iGaming Industry
Maxim Krupyshev : Players are attracted by bitcoin for its working principle
Representatives of European gambling industry are successful bitcoin users: such payments take up to 80% of all transactions. It was stated in the interview of a co-founder of Cubits – company focused on bitcoin processing – Maxim Krupyshev to Riga Gaming Congress. We talked to him about advantages of cryptocurrency introduction in gaming business as well as the most suitable jurisdictions for its implementing.
Interviewer: Riga Gaming Congress (RGC)
Speaker: Maxim Krupyshev (M.K.)
RGC: What are the steps of a gambling company that wants to introduce cryptocurrency in payments system?
M.K.: It’s as easy as ABC if desired by business. You need to find a partner to explain all pros and cons. The procedure of company verification and agreement signing is similar to the integration of conventional payments methods. Notwithstanding, you should understand the striking difference between two ways of bitcoin usage: as a means of payment and as a cryptocurrency. The majority of our clients use bitcoin as an intermediary for deposits and money withdrawal for players having no direct contact with cryptocurrency. There exist a lot of variants from a business aspect and a technical aspect of integration – so as to satisfy requirements of each enterprise.
RGC: What legislative difficulties can representatives of European gambling business face if they want to employ cryptocurrencies in a payments system?
M.K.: License requirements should be taken into account. Curaçao, Great Britain, Canada, the Isle of Man and the Philippines aren’t against bitcoin. Malta hasn’t approved it yet but is on the way of making a decision by the end of 2017. From a legal point of view, for an operator, bitcoin is a payments means. Money transactions through this channel are similar to any others.
RGC: Whose jurisdiction is the most loyal to cryptocurrency transactions and why?
М.К.: If we take gambling business, it’s Curaçao. The majority of bitcoin based operators work namely with this license. I think that Maltese authorities’ approval will change the situation. We all know that huge gamers of this market take Curaçao license for granted and in the majority of cases have several of them, including Maltese one.
RGC: How will the introduction of cryptocurrency in business benefit payments system?
M.K.: Bitcoin is an international payments method. An operator doesn’t need to worry about payments system introduction in exotic countries. Also, changes in a company strategy cannot decline the operator. In fact, bitcoin is only a technology so even in case of some problems with your provider you can always find a new one. Bitcoin is cheaper and generally less risky in terms of fraud.
RGC: Volatility of many cryptocurrencies is pretty high (to put it mildly). In one day, the price can either increase or drop. How can business based on a cryptocurrency payments system avoid losses in case of adverse circumstances?
M.K.: In fact, business faces no danger. An operator doesn’t experience price ups and downs as bitcoin performs the role of a payments method, not an asset currency. In business, payments appear as a balance currency of players, which is the same in case of payoffs.
RGC: How popular are cryptocurrency payments among representatives of European gambling business?
M.K.: It is widespread although different brands give different pictures of themselves. Some paint themselves as bitcoin casinos, some don’t reveal practicing this payments system. It is notable that in European brands, a bitcoin payments segment varies from 1-2 to 70-80% of all money flow depending on a brand focus. In Europe, everyone knows about bitcoin: ask any Uber driver – they won’t hesitate to tell the difference between bitcoin and litecoin. If a brand offers advantageous conditions of bitcoin payments, there will be no shortage of bitcoin gamers.
RGC: How will the introduction of cryptocurrency in payments system of gambling business benefit average users?
M.K.: Players are attracted by bitcoin for its working principle. You don’t need to store it somewhere, for instance, in a casino or a bank, but on a phone, a laptop, etc. because bitcoin doesn’t require one place. For example, in one day, a gamer can play on different platforms all over the world and process immediate transactions among them. By nature, bitcoin is a toy while the idea of its application is a game. To some extent, it perfectly fitted in the gambling business. So, “Will your brand accept bitcoins?” isn’t a question anymore. The point is “When?”
Maxim Krupyshev will deliver a speech at Riga Gaming Congress on October 12. Don’t hesitate to register for the event in order to broaden your knowledge of cryptocurrency possibilities in the gambling industry.…
The post Maxim Krupyshev : Players are attracted by bitcoin for its working principle appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.
Source: EEGaming.
Alejandro Navarro
Betski Secures $345,000 in Pre-Seed Funding for First-ever Tokenized Casino Ownership Platform
Betski is set to launch its online casino ownership platform in Q1 of 2025, enabling users to earn casino profits through digital tokens. The system will allow anyone to receive a share of casino earnings without managing casino operations, marking a new chapter in the multi-billion-dollar iGaming industry. Supported by a $345,000 pre-seed funding round, the platform aims to democratize access to casino earnings and reshape the multi-billion-dollar gaming industry.
Opening Casino Ownership to Everyone
The platform’s tokenization system reshapes traditional casino business rules through an automatic profit-sharing program. Token holders receive a percentage of every bet placed on the platform.
This system eliminates steep entry costs, such as operational expenses, licensing fees, and administrative management. Users can start earning returns without previous casino experience or large capital investments.
“A small group have exclusively enjoyed casino industry profits until now. Our platform opens these earnings to everyone through our tokenized profit-sharing system, turning users into online casino owners,” said Alejandro Navarro, founder and CEO of Betski.
Direct Profit-Sharing Through Tokens
Through a verified digital system, the ownership program distributes Gross Gaming Revenue (GGR) among token holders. Investors have recognized this potential, contributing $345,000 in pre-seed funding that combines gaming entertainment with digital asset ownership. The platform maintains strict security protocols and automated distribution systems for reliable profit sharing.
“The platform distributes real money to token holders from every bet placed by players. This creates a steady income stream for online casino owners – something the traditional casino structure has never offered,” said Navarro.
Global Growth of Online Casino Ownership
The platform has attracted 2400 active Discord members and over 20,000 followers on X (formerly Twitter). These early adopters are expected to participate in test runs of the profit-sharing system once it goes live. Over the next 24 months, the platform will roll out first in Latin America, followed by expansion into European and select Asian markets.
Betski offers casino games, live casino experiences, eSports betting, global lotteries, fantasy sports, and traditional sportsbooks. This variety creates multiple revenue streams for online casino owners. Players can access all gaming options through a single interface, which streamlines the betting experience and maximizes potential returns for token holders.
The team has partnered with major payment processors and marketing agencies to support the platform’s global expansion. These collaborations will facilitate smooth transactions and user acquisition across different regions. The platform meets all regulatory requirements in its target markets, certifying long-term stability for token holders.
New Opportunities for Investment
Following the successful pre-seed round, Betski is now opening its seed funding round to welcome additional participants into its casino ownership platform. This investment opportunity enables individuals and entities to join the platform’s growth journey ahead of its official launch in Q1 2025.
eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.
This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.
Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.
In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.
“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.
Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
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