The Next: Volume 18 with XST Capital Group

XST Capital Group presents The Next, a recurring series featuring founders, CEO’s, and key industry thought leaders to discuss the companies shaping innovation with the digital gaming sector. In this edition, XST Capital Group founder Joel Simkins speaks with Desiree Dickerson, CEO of THNDR. This interview originally appeared on the XST Capital Group website.

“Tell us a bit about the genesis of THNDR and how it has evolved over time. What inspired you to co-found THNDR and what’s the story behind the transition towards iGaming?”

I first met my co-founder, Jack Everitt, in an unexpected but very 2019/2020 way—inside Virtual Reality during the pandemic. We quickly connected over a shared passion for bitcoin and gaming, and started collaborating on a grassroots project that explored how bitcoin could be integrated into games. At the same time, Jack was experimenting with mobile games that used bitcoin as a microincentive reward to drive engagement and retention. We became fast friends, united by the belief that bitcoin could fundamentally reshape the gaming experience.

That early collaboration evolved into something much bigger. We decided to join forces, raise capital, and launch THNDR with a clear mission: to build a new category of games powered by bitcoin. And that’s exactly what we did. We created a portfolio of six free-to-play, rewarded mobile games and scaled them to millions of users around the world.

After a few years of running that portfolio, we started looking beyond traditional mobile game monetization. We ran a deep user survey, and the results were surprising with nearly 80% of our players asking for wagering. It wasn’t what we expected, so we dug in. We conducted nearly 50 hours of customer discovery interviews and market research to understand the opportunity.

That research became the foundation of our current product: a cutting-edge iGaming platform offering PvP skill-based games to operators, complete with a robust player liquidity network and intelligent matchmaking. We’ve built more than just games; we’ve built a technology ecosystem that will power the future of PvP skilled play.

“Could you elaborate on the rationale behind your specific focus on Bitcoin, especially considering the broader trends in blockchain gaming involving NFTs and other cryptocurrencies? What are the advantages of this approach, and do you see THNDR integrating other assets in the future?”

While our platform is technically capable of integrating with any currency or payment system, bitcoin is at the core of how we build and operate—especially when it comes to settling player liquidity across our network.

We leverage the bitcoin Lightning Network to instantly and efficiently settle wagers between users, even across different operators. This allows us to eliminate the delays, friction, and financial risk associated with traditional reconciliation methods, where settlements often happen in large batches on a monthly basis. Instead, we can settle every wager in real time, for virtually no cost.

Our choice to build on bitcoin isn’t just technical, it’s philosophical and strategic. We believe bitcoin is the most fundamentally sound digital asset: it’s truly decentralized, has the strongest security track record, a fixed and transparent monetary policy, and the broadest institutional and sovereign adoption. Combined with second-layer innovations like the Lightning Network, it becomes uniquely suited for high-frequency, low-fee, cross-platform transactions - exactly what competitive gaming demands.

While we’re open to integrating with partners and platforms using other currencies, our core player liquidity layer will remain bitcoin-native, including future support for bitcoin-backed stablecoins.

“Given your background at Lightning Labs and in gaming, what unique insights do you bring to the industry, and how have these shaped THNDR's strategy, particularly in terms of technology integration and user experience?“

With nearly eight years in the crypto space, including my time at Lightning Labs, I’ve developed a deep, hands-on understanding of both bitcoin and the broader crypto space. And I’ve also gained an interesting perspective on the real opportunities and limitations when it comes to applying crypto in the real world.

At THNDR, we’ve taken a pragmatic approach: we introduce bitcoin where it provides real, tangible utility. Instead of forcing bitcoin adoption on operators or players, we’ve designed our system to be flexible. Operators can use the currency of their choice, while we use bitcoin on the backend for instant, borderless, low-cost settlement. This approach respects user preferences while unlocking the powerful benefits of bitcoin, especially when paired with the Lightning Network.

“Tell me more about your B2B PvP platform. How does this work for partners and their users, and how are you developing this technology to address long-standing points of friction for operators?“

Our B2B PvP platform enables iGaming operators to seamlessly integrate a suite of skill-based games into their existing product ecosystem, boosting engagement, extending session times, and reaching new audiences.

At the heart of our platform is a cross-operator player liquidity network, which ensures near-perfect matchmaking and fast game fills. This creates a smooth, competitive experience for users, while reducing the operational complexity for our partners.

For operators, the THNDR platform delivers tangible value by addressing long-standing industry friction:

• Unlock New Markets: Our skill-based model allows operators to access regulated markets where traditional gambling is restricted.

• Drive Engagement: Short, high-intensity rounds re-engage users and encourage repeat visits.

• Remove the House: Peer-to-peer mechanics intensify gameplay by eliminating the house, making wins more meaningful.

• Instant Settlement: With our bitcoin-based backend, wagers are settled in real time, compatible with any frontend payment system.

• Boost Revenue: Our games provide a complementary revenue stream without splitting or cannibalizing existing user bases.

“Could you discuss the strategy behind your product development - what is the process for deciding which game genres to integrate with bitcoin, and what factors influence these decisions as you look ahead to develop your roadmap for the coming years?“

Our product roadmap is driven entirely by our operator partners. We work closely with them to understand how our games perform in real-world ecosystems, combining deep quantitative analytics with direct, qualitative feedback from both operators and players. For many partners, we implement custom event tracking to surface actionable insights. We move fast, working in focused six-week sprints that let us adapt, iterate, and evolve quickly as new partners join the network.

