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European Gaming News

LetBet Pioneers in Blockchain to Make Online Gambling Safe and Legal in Your Neighbourhood

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LetBet Pioneers in Blockchain to Make Online Gambling Safe and Legal

The global online gambling market will surpass $50 billion in 2018, creating a borderless economy the size of wealthy Luxembourg.  You can safely bet that many governments would like to be collecting taxes on this rapidly expanding market, which has doubled in size since 2011.

 

As long as corruption is high in the bookie-run gambling market, some governments will ban gambling, pushing gamblers into high-risk illegal gambling markets that often shut down overnight and keep players’ winnings, much to their disenchantment with the system. The self-regulating Blockchain is a promising technology to create safer, fairer gambling markets and rid the industry of the corruption that has kept gambling off the legal books.

Illegal Gambling

Fortunately, most jurisdictions do not punish players for gambling illegally, although some unlucky gamblers in strict states such as Singapore and Saudi Arabia have been rounded up by authorities. Nevertheless, the ‘illegal’ status of gambling keeps many from participating in games of chance, online and casino gambling.

The centralized gambling markets rely on third parties to take money, conduct fair play and return your winnings in a timely manner. These third parties known as ‘bookies’ have long been accused of match-fixing. Since the Chicago White Sox through the World Series in 1919, match-fixing has become more widespread and sophisticated.

In 2013, “Europol found over 380 European football matches that were fixed”. In the digital world, game algorithms can easily be tweaked and results falsified. If Lady Luck is on your side and you outsmart the house, a bookie is more likely to look for ways to limit or close your account.

Replacing the Bookie With a Smart Contract

Gambling on the Blockchain replaces the bookie with a smart contract. Players place bets directly with each other on a decentralised peer-to-peer betting system. The transparency and provability of transactions provide regulators with security in the system. Without a bookie to manipulate outcomes in his favour, the fairer system delivers a zero house edge. These innovations would favour the online gambling sector in June when the United States’ Supreme Court will rule on allowing states to legalise sports betting.

The Blockchain is benefitting from favourable legal rulings in other areas. More gamers are winning and buying rewards and gaming assets. Typically, these assets have stayed within the game environment. Blockchain gaming worlds are allowing players to trade game assets outside of the game. A number of US court rulings have deemed these assets non-gaming winnings, and allowed players to legally keep them. In addition to swords and castles, increasingly rewards will be divvied out in crypto tokens, more analogous to cash winnings. The legalising of gambling will uncomplicate the status of these game assets.

LetBet

LetBet pioneers in Blockchain chooses to revolutionize online gambling. LetBet moves gameplay onto a trustless platform. Instead of giving a third party your money, escrow is staked directly from your digital wallet. All actions on the LetBet platform are performed using the “LBT Coin”. Besides its utilitarian value, the coin’s value should increase as the LetBet market grows.

When it comes to speed and data quality, LetBet seeks to distinguish itself among Blockchain gaming platforms. Data is streamed from leading brokers, including Bet365, William Hill and BetFair, to help you find the best odds. LetBet’s proprietary Blockchain processes transactions at a speed of xx versus one minute on average on the Ethereum Blockchain.

The LetBet developer team has put its veritable experience and expertise in creating a smart fork within the Ethereum blockchain which is suitable for not only online gambling but for many other activities as well. This blockchain is a zero chain, meaning that it does not require any transaction fees, which increases its appeal greatly. LetBet has endeavored to revolutionize the online gambling industry with its secure, trustless and fast platform. It invites gaming enthusiasts to get a share of the pie by participating in the ICO.

The LBT Presale has already started on 20th Jan at price from $0.4 and has sold 3 million tokens as of 25th Jan, while ICO begins on February 25th with price from $0.8. Come, be part of the revolution!

Source: newsbtc.com


Source: European Gaming News

European Gaming News

Could the Gambling Commission ban wagering requirements?

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Wagering requirements; whether you love them or hate them, with the Gambling Review well underway, there’s never been a better time to debate if they still have a place in modern gambling and whether the upcoming review will ban them once and for all. But first, let’s look at their development and why they are a contentious issue in the industry. 

What are wagering requirements?

