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Cryptocurrency in gambling business

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Cryptocurrency in gambling business

Advantages and features of cryptocurrency in gambling

 

Success of cryptocurrency couldn’t slip under the radar of gambling. Its appearance in the gambling business coincided with the growing application of online wallets. Digital currencies have allowed to create a new niche for the online gambling industry, and in some online casinos they are already superseding the fiat ones.

It happens because digital currencies have a number of undeniable advantages that make them ideal for this very business.

Advantages of cryptocurrency in the gambling business:

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  • Anonymity. All cryptocurrency transactions are completely anonymous. Available information includes only the number of wallet from which and to which the digital currency is transferred. E-wallet owners are registered under pseudonyms and do not specify identification data.
  • No double conversion. Double conversion can occur in different cases: for example, if a ruble bank card holder wants to make a bet in US dollars, and the online casino uses euros in bank transactions. As a result, rubles are converted into euros, and only then – into dollars. It doesn’t happen if bets are made in cryptocurrency.
  • Transaction speed. All cryptocurrency transactions are made in a decentralized environment – the blockchain system. Due to this, funds come directly from the owner’s wallet to operator’s account, bypassing any intermediaries. Banks do not participate in the process: they do not check transactions, do not slow down money flow. As a result, all operations are made much faster.
  • No commission. Since banks do not operate with cryptocurrencies, they are excluded from the transaction process. Consequently, they can’t take commission fee for carrying out such operations. This reduces the expenses of users.
  • Possibility to check payment history. Blockchain contains records of all transactions conducted. Therefore, in case of some misunderstandings, aggrieved parties can always check all the data on the operation.
  • Wallet security. The owner’s cryptocurrency wallet is well secured. Hackers won’t be able to steal the funds without a password. A complex identification procedure brings all their efforts to nought. Even if online casino database is hacked, swindlers will get only the administration’s funds.
  • Access from anywhere in the world. Using cryptocurrency, players from any country can participate in gambling – even staying in those locations where gambling is banned. Any cryptocurrencies are issued not by the state, but by the users themselves, so anyone can make bets.
  • Impossible to freeze wallet. The state has no right to freeze cryptocurrency wallets, because they do not store fiat currency. Moreover, the wallets are created without involving the government agencies.

However, cryptocurrency in online casino attracts special attention of the authorities for a number of reasons.

The first one is a lack of regulation. Among all the states, only Japan gave bitcoin the status of official mean of payment. The rest countries do not introduce any regulation of cryptocurrencies, so they are not subject to the rules of the Central Bank or other authorities of the currency control. Consequently, there is no tax base. Such decentralized structure of digital currencies concerns many governments.

The second reason is impossibility to check the age of wallet owners, their location and other details. Because of the anonymous nature of the cryptocurrency, no state can verify this information. Holders can be both individuals under the age of 18 and criminals. In addition, players can be citizens of those countries where bookmaker offices and any gambling activities are prohibited.

The issue of cryptocurrency in gambling is covered during many profile events. One of them is Riga Gaming Congress, which will be held on October 12 in the Latvian capital. Leading European experts will tell why cryptocurrencies are becoming more popular in online casinos. Besides, they will explain why its advantages can easily outweigh any disadvantages and why the experts have no doubt that the players will continue to use it.…

The post Cryptocurrency in gambling business appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.


Source: EEGaming.

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Digicode

Digicode Appoints Itai Zak as Executive Director for iGaming Division

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Digicode, a leading provider of innovative software solutions, has appointed Itai Zak as Executive Director for the iGaming division. In this role, Itai will drive the growth and strategic direction.

With over 15 years of experience in the iGaming industry, Zak brings a wealth of knowledge and expertise to Digicode. He has a proven track record of successfully leading and scaling businesses in the online gaming sector, gaining experience as the CEO of SBTech, GoWild Gaming, and Spiral Solutions.

Under Itai’s visionary leadership, GoWild Casino not only seamlessly transitioned to a state-of-the-art iGaming platform but also achieved an astounding 450% increase in profitability, driven by Itai’s strategic expansion into new markets and his ability to build and lead a formidable team of over 300 professionals.

At SBTech, Itai was instrumental in redefining the company’s sales, marketing, and business development approach, transforming SBTech into a leading provider of turnkey sports betting and iGaming solutions. His efforts have helped grow the company from 60 to over 600 employees across multiple global locations, with significant year-on-year growth in net profit.

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Itai’s appointment is a testament to the company’s commitment to innovation, excellence, and strategic growth within the iGaming sector. His proven track record in navigating complex regulatory environments, coupled with his forward-thinking approach to product and market strategy, positions Digicode for exciting advancements in its iGaming offerings.

