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Cryptocurrency

Prediction market Futuur launches hundreds of real-money event markets with trading in 7 cryptocurrencies đź”®

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Futuur, which provides the largest selection of prediction markets available at one URL, announced that after extensive testing it is officially launching its real-money markets to forecasters around the world.  Real-money markets have been added alongside Futuur’s already existing play-money markets, with trading available in seven cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), Tron (TRX), Bitcoin Cash (BCH), and the USDC stablecoin.

With the goal of generating more accurate predictions via the wisdom of the crowd, Futuur provides forecasters the opportunity to bet on the outcome of future events in areas like politics, sports, science, and business.  Similar to a stock market, pricing is determined by market activity, fluctuating as traders buy and sell positions in event outcomes. The result is an always up-to-date forecast that aggregates information from across diverse perspectives and accounts for changing information over time.  Futuur makes these forecasts public and easy to interpret, providing a percentage estimate of each outcome’s likelihood to occur.

The industry-leading range of liquid markets available for betting is facilitated by an automated market maker (AMM), a type of algorithm that replaces the function of an order book in traditional exchanges, and which has been used increasingly in the world of DeFi to power decentralized exchanges like Uniswap. In Futuur’s case, the AMM provides always-on liquidity, allowing forecasters to buy or sell a position immediately, at any time, without the need for a counterparty on the other side of the transaction.

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Operating since 2017 with play-money markets, Futuur has generated crowd-driven predictions for over 44,000 events, with bets coming from more than 25,000 forecasters.  The average Brier score (a measurement used by statisticians to evaluate the accuracy of probabilistic predictions) across all resolved markets with bets is 0.168, a notable achievement given that the prize for bettors has been social reputation and skill-building, and did not include a financial component until now.

Now with the ability to bet with crypto and put more “skin in the game”, Futuur predicts that its platform will generate even more accurate forecasts.  Says founder Tom Bennett “we’re very happy with the results Futuur forecasters have generated trading our play-money markets, and we’re incredibly excited about the prospects for our real-money markets.  We expect that an additional financial incentive will lead to even better accuracy, and move us closer to our goal of helping to improve decision-making by providing more accurate forecasts.”

To underscore this, Futuur has created a market about its own markets’ performance, asking whether play-money or real-money markets resolved in 2021 will be more accurate.  The current crowd-powered estimate for the real-money and play-money versions of this market are 71% and 75%, respectively (real and play-money markets operate independently, and generate separate forecasts).

In order to offer legal real-money wagering, the platform has obtained a gaming license from the Ministry of Justice in Curaçao. This allows the service to provide real-money betting in most of the world, but it does exclude certain jurisdictions, including the US, Australia, Colombia, and the Netherlands.  For forecasters in restricted jurisdictions, not to worry!  Play money markets will continue to be available to all countries.

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Cryptocurrency

SCCG Management Announces Sponsorship Partnership with Hoppa! Card

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SCCG Management, a leading advisory firm in the global gaming industry, has announced a sponsorship partnership with Hoppa! Card, a pioneer in crypto payments and banking solutions. This collaboration is set to revolutionize the payment landscape for the gambling industry with a strong focus on crypto technology, leveraging SCCG’s extensive ecosystem of over 120+ client partners and its global presence across all major regions.

Through this partnership, SCCG Management will support Hoppa! Card in delivering their innovative crypto payment and banking solutions to a wider audience within the gaming industry. The synergy between SCCG’s expansive network of client partners and Hoppa! Card’s cutting-edge financial technology aims to enhance the efficiency and security of managing complex payment needs in the gambling sector.

Hoppa! Card’s flagship products, including the Exclusive Global Soft KYC High Limit Crypto Offramp VISA Card and the Unique Payment Gateway, are designed to meet the most challenging payment requirements. The VISA Card offers high limits and the highest possible privacy standards with anonymous cards, ensuring global accessibility with both virtual and physical card options. The Payment Gateway provides seamless processing for various crypto and fiat transactions, eliminating chargebacks and non-acceptance of cards, while catering to all gaming licenses and jurisdictions.

Stephen Crystal, Founder and CEO of SCCG Management, said: “Partnering with Hoppa Card allows us to provide our clients, as well as our global network of operators and platform providers, with crypto-focused payment solutions that are crucial in today’s fast-evolving gaming industry. Their innovative products align perfectly with our mission to drive strategic growth and maximize revenue for our partners.”

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Igor Lavrih, CEO of Hoppa Card, said: “We are excited to kick off the partnership with SCCG, merging our payments expertise with their deep market insights to explore new opportunities and drive innovation. We look forward to the synergies our partnership with SCCG will bring forward, delivering unique payment solutions in the gaming industry to an array of growing and established businesses.”

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Compliance Updates

Payhound Selects Chainalysis’ Crypto Compliance Solution for Regulatory and Operational Safety

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Fintech crypto company Payhound has selected Chainalysis, the blockchain data platform, to safeguard operations from exposure to malicious activity and uphold strict compliance standards.