Wagering requirements are a common term and condition attached to a bonus that prevents players from taking a promotion and withdrawing it immediately. They are applied differently by each gambling brand. Some, like PlayOJO, Paddy Power, MrQ and Betfair, have revolutionised the casino scene by offering no wagering bonuses. In contrast, others take the predatory route and list bonuses with up to 100x requirements (the average is around 30x).

The requirement is the amount a player must wager at the casino before any winnings made with a bonus are valid for withdrawal. In the case of a £100 bonus, a 30x requirement would mean a player must wager a total of 100×30=£3,000 before they could withdraw any winnings. Most players would easily decimate their winnings before fulfilling the condition and, as most bonuses expire within 7-14 days, may well be forced to play for periods, or at times, they otherwise might not.

Why do wagering requirements exist?

In the early days of online casinos, bonus hunting among players became widely popular. It led to forums where players shared information on where and how to profit from the best welcome bonuses, earning money from the available offers available and never playing at a site again.

As casinos began to notice players taking bonuses and withdrawing without using them fairly, they combatted the practice with wagering requirements and other terms, such as the ability to withdraw a bonus and any winnings made if an account was suspect of this activity.

However, with no limits or official licensing rules to regulate wagering requirements at that time, things soon got out of hand as operators set high limits that were and still are unattainable to most players. Additionally, in many cases, the terms and conditions were not clearly displayed or explained, leading to the confiscation of bonuses and winnings without players understanding how or why they’d fallen foul of the casino’s rules.

Wagering requirements under fire with UKGC

By 2014, and following a flood of player complaints, the Gambling Commission weighed in, creating the Gambling (Licensing and Advertising) Act which prescribed operators were to advertise their bonus terms and conditions clearly and explain them to players. This led to some reducing their requirements to more feasible levels. However, not all operators followed suit, hence why we’re still discussing wagering requirements today.

More recently, in February 2022, the UKGC set its sights on reforming wagering requirements again, issuing new guidance regarding fair and transparent terms and practices, which acknowledged that wagering requirements could lead to excessive play, not in line with social responsibility rules for operators. 

The new guidance rules cited that licensees used potentially unfair terms, with examples including:

  • “terms that allow licensees to confiscate customers’ un-staked deposits
  • terms regarding treatment of customers’ funds where a licensee believes there has been illegal, irregular or fraudulent play
  • promotions for online games that have terms entitling a licensee to void real money winnings if a customer inadvertently breaks staking rules
  • terms that unfairly permit licensees to reduce potential winnings on open bets.”

It also stated that the Commission was aware of:

  • “terms and conditions that are difficult to understand
  • welcome bonus offers and wagering requirements which may encourage excessive play.”

While the guidance did not contain rules for abolishing or limiting wagering requirements, they instructed licensees to review their terms and conditions to ensure they fit consumer protection laws and that; “The LCCP requires rewards and bonuses to be constructed in a way that is socially responsible. Although it is common practice to attach terms and conditions to bonus offers, the Commission does not expect conditions, such as wagering requirements, to encourage excessive play.”

Will wagering requirements be banned?

With the Gambling Review white paper currently overdue and keenly expected by all industry stakeholders, many wonder if it will cover wagering requirements or, more specifically, exclude them from casino practice. The Gambling Review aims to update the 2005 Gambling Act, fit for the modern age, and wagering requirements would undoubtedly slot into the remit of what’s being discussed, which includes greater player protections and affordability checks.

While it’s clear that some big-name operators and affiliates like No Wagering are pioneering the way in bringing zero wagering bonuses to players, many sites have not followed suit. This is despite clear evidence that players favour fairer bonuses (PlayOJO is one of 39 brands operated by the same parent company, it is the only one with zero requirements, and it’s the most successful of all, according to the company).

Realistically, we’re not sure that the new gambling regulations will ban wagering requirements completely (as we covered earlier, they do exist for a reason), but it certainly wouldn’t be beyond the imagination for there to be a maximum cap applied in the view that excessive requirements equate to excessive play.

What’s next for operators and bonuses if wagering requirements are banned?

Bonuses are one of the most important factors for players in picking between casino sites, and they make players feel lucky to score something for free straight off the bat (even if the wagering requirements mean this is not really the case). 

If wagering requirements are banned, operators unwilling to offer bonuses without wagering requirements will have to return to the drawing board and reimagine rewards, especially welcome offers. Alternatively, they could begin competing based on other USPs, such as focusing more on the casino product to pull in the punters by offering unique games, making space for indie developers, having instant withdrawals, or gamified loyalty benefits and better loyalty clubs.

