after the winning amount is transferred, and to confiscate it.
Winstars is a decentralized gaming platform with a catalogue of gambling resources, with its core built on Blockchain and Smart contracts. We stake on simple and attractive games designed for everyone, not even a gambler, with transparent and guaranteed fair results.
Blockchain technology and crypto currencies have opened new possibilities in terms of safety and fairness of games. Using this simplicity and safety, we strive to create such simple and multi-player games for everyone. The technology of fair gaming results which is created inside the platform, according to an international encryption method, Blockchain based giveaways of prize funds and jackpots open new possibilities for gambling.
Considering reality of ICO market, one of the most important goals of our team is a prompt launch of the platform, which is scheduled to 3rd quarter of 2018, as well as monthly release of intermediary versions according to the Roadmap. Many Blockchain teams allocate 2-3 years till the first release, while our task is the project’s enlargement at a maximum speed, and a prompt benefit to the users who believed in our platform.
The purpose of Winstars project is to create an international, absolutely transparent online operator built on the basis of Blockchain technology (in particular, Ethereum), with the ability to check the history of each bet, game and the algorithm for determining winnings.
Even though the majority of online gambling market companies are obligated to pay to independent audit companies and regulatory bodies for confirmation of their own fairness, such regulation cannot solve the problems of unfair attitude towards the end user.
Use and integration of Blockchain technology in the gambling operator’s structure would allow creating an absolutely transparent system that would prevent blocking of a player’s account or obstruction of withdrawal of one’s personal funds. Every user has the possibility to check the history of all bets and any monetary transaction, including payment of a win, and to assure oneself that the operator is honest. Blockchain provides the trust of users to an online casino’s history, and all relations between operators and user take place in the form of smart-contracts. Apart from solving the trust issue, the use of a decentralized system would allow reducing operational and transactional costs associated with financial part of the platform’s operation, which would facilitate to a considerable degree the solving of the company’s scaling problems and would foster international expansion.
All of this would allow Winstars to receive a strategic advantage over other companies at the market.