THNDR, a game studio that’s launched half a dozen play-to-earn Bitcoin mobile games using the Lightning Network, is pivoting to the “iGaming” market, which has elements of casino betting games. The team is now launching a blackjack game called Blackjack, unsurprisingly. It will appear across different iGaming platforms and aggregators at launch.
“It’s not as regulated as gambling. It’s regulated like daily fantasy sports,” Desiree Dickerson, CEO and co-founder of THNDR, tells me. “The [iGaming] industry is open to Bitcoin and crypto in general.” The Bitcoin-powered Blackjack game is PVP, instead of playing against the “house.” Dickerson sees THNDR’s version of blackjack as requiring more player skill than slots or blackjack at a casino.
THNDR’s Shift to iGaming with Bitcoin
The Blackjack game uses THNDR’s betting liquidity network and offers instant Bitcoin Lightning network payments. THNDR previously released Tetro Tiles, a Tetris-like free mobile game in which you could earn satoshis based on the amount of time you spent in the game (the games are ad-supported). It was simple but fun, and I played it for longer than I expected as someone who usually goes for shooter-style PC games.
THNDR has also released a solitaire game, a racing game, and other titles for which you can earn Bitcoin. “The gaming industry is just so brutal,” Dickerson said more broadly about blockchain gaming and the gaming space. “There’s going to be some misses, just like in every other industry.”
But Dickerson isn’t the first builder I’ve heard of who’s shifted away from blockchain gaming to something different. THNDR is still maintaining its previous games for those who still play — but iGaming is its next frontier. “People are always going to want to bet,” Dickerson explained.
THNDR’s Shift to Crypto Betting
For better or worse, I can’t help but agree. Neither of us is a gambler, but we see where things have been heading this cycle. People are being more open about wanting to bet on things, which is partly why Polymarket did so well (the number of daily active traders has fallen substantially from its January peak, but hasn’t fallen off completely). Crypto is a high-risk, high-reward space, not unlike gambling.
THNDR isn’t alone in its shift away from more traditional crypto game development, too. This year, I’ve spoken with other execs who see the rise of gambling and betting in gaming and have moved away from blockchain gaming toward a B2B model, as THNDR has also done (THNDR is offering its betting games to other platforms).
“Traders are a new class of gamers,” Sam Barberie, head of strategy and partnerships at Horizon, told me. Horizon notably abandoned game development after its first title, Skyweaver. Midnight Evergreen has also abandoned game development and acquired other studios and products.
Challenges Ahead for the Gaming Industry
Midnight Evergreen CEO Steve Wade laid out the game industry’s massive hurdles ahead, arguing that there aren’t enough players or growth in gaming. So many gamers are stuck in “black hole games” like Fortnite, where they don’t play other titles. There aren’t more players than before, and they aren’t spending more. Studios must be big enough to survive the storm — and many currently aren’t. Wade told me that the CEOs of nine different game companies have contacted him, saying they’re in trouble.
While no one can guarantee what the future holds, I think he’s probably right. Gaming will continue to be a cutthroat industry, where only the best games and teams survive. Those with a lot of cash saving for a rainy day could weather the storm, while those who have spent more wildly could find themselves running dry.
For now, betting-based games are consuming market interest and attention. Recently, a new casino game, Pebble City, was launched on Sui, a chain focused on video games from the past. Now, that chain is offering a mix of traditional and betting games.
“More and more gaming is going to include gambling,” Dickerson predicts.
We’ll see if she’s right — so far, things are heading in that direction.