Moreover, it would present a fantastic opportunity for remote operators to move away from the tired system of matched deposit bonuses towards more exciting and fresher ideas like promo wheel spins, mystery gifts on first deposits, prize draws and so on. With brands including PlayOJO, Paddy Power, MrQ and Betfair already doing this, operators do not lack a blueprint to success, just the gumption to embrace a new model.

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Bulgaria

Betway Bulgaria officially launches, offers live and bet-builder options

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Another company has officially launched its activities in the growing niche of online betting in Bulgaria. But here we are not just talking about another operator licensed by national institutions, but about a leading brand worldwide. Betway is one of the largest bookmakers in Europe and globally, and the fact that it already offers its services in Bulgaria speaks positively about the development of the gambling business in the country.

Indications of an increase in the size of the industry appeared last year, when several operators received a permit to operate under Bulgarian jurisdiction. It is unlikely that this process will end with the official launch of betway bulgaria, rather the brand entering the country can be perceived by international operators as a positive assessment of the market in Bulgaria. What can we find at Betway besides the obvious – increased competition and of course more choice for consumers?

What do we find in the sports section?

Sports betting – this is the leading sector of the company, which started operations in 2006. The brand is associated with a number of teams in Europe such as Tottenham, Atletico Madrid, Leicester, Alaves, Belenenses, Werder, etc. Of course, the top championships in Europe are present in the latest betting platform, but that’s not all. Betway offers the opportunity to make predictions at less popular UEFA championships. The fans of the Bulgarian championship have options too. All matches of the First League are present in the bookmaker’s menu, and are offered with dozens of choices for each of them.

Real-time bets and long-term combinations

Live bets are a big thrill for many players. This option is present at Betway, and this also applies to the mobile version, of course. It is not difficult to detect current events – they come first when loading the platform. And with them the bookmaker really comes up with interesting offers, some of which are rare on the Bulgarian market. The outcome of the bets become clear in literally seconds if the next goal market or one of the performance options is selected.

In addition, the company accepts predictions with a much longer horizon. It is now standard to bet on who will be the champion in England, Spain, Italy or Germany. However, there are also specific markets and selections for certain teams – will Barcelona take the trophy this season, will Liverpool reach the final in at least one of the tournaments in which it participates, etc. And if users don’t find what they’re looking for in these offers, they can always turn to the betting menu. The bet-builder is still limited to one match, from which we can choose two or more selections until the desired odds are formed. This is the most appropriate way to optimize the bet according to personal preferences and therefore it is increasingly preferred by the players.

Betway’s first steps on the Bulgarian market are impressive. And this is just the beginning, we can expect even more in the near future.

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European Gaming News

EveryMatrix inks RGS Matrix agreement with Wild Boars

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EveryMatrix announces the second RGS Matrix partnership with Wild Boars, newly launched gaming studio that aims to bring creative storytelling and a fresh feel to the gaming industry.

Launched in 2019 as EveryMatrix sixth standalone solution, RGS Matrix enables gaming development teams to distribute, manage, and report upon a proprietary game product portfolio.

This ‘out of the box’ remote gaming server was built on an open architecture and caters for outstanding player experience, consistent deployment, and quicker content integration.

Mathias Larsson, Managing Director of RGS Matrix, says: “This is our second RGS Matrix agreement and it brings me a lot of joy to know that our solution starts gaining momentum in the market. Our remote gaming server aims to help the new generation of game builders by providing all the means to create, design, distribute and manage games.

“The team of Wild Boars is experienced, skilled and highly creative. I am looking forward to seeing their games live and appreciated by players in many countries.”

Oleksandr Yermolaiev, Managing Director of Wild Boars, comments: We truly believe that choosing a right partner is crucial for success. For us, RGS Matrix and its remarkable team is just that partner. We are excited to use EveryMatrix solution, focus on what we do best and bring our innovative games to a wide range of operators, territories and players. RGS Matrix is dashing ahead and we are happy to join the ride.”

RGS Matrix powers slots and table games, and is currently certified for Malta, Latvia, Lithuania, Estonia, Sweden, Spain, Denmark, Romania, and Colombia, with many jurisdictions to come in the upcoming years.

 

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