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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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4Play

Fast Track Enters into Partnership with 4Play

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Fast Track, the leading player engagement platform built specifically for the iGaming industry, has partnered with 4Play, a dynamic and innovative gaming operator renowned for its exceptional player experiences in both casino and sports betting.

Launched in 2023, 4Play has rapidly gained recognition in the industry, primarily targeting the burgeoning Brazilian market. With a commitment to delivering unparalleled entertainment, 4Play offers its players a seamless experience in Portuguese, featuring popular gaming verticals such as casino and sports betting.

4Play’s decision to integrate Fast Track CRM comes as part of its strategic initiative to bolster player retention and streamline operations through advanced automation. Fast Track’s robust platform will enable 4Play to automate complex player journeys, ensuring each interaction is personalised and timely.

“We are excited to partner with Fast Track to elevate our player engagement strategies. Their innovative approach to CRM and their commitment to creating individualised player experiences align perfectly with our vision for 4Play. We look forward to leveraging their platform to enhance our player retention and operational efficiency,” Mateus Ihering, Chief Operating Officer of 4Play, said.

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Fast Track’s CRM platform, recognised for its real-time data capabilities and comprehensive automation suite, will support 4Play in achieving its business goals. By automating player communications and optimising the registration journey, 4Play aims to significantly increase its number of depositors while maintaining a high level of engagement among its 148,000 monthly active users.

Simon Lidzén, Co-Founder and CEO of Fast Track, said: “We are delighted to welcome 4Play into the Fast Track family. Their innovative spirit and dedication to providing top-tier player experiences make them an ideal partner. Together, we will set new standards in player engagement and retention, ensuring that 4Play continues to thrive in the competitive iGaming landscape.”

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Andrés Tamayo

Pragmatic Play Enhances FullReto Partnership with Virtual Sports Addition

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Pragmatic Play, a leading content supplier to the iGaming industry, has reinforced its commitment to Latin American expansion by strengthening its existing relationship with Colombian operator FullReto.

The latest agreement will see FullReto offer its players a broad selection of Pragmatic Play’s unique Virtual Sports titles, building on an already extensive offering of over 300 Slots and Live Casino games.

Fantastic League, Greyhound Racing, and the thrilling motor racing-themed Force 1 are among the games now available to FullReto customers as the operator looks to capitalise on the rapidly increasing popularity of Virtual Sports to consolidate its position as a leading platform in Colombia.

The multi-product partnership reaffirms Pragmatic Play’s intentions to expand its offering in the LatAm markets, with FullReto now offering a vast catalogue of Pragmatic’s award-winning games across three verticals.

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Victor Arias, Vice President of Latin American Operations at ARRISE powering Pragmatic Play, said: “Pragmatic Play is delighted to reinforce its partnership with FullReto by providing its players with access to its renowned Virtual Sports games. The deal not only emphasises Pragmatic Play’s desire to provide Colombian players with an exciting online gaming experience, but also demonstrates the supplier’s dedication to furthering its Latin American expansion.”

Andrés Tamayo, General Manager at FullReto, said: “FullReto’s continued collaboration with Pragmatic Play highlights our main objective of supplying the optimal player experience. The addition of Pragmatic Play’s Virtual Sports offering, on top of its Slots and Live Casino games, will ensure FullReto players have access to hundreds of fan-favourite games across a variety of verticals.”

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Alonso Huiman

Pragmatic Play Launches Live Casino Offer at Atlantic City

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Pragmatic Play, a leading content supplier to the iGaming industry, has expanded its Live Casino footprint across Peru after going live with major local operator, Atlantic City.

The partnership sees Pragmatic Play’s full Live Casino portfolio integrated with the operator, enabling players in Peru to enjoy market-leading titles such as Blackjack, Roulette, and Baccarat from the supplier’s award-winning portfolio.

This latest agreement showcases Pragmatic Play’s plans for growth in LatAm, exhibiting an array of its verticals across multiple territories in recent months. It is the latest deal signed by Pragmatic Play with a Peruvian operator, following a comprehensive growth strategy in the country.

Victor Arias, Vice President of Latin American Operations at ARRISE powering Pragmatic Play, said: “Atlantic City is one of Peru’s most reputable operators and offers another opportunity to showcase the Pragmatic Play Live Casino portfolio in Peru. With an offering that will deliver exceptional gaming experiences to players, this partnership promises to cement Pragmatic Play’s position at the forefront of the Peruvian iGaming industry.”

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Alonso Huiman, Chief of Online Casino at Atlantic City, said: “This landmark agreement with Pragmatic Play is a pivotal moment for us. Its vast selection of table and card games will resonate seamlessly with our player base and we are confident that this will propel our brand to new heights.”

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