The Secret of ICO in the iGaming Industry
The Initial Coin Offerings (ICOs) have become the best options for blockchain technology small companies to fundraise their businesses. This concept consists of the creation of tokens (the blockchain-based tradable asset) by startups to investors in exchange for the dominant cryptocurrencies. Since the iGaming industry is one of the first areas that have adopted the ICOs’ project, this decentralization provides important benefits to these gambling companies.
One of these advantages is the complete anonymity that enables the users to elope to the long and complex processes when transferring money. Also, accessing no verification casinos via CasinoGap is a popular method to keep anonymity nowadays. Nonetheless, there are secrets related to this phenomenon and even the ICO advisors won’t reveal. Through this review, the sacred secret will be unveiled.
When several ICOs are pretended to have experience in this niche, some of them are, actually, unaware of this blockchain-based crowdfunding. Not only do the majority of these investors are unqualified but they don’t have an idea about the technical details on how to invest and access the ICOs market. The early-stage companies, unfortunately, entrust the services of these platforms and after investing in this type of capital-raising activity, these startups are still facing the following range of challenges.
- Some of them have still struggled with their gambling licences even the ICO has finished for years.
- Others hold licences from the unpopular regulators, decreasing their reputation in the gambling market.
- Some of these operators are among the white-label lists and have still claimed this confusion.
Unable to solve problems
It is unbelievable that the ICO founders are not able to solve the problems of the operators in their platforms. As they are not qualified to run their business, some of them even cannot state the sources of their revenues. This incompetence usually leads to their failure and the shameful act is that they have become scams. Becoming scammers is a common fact in this business even at the beginning they don’t have the intention to do it. Since they cannot find partners to grow their business, their failure leads them to practice this fraudulent scheme.
Furthermore, the players should also be aware of some gambling platforms running ICOs because they have operated illegal bitcoin casinos. One of the shocking facts is that even the advertisement is not aware of the legality of running an online gaming platform. With this lack of skill, the gambling ICOs think that holding operating licences is easy, cheap, and quick and they often neglect the regulations and legal issues in the online gambling industry. Hence, it is obvious that they have still applied for a gambling licence for many years even though they are classified among the top operators in CoinMarketCap.
Tips on choosing profitable ICOs
Operating a gambling business comes with many types of risk because when you run an illegal platform, you are putting both your money and freedom at high-risk. As gambling is the project of illegal practices, it is important you invest in the licensed platforms. Here are the tips on how to choose profitable ICOs.
Choose the platform that holds a licence from the trusted regulators
Since the licence is a must-have to operate a gambling business legally, investing in a platform licensed by popular regulators is crucial. Inquire yourself to learn the legal status of cryptocurrency and ICOs. It is worth mentioning that the gambling platform should get a licence from the UK Gambling Commission before the ICO. Mind that several platforms that hold licence after the ICO do not register at this well-reputed regulatory entity.
Understand the gambling ICO platform’s vision
The next important step is to find out the project’s objective by making a deep analysis of this business. Ask some questions to give you clear answers as these inquiries are important to the future development and the value of the token. You can ask if this project is advantageous for your business or why have you chosen this crypto platform. You can also query the project’s reputation and why you haven’t chosen other alternatives?
The team’s reputation matters
The qualities and skills of employees have impacted the development and reputation of the platform. Make sure that the team members, especially those in the senior management have more than five years of experience. When you are sure of the expertise of the team, you can invest in ICOs that work transparently.