iGaming Industry
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:
- 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.…
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Source: EEGaming.
Pragmatic Play, a leading content supplier to the iGaming industry, is achieving further expansion in Paraguay and Brazil after signing a multi-vertical deal with Giro Win.
The deal encompasses the supplier’s Slots, Live Casino and Virtual Sports products, bringing its portfolio to an even greater LatAm audience.
Pragmatic Play’s Slots portfolio has seen numerous player-favourite additions in recent weeks that will soon be available for Giro Win’s costumers, including new titles in the iconic Big Bass franchise as well as the renowned John Hunter series. The agreement also includes award-winning staples such as Sugar Rush and Gates of Olympus.
The supplier’s Live Casino content stretches from casino classics such as roulette and blackjack to captivating live game shows such as Sweet Bonanza CandyLand and Snakes & Ladders Live that are also part of the agreement.
Also included is Pragmatic Play’s Virtual Sports, powered by a real-time physics engine and providing life-like renditions of popular sports such as Formula 1, greyhound racing and horse racing, on-demand to sports bettors.
As it further expands across LatAm, Pragmatic Play continues its commercial trajectory and ambitions of delivering fresh content to even more players than ever before.
Victor Arias, Vice President of Latin American Operations at ARRISE powering Pragmatic Play, said: “With LatAm remaining a source of commercial growth for Pragmatic Play, its latest partnership with Giro Win underpins its ongoing commitment to bringing a dynamic entertainment offering to more consumers in the region.
“Giro Win is an esteemed operator in the Latin American market and Pragmatic Play is proud of this new partnership that will see its Slots, Live Casino and Virtual Sports soon integrated to its platform.”
Hélio Cuevas, Director of Giro Win, said: “Pragmatic Play’s portfolio boasts some of the best games in the industry and it will be a welcome addition to our offering. We have no doubt the response to the large quantity of Slots, Live Casino and Virtual Sports titles that Pragmatic Play offers will match the overwhelming reception they have already experienced worldwide.
“Giro Win and Pragmatic Play share a vision of powering up new possibilities for players and delivering an unmatched experience and we are delighted to now count them as a partner.”
Pragmatic Play, a leading content supplier to the iGaming industry, is set to be in attendance at the upcoming SBC Summit Latinoamérica.
Exhibiting at stands G40 and H40, Pragmatic Play’s leading portfolio of multi-product content will be on display to cement its standing as the leading supplier to the Latin American market.
Pragmatic Play will be a Gold Headline Sponsor of the event, where the team will join attendees at the Seminole Hard Rock Hotel & Casino in Miami from the 31st of October to the 2nd of November.
The conference forms part of its LatAm Mission Itinerary, a campaign to inform delegates across leading industry events how Pragmatic Play can twist, transform, and elevate gaming experiences. Marking Mission #12, the provider’s attendance will be figure-headed by its Spaceman, the main character from its market-leading crash game title.
The Pragmatic Play team will be on hand at its stands to greet both current and potential clients and detail the advancements it has made in the realms of Slots, Live Casino, Virtual Sports, and Bingo.
Victor Arias, Vice President of Latin American Operations at ARRISE powering Pragmatic Play, said: “Pragmatic Play is thrilled to announce its attendance at the upcoming SBC Summit Latinoamérica and looks forward to welcoming attendees and gaining a deeper understanding of the lively Latin American market.
As Mission #12 in Pragmatic Play’s LatAm itinerary, it has a lot in store for the conference and will reaffirm its commitment to providing new dynamic experiences that allow its partners to excel.”
Pragmatic Play, a leading content provider to the iGaming industry, is celebrating the signing of a new partnership with Starkbet, enhancing its standing across Latin America.
Like many partnerships in the region, this latest tie-up with Starkbet includes three of Pragmatic Play’s popular verticals. Its Slot provision will see players able to enjoy recent releases including Rocket Blast Megaways and Diamond Cascade, as well as a host of award-winning popular hits like Sugar Rush and Gates of Olympus among 300+ quality titles.
The operator’s Live Casino offering will be significantly stronger once the deal goes live, with consistent top-performing titles such as Sweet Bonanza CandyLand and Mega Wheel being available for players along with a comprehensive collection of classic games such as roulette and blackjack.
Pragmatic Play’s Virtual Sports titles which offer a wide range of realistic games to complement real-life sporting schedules also form part of the new deal. Products like Force 1 and Horse and Greyhound Racing are among the sports soon to be available, giving bettors on-demand opportunities to enjoy a large selection of bet markets.
Victor Arias, Vice President of Latin American Operations at ARRISE powering Pragmatic Play, said: “It’s a pleasure to welcome the Starkbet team on board as Pragmatic Play’s latest partner in Latin America. It’s another fantastically strong brand that we’re delighted to see Pragmatic Play bringing its content to and we’re sure the relationship is going to work out incredibly well for both parties.”
Henry Berger, CEO at Starkbet, said: “Starkbet has always been a popular choice for LatAm players and that will be even more true now we will have content from Pragmatic Play in our portfolio. Its games are among the most requested among our players and we’re going to able to offer them so much more as a result of this agreement.”
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