Elray Resources buys online crypto casino technology from Luxor Capital
Elray Resources has made a major move ahead of launching a new crypto platform, named as Elray Blockchain System, by purchasing online crypto casino technology.
No specific terms of the deal for technology previously owned by Luxor Capital were revealed.
Elray Resources is a relatively new name in the business world but appears intent on making a splash in the increasingly competitive world of online casinos and sports betting sites.
It has been a boom period for online crypto gambling with the FIFA World Cup in Qatar leading to various new online sportsbooks allowing crypto bets to be placed being launched recently.
While the move by Elray Resources comes too late to capitalize on the interest in Qatar 2022, the industry’s eyes will be on the firm to see its next development in crypto casinos as a result.
Elray Resources has also announced that the company has newly sealed an exclusive distribution agreement with virtuals supplier Golden Matrix Group. All gaming content for crypto operators from Golden Matrix is included in this purchase, meaning that the Elray Gaming division will feature the firm’s content in its B2B online crypto casino systems and technology.
Golden Matrix’s chief financial officer Cathy Feng believes the future is bright for online crypto casino sites. “Bitcoin casinos are now one of the latest trends in the online gambling industry and they will shape the future of online gambling as we know it,” Feng said in a statement. “Crypto casinos have many advantages over traditional casinos, such as faster payments, improved security and better transparency.”
Feng went on to point out that hundreds of thousands of active players can be found at crypto casinos, with this number continuing to grow at a rapid rate. Research shows that the global casino industry has been worth more than $231 billion since 2014
“The latest bitcoin gambling statistics show that the interest in crypto gambling is on the rise as players continue to choose cryptocurrencies for the many advantages that they offer,” she said.
The Elray Gaming platform already boasts some 10,000 different games, a vast choice compared to most of the leading online crypto casinos on the market right now.
Forecasts estimate that the global crypto gambling industry could reach $93 billion by 2024. More than half of all crypto transactions already have a link to online gambling, while crypto gamblers place an average of 337 bets every second.