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.
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.
Amusnet has announced its participation in the 23rd edition of G2E Las Vegas (Global Gaming Expo) at The Venetian Expo from October 7-10. As one of the largest expos globally, G2E provides a platform for the company to showcase products across its Online Casino, Live Casino, and Land-based verticals, positioning Amusnet as a prominent all-casino provider in the competitive iGaming industry.
“We are excited to attend G2E Las Vegas 2024 to present our latest online casino portfolio and Type S slot cabinets: our first-ever product series for Land-based casinos, designed to offer a competitive edge by combining Amusnet’s top-notch game portfolio with an immersive player experience. Our focus is on delivering solutions that maximize performance and cater to the evolving needs for both online and land-based casinos,” said Borislav Marinov, Head of Business Development, Land-based, at Amusnet.
Alongside its technical excellence, the premium Type S series showcases the company’s award-winning titles, including 20 Golden Coins, Extra Crown, Fruits & Gold, and Cocktail Rush. It also features Amusnet’s popular four-level bonus game, Jackpot Cards, along with other exciting features like Free Spins, Buy Bonus, Pick Me Bonus, and Symbol Upgrade.
Amusnet will host an activation featuring its premium slot cabinets at the upcoming expo, offering attendees the opportunity to experience the thrill of Type S in real time and win exciting gifts.
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