“We are thrilled to have Itai Zak join our team. His deep understanding of the iGaming landscape and leadership skills will be invaluable as we continue to innovate and expand our foothold in this dynamic industry. Also, Itai’s proven track record in navigating complex regulatory environments, coupled with his forward-thinking approach to product and market strategy, positions Digicode for exciting advancements in its iGaming offerings,” Max Maslii, President and global CEO at Digicode, said.

In his new role, Zak will develop and execute Digicode’s iGaming strategy, focusing on driving revenue and growth. He will work closely with the product development and sales teams to deliver cutting-edge solutions tailored to the unique needs of iGaming operators.

“I am excited to join Digicode and lead their iGaming division. Digicode has a proven track record of delivering innovative software solutions, and I am eager to contribute to their continued success in the iGaming market,” Itai Zak said.

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City Center Online

Pragmatic Play Goes Live with City Center Online in Argentina

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Pragmatic Play, a leading content provider to the iGaming industry, is enhancing its standing in Argentina and is now live with City Center Online.

Taking its leading Slots portfolio to the online casino, City Center Online’s players are now set to benefit from leading titles, including award-winning hits like Sugar Rush and Gates of Olympus as well as more recent releases from Pragmatic Play’s ever-expanding portfolio such as Pub Kings and Mustang Trail.

This latest agreement follows a series of partnerships that Pragmatic Play has struck across the regulated LatAm markets, combined with several regional industry awards, further cements its position as the leading supplier in Latin America.

Victor Arias, VP of Latin American Operations at ARRISE powering Pragmatic Play, said: “We are delighted to announce Pragmatic Play’s agreement with City Center Online as the brand continues its upward trajectory and supply even more LatAm operators with its acclaimed, industry-leading titles.

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“With Pragmatic Play’s renowned slot library now live on the platform, we are confident they will be a hit with City Center Online’s players, and we look forward to see its content provision expanding even more in the near future.”

Samanta Zio, Online Gaming Manager at City Center Online, said: “The quality and brand recognition that is brought on by Pragmatic Play games cannot be understated and we are delighted to now offer its portfolio to our players.

“Underpinning our commitment to providing premium gaming experiences to audiences in Argentina, we are confident this partnership is a momentous win for City Center Online.”

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iGaming Industry

Pragmatic Play Adds TriunfoBet to Growing List of Latin American Partners

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Pragmatic Play, a leading content supplier to the iGaming industry, will soon bring its dynamic multi-product portfolio to more customers with Venezuelan operator TriunfoBet, encompassing its Slots, Live Casino, and Virtual Sports offering as part of the deal.

The supplier has continued to build on its impressive Live Casino offering with the launch of Treasure Island. The action-packed gameshow follows in the footsteps of similar hit titles such as Sweet Bonanza Candyland and Snakes & Ladders Live which are also fan favorites across LatAm.

In addition, casino classics such as Roulette and Blackjack will be brought to an even wider audience in the region thanks to this latest tie-up.

Pragmatic Play’s renowned Slot portfolio will promptly be available for TriunfoBet players to enjoy including new titles such as Gates of Olympus 1000 in addition to Christmas-themed versions of its player-favourite franchises including Big Bass Christmas Bash and Sugar Rush Xmas.

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Rounding off the collection is Pragmatic Play’s Virtual Sports which delivers cutting-edge 3D renderings of popular sports betting markets that match real-life equivalents across horse and greyhound racing, football, and motorsport.

The new agreement with TriunfoBet further boosts Pragmatic Play’s profile across the LatAm market as it cements itself as the industry-leading supplier in the region.

Victor Arias, VP of LatAm Operations at ARRISE powering Pragmatic Play, said: “Pragmatic Play’s content has become a household name in LatAm, and we are confident that TriunfoBet will achieve similar levels of success as other partners. The LatAm market continues to be a key area of expansion for Pragmatic Play, as evidenced by the consistent stream of new partnerships launched each month. TriunfoBet is the perfect addition to Pragmatic Play’s growing portfolio of partners in this region.”

Luis Lizarazo, CEO of TriunfoBet, said: “We strive to provide our players with an exceptional experience on our platform, and our latest partnership with Pragmatic Play allows us to significantly enhance our offering with their extensive range of products. Pragmatic Play’s remarkable growth in Latin America has been truly impressive, and we are thrilled to be among their latest partners. We are confident that their Slots, Live Casino, and Virtual Sports will be met with the same resounding success they have garnered worldwide.”

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