Blockchain technology has opened up several doors for the global iGaming industry in recent years. One of the key areas is loyalty programs, which land-based operators have been increasingly trying to integrate with their online offerings since the pandemic. One of the companies that have specialized in the development of solutions to meet this demand is Trueplay.
Alex Antsyferov, Chief Business Officer at the company, tells Yogonet in an exclusive interview that the Trueplay analytics team has always seen the growing need of the gambling industry to retain the user, offering bonuses that can be received on an ongoing basis. He further explains how the company’s two loyalty programs —Play To Earn and Hold To Earn— help forge a strategy for that, allowing gambling brands to issue their own crypto token.
He also notes the added value of transparency, given that all transactions are entered into the blockchain and anyone can check them in Trueplay Explorer.
Could you share a brief description of Trueplay’s focus today? What are its core business strategies and priorities?
First, I want to thank you for your interest in our company. Trueplay is an advanced marketing tool for the iGaming industry that helps increase the retention rate of gaming platforms. Today we are looking at integrating our product into more online casinos, our team is seeing an increased interest in the Trueplay widget and is actively working on its promotion.
Several large jurisdictions keep regulating iGaming, most recently Ontario in Canada, and since the pandemic many traditional land-based casino operators have decided to launch or upgrade their online offerings. What are the differential assets and competitive advantages of Trueplay in this landscape? How does it plan to capitalize on this momentum?
The fact is that companies don’t need to obtain additional licenses to integrate the Trueplay product. This is an iFrame solution that integrates in just a few clicks and doesn’t affect the structure of the business. The pandemic has really made its own adjustments to the industry trends – the number of online casinos’ players has increased significantly. Now the platforms’ challenge is to retain their users, which is what Trueplay’s solution, which is based on unique loyalty programs, helps to achieve.
What role do loyalty programs play in online gambling today, and what synergies can they create with land-based operations? Do you see any trends among operators, and also players, in this area?
Loyalty programs are the most important component of online gambling, however, many choose to go the standard route and offer regular free spins or first deposit bonuses. Ultimately, the statistics of new users increases, but the indicator of the player’s return to the platform after the withdrawal of the bonus is disappointing. The Trueplay analytics team has always observed the growing need of the gambling industry to retain the user, to offer such bonuses that can be received on an ongoing basis. Moreover, these bonuses must be used on the platform to get even more benefits.
How do tokenized loyalty programs work? Which types of products and technologies does Trueplay offer today in that vertical, and how does each of them meet the current demands from operators? Where are the Provably Fair and transparency factors in your product offering, and how would you assess their added value in your customer acquisition?
Trueplay offers easy and fast integration of two loyalty programs – Play To Earn and Hold To Earn. Why are they tokenized? It’s simple. Gambling brands using our solution can issue their own crypto token in a few hours and delight their users with the opportunity to become participants of the global crypto market by playing their favorite games.
The fact is that the Play To Earn program consists in receiving tokenized cashback for every bet made, regardless of whether it was winning or not. As a result, the players get the motivation to play on the platform with which their balance will never be equal to zero.
The received tokens can be multiplied, and just for this, a second loyalty program was created – Hold To Earn. If you know about classic crypto staking, then the same principle of work is here. The users can choose the holding period and, depending on their share in the pool, receive additional tokens. Their reward depends on the casino’s income, and if the income at the time of holding is negative, then the users get their tokens back in full.
This approach meets the modern requirements of gambling platforms, because the Trueplay solution is highly customized and online casino owners can manage the percentage of rewards, pool size and holding periods. They don’t need to spend a lot of time negotiating with the developers, because in a few seconds they can change their strategy and increase their results!
As for transparency, that’s my favorite part. Since the Trueplay product is based on the blockchain technology, we have achieved the maximum level of transparency. All transactions are entered into the blockchain and anyone can check them in Trueplay Explorer.
As a result, players trust the casino, make bets more often, receive tokens for this, multiply their tokens and return to the platform to repeat these actions. In turn, the casinos get a loyal user base with a high return rate.
Which metrics do these technologies help improve for operators, and how? Could you mention any recent examples or case studies?
Play To Earn и Hold To Earn loyalty programs aim to boost retention rate and other key KPIs. For example, our partner Fairspin online casino has improved Bets volume, Bets distribution, Deposit volume, Deposit amount, Retention rate and LTV. I will give an example of the Deposit volume growth after integrating the Trueplay solution into Fairspin. In December 2021, casino players who don’t use the possibilities of loyalty programs made deposits of $1,122,657, while Play To Earn and Hold To Earn users showed a result 2 times higher! From this follows the conclusion that our solution motivates the players and this is a long-term story.
Why have you decided to bring casinos’ income into the equation, and link that to rewards to drive retention strategies?
This is additional motivation for players. When players see that the casino income is high now, they will gladly put more tokens in Hold To Earn in order to get a bigger reward. And the casino, by sharing their data, motivates players to return to the platform and make bets, because for each they receive tokens. It’s a win-win scenario.
What kind of payment methods and technologies do you work with?
Trueplay offers a Custody solution for gambling businesses, helping to enter the crypto market without any worries. With our product, casino users can pay with USDT, BUSD and any other BEP-20 tokens and virtual currencies. Moreover, our integration tools – API, and personal admin panel are designed for comfortable payments management. Users will enjoy a sleek UI and an intuitive payment experience!
Players can top up their balances for any amount in crypto at any time, we convert it into fiat equivalent and credit their balances on-the-fly. Best for iGaming & Betting.
Also note the simple deposit in cryptocurrency tied to a specific fiat amount which needs to be settled in a short time. Best for eCommerce.
Easy to integrate solution, instant transactions. Only transparent pricing with no hidden fees and zero markups on exchange rates.
Are you planning to attend any industry events in the coming months, to showcase these products?
We have grandiose plans for the near future! Our team can be found at top industry events such as the SBC Summit in Barcelona, 20-22 September. There we will be happy to meet with future partners and discuss the Trueplay solution in detail. Also, our team plans to visit SiGMA Malta, on November 14-18, where we will have a booth. There we will show our DEMO and everyone will be able to learn how loyalty programs work in practice. However, not to waste time, you can book a demo now to see the widget and how it can help your platform with your business goals.
Original article: https://www.yogonet.com/international/news/2022/07/21/63521–34loyalty-programs-are-the-most-important-component-of-online-gambling-34
