Looking at sleek Bitcoin casino sites, a lot of innovation is definitely at hand. I had a chance to talk to “Henry” of FastSlots who has shared some valuable insights regarding his brand.
So tell me, Henry, what inspired FastSlots?
What motivated us to start FastSlots was the observation that there is quite the disconnect between the online gambling industry and the rest of the IT industry. Let me give you a few examples.
Big tech companies like Google or Facebook are obsessed with speed. These companies invest heavily to make sure that their websites load in less than two seconds. Most gambling games on the other hand take 20-30 seconds to load because they are build on ancient technology.
We built FastSlots to address these problems. Our games load in seconds because they are built on cutting edge technology. We do not offer deceptive games and we want to build long term relationships with our customers. And we will offer some new games, games that are designed to work well on electronic devices.
Being a bit of a gambler myself, I’ve been thinking for some time that gambling could better than it is today. I’ve also liked building software since I was a kid. Eventually I just decided to take gamble with my life, quit my job, and started working on FastSlots.
Interesting; how did you get absorbed by the cryptocurrency world?
When I read Satoshi Nakamoto’s paper on bitcoin I thought that was the most important invention in Computer Science in the past decade. However I also thought that it was way to complicated to use to ever achieve widespread adoption. Luckily I was wrong and using bitcoin has become much more easy these days.
Can you share with me how long it took you to launch FastSlots?
We have been working on FastSlots for almost 6 month. While we would have been able to launch a less polished product earlier, we wanted to take the time to get it right.
Are you planning on supporting altcoins like Dogecoin or Litecoin in the future?
We might be supporting altcoins in the future, but in the moment we are focusing on bitcoin. Right now the market cap of Ripple, the largest altcoin, is only about 2% of the market cap of bitcoin. As soon as an altcoin proves to be true competitor to bitcoin, we will integrate it.
If FastSlots has a mission statement, what would it be?
Our mission statement is to be the fast, fun, and fair bitcoin casino.
Being fast not only means that our games load in seconds, we also offer almost instant payment processing (0 confirmation to deposit, and 1 confirmation to withdraw) and fast customer support.
What are the differences of your FastSlots and land-based casinos?
I think the huge advantage that online casinos have over land-based casinos is the speed with which they can iterate on existing games and develop new games. A land based casino needs to buy expensive hardware, comply with restrictive regulations, and in many cases pay humans to operate their games. Online casinos can be set up in jurisdictions with liberal gambling laws and only need to write software to launch a new game. This enables online casinos to innovate much more quickly than land based casinos.
Insightful. What is your take on gambling laws and cryptocurrency legality and regulation?
I think gambling laws in their current state are bad for players. The whole system is set up in a way that makes it extremely hard for startups to enter the market. One example is the licensing system: The licensing costs in many jurisdictions can exceed $100.000 in the first year. This cost is prohibitive for most startups. In addition, those startups that do decide to purchase such an expensive license will not be in the mood for experiments, and will offer the same games that work elsewhere.
What has been the most surprising challenge in your project?
It’s incredibly hard to enter the gambling market if you do not have thousands of dollars to lose and you have not wish of going to jail (it’s fairly easy of you have at least one of the two). However, there is a way.
Can you tell us a bit about your long-term plans regarding FastSlots?
We are working on a long term plan, launching FastSlots is only step one. I cannot disclose any details at this point apart from that our mission is to drive innovation in the gambling industry.
That seems fair. What advice can you give other similar brands or platforms that are just starting out?
Just do it! Focus on the product and on innovation. Gamblers expect excellence and will reward it. Only roll out the marketing dollars once you have product market fit.
That being said, do get legal advice first. Legal costs can be daunting, but a good lawyer can save you thousands of dollars in licensing costs and can keep you out of a lot of trouble.
What can we expect from FastSlots in the future?
Expect some truly new games from us. We will offer Bitcoin games that have never been available to gamblers in the past. We will also add established games, but we will make sure that they work well across all devices. Whatever we do, we will continue to listen our customers to build the games, that they like to play.
Thank you very much for your time, Henry.