FunFair Taps Into Online Gambling Market Expected to Reach $525 Billion by 2023
FunFair, a blockchain-powered solution for the gaming industry, is placing a big bet on its technology. It’s launching its first live, online casino. The project, dubbed “CasinoFair: Famous for Fairness,” is expected to open by the end of the month.
FunFair aims to bring both fun and fairness to the casino by providing a new type of dispute resolution technology that allows users to verify “every roll of the dice, turn of a card and spin of the wheel.”
The development team is entering the online gambling market during a time of exponential growth. According to market research group Reportbuyer, the online gambling market is expected to reach over $525 billion in revenue by 2023, assuming a compound annual growth rate of approximately 4% from 2017 to 2023.
The surge in online gambling is expected due to several factors: growing interest, high adoption, rising per capita income, rising dual income households, and the influx of mobile gaming applications.
Research analysts predict that the increasing number of cryptocurrency transactions will spur the market, while the rise of blockchain-based online gambling will increase the number of cryptocurrency users.
CasinoFair will feature 10 original FunFair-produced games, including Tales From the Crypto, Fate of Thrones, FunDice and classic casino games such as European Roulette and Blackjack.
Powered by Ethereum-based FUN tokens that allow for instant and transparent transactions, CasinoFair has been approved in five territories so far, including Canada, Switzerland, Finland, Norway and Thailand.
If you live in one of the five approved areas, you can sign up for a FunPass here.