Blockchain Casino Hub Planned for Macau
Macau casino management company DeClub has just announced a new partnership with Wide Rich Global, an investment firm headquartered in Macau. Together, they aim to launch the first blockchain-based casino hub in the world, in the autonomous peninsula.
Fully Integrated Gaming
Cryptocurrencies have been used successfully in some online casinos, but this new project would be on a much larger scale. Casinos on land as well as online would be connected, in a fully integrated ecosystem.
The cryptocurrency tokens would form the basic tender used for betting in all situations, as well as shopping, dining and enjoying other facilities around the brick-and-mortar casinos. The idea is to power several different industries, including gambling, retail and tourism, with one powerful product that could be accessed on any mobile device.
An Expensive Undertaking
Given the size of this project, it is safe to say it needs serious financial backing – experts estimate that as much as $1 billion will be required. To help with this, the partnership has announced an Initial Coin Offering. Interested individuals can donate funds to the creation of the casino hub, in exchange for tokens that they will be able to spend there.
Buying the tokens before they are sold publicly will allow players to get them at the cheapest prices. The risk, as with any Initial Coin Offering, is that if the project does not come to fruition investors may not be refunded.
Blockchain Gambling Not Permitted
At the moment, it is illegal to run casinos using blockchain technology in Macau. This is a serious problem, and could derail the entire project. While black market betting with virtual coins definitely happens in China, this development has been made far too public for that.
Although cryptocurrencies are very volatile and have been declining in popularity, they still have many devotees in Macau and mainland China. This is why they are often used for unregulated betting; China penalizes gambling, and blockchain technology allows players to remain anonymous.
Wide Rich Global and DeClub may be hoping that the Chinese government will see their propose hub as a great economic opportunity, and a chance to allow and regulate blockchain betting. This would protect players as well as the casinos themselves, and generate a lot of revenue for the country. For now, the government’s official position is unclear, and any moves they make will be watched with interest.