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.…
The post Cryptocurrency in gambling business appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.
Source: EEGaming.
Supremeland Gaming, the emerging brand in American iGaming, announced the approval of an interim Supplier License in West Virginia, further solidifying its position as a key player in the rapidly expanding iGaming industry. This milestone marks the company’s third approval following the successful acquisition of the first approvals in Pennsylvania and New Jersey.
Supremeland Gaming is approved to operate under this interim license and is now authorized to offer its cutting-edge innovation to the Mountain State.
Supremeland’s game portfolio has garnered international appeal since its debut in November 2023. The innovative brand promises cutting-edge slot play, combining immersive storytelling, state-of-the-art graphics, and impressive bonuses.
Rickard Öhrn, CEO of Supremeland Gaming, said: “The acquisition of our interim Supplier License in West Virginia is a pivotal step in our journey, reflecting on our dedication to delivering innovative experiences to a broader audience. As we expand our footprint, our commitment to excellence remains unwavering, and we look forward to contributing to the vibrant gaming landscape in the Mountain State.”
Supremeland is gaining traction for its emerging portfolio of top-notch games, including Red Panda Rising and the international debut title, Munition Mine, underscoring its commitment to pushing the boundaries of innovation in the iGaming industry.
Pragmatic Play, a leading content supplier to the iGaming industry, is continuing its momentum in the Latin American market, after signing an agreement to take its three biggest products live with Betsala.
The agreement will see Pragmatic Play’s full portfolio of award-winning Slot content go live, including recently released Slot titles Loki’s Riches and The Big Dawgs in addition to familiar player-favourites such as Sugar Rush and Gates of Olympus.
Betsala customers will soon gain access to Pragmatic Play’s Live Casino products upon integration being completed. The sector has been a focus for the provider over the previous 12 months with releases such as the dynamic Treasure Island game show which complements Pragmatic Play’s comprehensive range of casino classics such as Roulette, Mega Roulette, and Blackjack which are also available on the platform.
Completing the product offering is Pragmatic Play’s cutting-edge 3D renderings of popular sports such as horse and greyhound racing, football, and motorsports.
The latest LatAm development for Pragmatic Play sees it further boost its profile across the region where it has cemented its status as a leading supplier of casino experiences.
Victor Arias, Vice President of Latin American Operations at ARRISE powering Pragmatic Play, said: “Proving LatAm is still a key source of growth, Pragmatic Play is delighted to now count Betsala as another valued partner in the region.
“Pragmatic Play’s three leading products will soon be on the platform, and we look forward to even more players discovering its robust and engaging offering.”
Albert Bellavista, CEO at Betsala, said: “Pragmatic Play has built a stellar reputation across Latin America for its high-quality experiences, and we welcome them as our latest partner to bolster our offering and provide more thrills than ever.
“Most iGaming enthusiasts worldwide are already familiar with Pragmatic Play’s titles and we know the upcoming addition of its content will come with a great response from our players.”
Pragmatic Play, a leading content supplier to the iGaming industry, is set to make another appearance at a Latin American summit, at SAGSE LATAM in Buenos Aires.
Taking place across two days from March 20th-21st, the event sees iGaming professionals gather at Buenos Aires’ Hilton Hotel for the 32nd edition of the iconic exhibition.
SAGSE LATAM marks the second summit attended by Pragmatic Play in Latin America in 2024, with its new immersive proposal Pragmatic Play Experience, after an extremely successful exhibition tour in 2023, which saw the provider make inroads across the continent and impress industry representatives.
The gaming provider will be at Stand 120 to showcase its diverse portfolio, including Slots, Live Casino, Virtual Sports and Bingo content, alongside its brand-new Sportsbook solution.
In addition, Pragmatic Play will be a platinum sponsor of the event, highlighting the importance of such industry exhibitions and the vital role the leading provider plays in them.
Victor Arias, VP of Latin American Operations at ARRISE powering Pragmatic Play, said: “Pragmatic Play is proud to be a platinum sponsor of SAGSE LATAM and to be influential in shaping the future of the Latin American iGaming market. With a comprehensive multi-product offerings and solutions, it is poised to capitalise on the immense opportunities that the region presents.
“With an exciting range of panel discussions and interactivities that the conference brings, it is set to be yet another momentous date in the LATAM gaming calendar.”
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