With a strong commitment to combating illicit activities and a regulatory obligation to safeguard its customers, Payhound has chosen Chainalysis as part of its compliance and risk management strategy. This collaboration underscores Payhound’s dedication to maintaining top-tier regulatory compliance and security standards within the industry.

Chainalysis is leading the way in establishing a safe global economy built on blockchains through its blockchain data platform, which assists businesses and governments in making informed decisions and protecting their customers. By implementing Chainalysis solutions, companies gain access to a suite of investigation, compliance and risk management tools.

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Michele Santulin, Regional Director Mediterranean Area at Chainalysis, said: “In today’s crypto market, where trust is key to success, companies like Payhound need to take advantage of blockchain’s built-in transparency and use advanced blockchain analysis solutions to maintain strict adherence to regulations, protect their brands, and last but not least, offer reliable services to their customers. We are thrilled to support Payhound in that mission.”

Elton Dimech, Managing Director at Payhound, said: “Chainalysis is an invaluable resource for companies such as Payhound. Their forensic data and analytical approach, allowing for continuous crypto transaction monitoring, has proven indispensable in an effort to adhere to our own AML and Compliance obligations.”

The post Payhound Selects Chainalysis’ Crypto Compliance Solution for Regulatory and Operational Safety appeared first on European Gaming Industry News.

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Cryptocurrency

Betting on Crypto: How Crypto Casinos are Driving Mainstream Adoption

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Author: Scott Major, CCO, Transact365

In the digital age, two revolutionary trends are converging to reshape the landscape of financial entertainment: cryptocurrencies and online gambling. At the forefront of this intersection are crypto casinos, innovative platforms that are not only leveraging blockchain technology but also driving the widespread adoption of digital currencies.

By integrating digital assets into an engaging and familiar activity like gambling, crypto casinos are introducing a wider audience to the practical uses of blockchain technology. Conversely, the growing popularity of cryptocurrencies is attracting more users to online gambling platforms, expanding the reach of such platforms to tech-savvy individuals who prioritise privacy and decentralisation.

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Crypto Casinos: Pioneering Adoption

Crypto casinos represent a new frontier in the gambling industry, leveraging blockchain technology to offer players a secure, transparent, and decentralised gaming experience. By accepting cryptocurrencies like Bitcoin, Ethereum, and others, these platforms provide users with unparalleled privacy, faster transactions, and lower fees compared to traditional fiat currency casinos. This alignment with the ethos of decentralisation and financial sovereignty inherent in cryptocurrencies has attracted a growing number of tech-savvy users and early adopters to the world of online gambling.

Moreover, crypto casinos are not just leveraging cryptocurrencies; they are actively promoting their adoption. In fact, crypto casinos are expected to become more mainstream by the end of 2024.  Players who may have been previously unfamiliar with digital assets are now acquiring and using them for entertainment purposes, thereby integrating cryptocurrencies into their everyday lives. This increased exposure to cryptocurrencies through gambling fosters a deeper understanding and acceptance for their utility and benefits beyond the gaming sphere. Therefore, as cryptocurrencies gain wider acceptance, more traditional gamblers are likely to explore crypto gambling options. This trend could expand the market share of crypto casinos within the overall online gambling industry.

The Ripple Effect: Cryptocurrencies and Online Gambling

Cryptocurrencies are also revolutionising the online gambling industry by addressing long-standing challenges related to payment processing. One of the critical barriers for traditional online casinos has been the inefficiency for certain underbanked sectors and at times costliness of payment solutions –  exacerbated by stringent regulations and geographical limitations. Cryptocurrencies circumvent these hurdles by offering a decentralised payment method that operates across borders with minimal fees and swift transaction times.

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An efficient payment solution is paramount to maximising the synergy between cryptocurrencies and online gambling. Crypto casinos have capitalised on blockchain technology’s ability to facilitate instant and secure transactions, ensuring seamless deposits and withdrawals for players worldwide. This efficiency not only enhances the user experience but also expands market reach by attracting players from regions where traditional banking systems may be unreliable or inaccessible.

Harnessing Efficiency for Growth

By streamlining financial transactions through blockchain technology, crypto casinos are able to offer competitive advantages that resonate with today’s digital-first consumers. This includes faster payouts, reduced transaction fees, and heightened security measures that inspire trust and confidence among players.

The rise of crypto casinos is not merely a trend but a transformative force that is propelling the adoption of cryptocurrencies and reshaping the online gambling industry. By embracing blockchain technology and user-friendly crypto and local payment solutions, these platforms are fostering a symbiotic relationship that not only benefits both industries but most importantly the customers alike.

The post Betting on Crypto: How Crypto Casinos are Driving Mainstream Adoption appeared first on European Gaming Industry News.

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