“THNDR seems to have built a strong community. What strategies do you employ to attract and retain partners/users in different target markets, especially in emerging economies where Bitcoin adoption might be higher, and in more established gaming markets?”

Community is at the heart of everything we do at THNDR. Much of this comes from our roots in building B2C free-to-play mobile games, where success depends entirely on understanding and serving your audience. We’ve carried that ethos into our B2B product by actively listening, not just to our operator partners, but to their users as well, many of whom are incredibly vocal and engaged on social media.

When it comes to attracting and retaining partners and users across diverse markets, we tailor our approach. In emerging economies we emphasize the utility of Bitcoin: instant payouts, low fees, and accessibility without traditional banking. In more established gaming markets, we focus on how our platform enhances engagement, retention, and monetization without adding regulatory risk or operational complexity.

“Beyond the current model of earning Bitcoin as rewards, what other potential applications do you envision for the future of gaming? How do you see crypto advancing the industry?”

The sky’s the limit! We started with bitcoin rewards as a simple, approachable way to introduce users to bitcoin. But our focus has evolved and we primarily use bitcoin behind the scenes to unlock real utility, specifically for instant, low-cost settlement between operators on our network. It’s about speed, efficiency, and eliminating balance sheet risk.

Looking ahead, as bitcoin and other cryptocurrencies gain broader adoption and become more user friendly, I believe crypto will become the default financial layer of gaming. It offers a universal, borderless system that fits naturally with global digital entertainment.

That said, the biggest barrier today is user experience and onboarding. The real breakthrough will come when crypto fades into the background and users benefit from it without needing to understand it. That’s the direction we’re trying to go at THNDR.

“You recently joined me on NASDAQ TradeTalks with Jill Malandrino to discuss the current regulatory environment surrounding wagering and sports-event contracts. You discussed the three-element test and your work to continue innovating while staying within that framework. Can you explain further about this balance and how you are ensuring compliance while continuing to grow and develop your platform?”

The three elements required to be considered gambling are: prize, consideration, and chance. At THNDR, we build games that eliminate any element of chance, or luck. Hence, the term ‘skill-based gaming’ or ‘games of skill’. That’s why they fall outside traditional gambling regulations and into the category of “games of skill.”

We don’t take that lightly. Working closely with our legal team, we hold ourselves to the highest standards by backing every game with rigorous, ongoing statistical analysis to ensure true skill is at the core. As we continue to innovate in this space, maintaining and advancing these standards and internal controls remains a top priority.

“On top of navigating the evolving framework within digital gaming, how do you address the regulatory challenges associated with integrating cryptocurrency into your platform and games?”

We take a proactive, compliance-first approach to both gaming and crypto. By focusing on skill-based games, we operate outside traditional gambling regulation, while still holding ourselves to high internal standards with regular legal review and statistical validation.

On the crypto side, we use bitcoin and the Lightning Network strictly for backend settlement (although partners can use whatever currency of their choosing) allowing us to benefit from instant, low-cost payments without introducing regulatory risk. As the landscape evolves, we stay agile, ensuring our tech remains both compliant and future-proof.

“When you find the time to step away from THNDR, what do you like to do to relax and unwind?”

Very rarely do I get a free moment! But outside of THNDR I enjoy ultramarathons, skiing, metal concerts, and avoiding home maintenance tasks.

This has been an incredibly insightful conversation. With all my questions for you, I think it's only fair to turn the tables around on me. Go ahead and ask me anything you'd like on the industry.

What trends or signals are you seeing that you think the broader industry might be underestimating? Especially when it comes to where innovation or disruption is likely to come from next? Sweeps and CFTC event contracts are off the table!

Desiree, thanks for a really insightful conversation, particularly one that sheds some interesting light into skill-based gaming and crypto. Clearly, THNDR is in the early stages of threading its technology into the digital gaming ecosystem that we are so deeply embedded in on a day to day basis and it will be interesting to see how your games take flight throughout 2025 and beyond.

The velocity of change that we are seeing in gaming is extraordinary right now and it will be interesting to see whether the traditional (ex: Caesars and MGM) and new incumbents (ex: Flutter and DraftKings) either try to fight or embrace new technologies and if the broader industry can drive regulatory adoptions that speed consumer uptake. Certainly sweeps and event contracts are having their early moments and I expect both products to continue massively evolving with many new players coming out of the woodwork for the ramp of NFL betting season. One thing can be assured right now, the gambling markets of 2026 or 2027 could look a lot different than 2025 the way things are tracking.

Desiree Dickerson - Biography

Desiree Dickerson is CEO and Co-Founder of THNDR, the world's first PvP skill-based gaming platform with perfected player liquidity and instant wager settlement. With optimized matchmaking and near perfect fill rates, THNDR’s suite of skill games supercharge sports books, virtual casinos, and more, driving engagement, monetization, and market penetration.

Previously, Desiree served as VP of Business Operations at Lightning Labs after a career in management consulting. Desiree graduated from Georgetown (M.S.) and the University of Chicago (B.A.)