iGaming Industry
Bitcoin Might Make the Professional Gambler Rich
Bitcoin is currently very popular as an investment tool, yet it has been devised as a decentralised digital currency to pay for goods and services.
An industry that has rapidly increased its trade in bitcoin, is the online gambling sector, a relatively young and ever-expanding industry, currently worth no less than $46 billion globally.
Online casinos have been fulfilling the increasing demand for bitcoin as a payment method by offering players the opportunity to make deposits and withdrawals in the digital currency. As a result, professional gamblers are increasingly viewing the digital currency as an alternative method to generate income and build wealth.
ONLINE CASINOS AND PROFESSIONAL GAMBLERS; A STRAINED AFFAIR
Although many casino players, whether online or at a land-based casino, play for the thrill of winning, most play for entertainment purposes only and don’t expect to generate income on a regular basis. A small and rather invisible group of players consider themselves professional gamblers, as their aim is to make money by placing bets. With the rise of online gambling and new online casinos hitting the scene on a monthly basis, many professional players have taken their income generation online. Most are making money by playing online poker, live casino games, progressive jackpots of slot games and/ or by placing online sports bets. As more and more online casinos offer bitcoin as a payment option, professional online casino players have started to use the digital currency as part of their money- making strategies. It is not that most online casinos are keen on professional gamblers, especially those who are doing well, as they tend to cost the casino money. Professional players are therefore aiming to keep a low profile, also because some players want to avoid paying tax, as any winnings above a certain amount are taxable in most countries, that allow online gambling. Placing wagers in bitcoin can help players to remain under the radar.
THE ADVANTAGES OF GAMBLING WITH BITCOIN
Placing bets in bitcoin has several other advantages for online casino players in general and professional gamblers in particular. Paying with bitcoins is anonymous and at several bitcoin casinos, all you need for your registration is an email address, which is, as mentioned earlier, ideal for players, who would like to keep a low profile. Pay-outs in bitcoin are often processed instantly or take a maximum of 12 hours, unlike other payment methods, for which processing times can take up days, making bitcoin withdrawals considerably faster than other payment methods. Besides these advantages, the digital currency has gained tremendously in value in the last year. Especially players, who have had their bitcoin wallet for a while, receive considerably more casino credits for their bitcoin money compared to only a few weeks ago and their income is increasing, even when they’re not playing.
BITCOIN: ADVOCATES AND CRITICS
It is well known that bitcoin and digital currencies in general have as much advocates as critics. For advocates bitcoin is the payment method for a new and freer economy, without the need for a central bank or banks as middlemen. Critics argue that the currency is not sustainable and a promotor of illegal trade and activity. A recent argument raised against bitcoin in the Financial Times, is that its environmental costs are significant, however, you could argue that conventional fiat currencies have their costs too.
Despite arguments against digital currencies, gaming authorities have acknowledged the demand for bitcoin and the UK Gambling Commission allows licensees to offer the digital currency as a payment option. As bitcoin and other digital currencies have been linked to criminal activity, UK Gambling Commission licensees need to have procedures in place, that prevent money laundering activity via their online casino. This fear of links between bitcoin use and criminal activity might be unfounded, however, as a recent EU study has concluded that criminals and terrorist organisations hardly use bitcoin or other digital currencies.
The objection against digital currencies and bitcoin in particular, might lie in that institutions of power within the current system, like banks, are significantly losing power with the rise of decentralised technologies. While this power struggle is taking place and institutions are finding their own way to deal with the phenomenon of decentralised, digital currencies, professional online gamblers attempt to make the best of what bitcoin has to offer and with increasing success.
The post Bitcoin Might Make the Professional Gambler Rich 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.
Bradley Khoury
eCOGRA Approved to Operate in Arizona, Indiana and Panama
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
BetConstruct to Showcase Latest Innovations at G2E Las Vegas 2024
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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