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 8th edition of the Romanian Conference on Gambling
On the 6th of March 2018, the Parliament Palace in Bucharest hosts the 8th edition of the Romanian Gambling Conference – CRG8, the biggest annual event of the gambling industry in Central and Eastern Europe.
The eighth edition of the CRG, a regional conference of gambling, will be held under the slogan “Ready for the Gambling of Tomorrow.”
As in the previous editions, this years event aims to approach all elements of the gambling industry based on the novelties of the legislation and the enforcement rules, both in Romania and other European countries, as well as the vulnerabilities of the current system, passing through the slot rooms and AWPs, but also casino life or online gambling. Special sections will be provided for human resources, marketing, image, social responsibility and responsible gambling.
Among those who will speak, we find representative names in the gaming world both in Romania and abroad. Representatives of the Romanian authorities, as well as from other European Union countries, are on the guest list.
Those present at the event will be able to ask questions to clarify all the unclear aspects in the special questions and answers (Q&A) sections.
The organizer, as in all previous editions, is the most popular magazine of the Romanian gambling industry, Casino Life & Business Magazine, the double winner of the “Best iGaming Magazine of the Region” Award at the CEEG Awards Budapest, Hungary in 2016 and 2017.
As in the previous editions, during the conference, the organizers wish to host a mini-exhibition in the lobby, so that participants can see on the spot the novelties, as well as other projects of interest.
The event, of both local and international importance, will be hosted by the famous marble halls of the Parliament Palace in Bucharest, the second largest building in the world after the Pentagon, on March 6th, 2018.
The Draft of the Program has four plenary sessions as follows:
– Partners Presentation
– CSR & Responsible Gambling
– Europe up-to-date
– Romanian Actuality
The Program has also coffee breaks and a working lunch.
Permanent partners of the events organised by Casino Life & Business Magazine are DGL PRO, GRISOGONO jewelry and ROMBET.
Gold Partner of the conference is NOVOMATIC Romania.
Media partner of the event are the portal www.forrichonly.ro, BURSA news-paper and the very well-known iGaming Business Magazine, part of Clarion group.
Those interested can download the Registration Form from here: Registration Form conf march 2018
For details, registration and other information send your inquiries to firstname.lastname@example.org
The gambling industry in France, un problème historique
The link between France and gambling always has been strong and could even be described as historic.
The country largely contributed to the development of gambling through time with the creation of inescapable games such as roulette (by the mathematician Blaise Pascal) and the 52 card game which gave birth to Baccarat or Shimmy (also known as Chernay).
As a consequence, it feels natural for gambling to be legal in France. But to settle on this territory, you must have a license from by several organisations:
• for betting activities: Pari Mutuel Hippodrome (PMH) and Pari Mutuel Urbain(PMU);
• for bingo lotteries and sports betting, only the Française des Jeux (FDJ) keeps the monopoly on land base activities.
Some conditions must however be respected if you want to offer gambling activities in France. For example, physical casinos can only be established in seaside and tourist towns (except Paris) and on some cruise ships with the French flag.
Since 2010, online gambling is regulated by the Autorité de Régulation des Jeux en Ligne (ARJEL), which can authorise licenses for club games (until now, only the poker is allowed), sports betting and horse races. Online casino games are forbidden in France.
Fifteen licenses have been issued by the ARJEL so far. This particularly low number of licenses can be explained by high tax rates which can frighten some operators.
However, the market is doing well as the third quarter of 2017 results show: an increase by 23% of the revenues linked to sports betting despite a year without international competition, a 10% growth of horse racing revenues and +5% for poker.
France is a market which needs to be followed especially as online casinos should be authorised very soon. The 2018 Football World Cup, with a French team considered as favorite for this new edition, should also contribute to the sector’s success thanks to high sports betting revenues.
On October 16, 2018, the inaugural European Gaming Congress in Ljubljana is set to host a panel where the state of France will be discussed directly with the regulator. To find out more details about the event make sure you follow our news.
We are sponsoring the prizes at ASEAN Gaming Summit Poker Freeroll
We are excited to announce our first event sponsorship and we would like to thank our friends at All-In Translations for the opportunity and initiative. As a strategic partner of Asia Gaming Brief (organizers of ASEAN Gaming Summit), the honor is even higher. (see EEGMedia/EEGEvents engages in strategic partnership with Asia Gaming Brief)
It was great to see that All-in Translations will once again host the official poker tournament of the ASEAN Gaming Summit in March and we want to make it even more interesting for the players by giving some prizes on behalf of our company.
The tournament is a freeroll for delegates attending the conference and we will be sponsoring the prize pool with no less than three packages of great value.
Prize 1 (worth $1600): 1 Seasonal ticket for a company representative which includes access to 5 EEGEvents in 2018.
- Prague Gaming Summit – 29.03.2018
- Mare Balticum Gaming Summit – 08.05.2018
- Vienna International Gaming Expo – 30.05 – 01.06.2018
- Central and Eastern European Gaming Conference and Awards– 25-26.09.2018
- European Gaming Congress – 16.10.2018
The ticket includes access to the conference/seminar, complimentary lunch and access to all networking sessions.
More details about the events can be found on the official landing page of the events division: www.eegevents.org
Prize 2 (worth $550): Tickets for 2 EEGEvents in 2018 for a company representative.
The winner can choose from the above list of events.
Prize 3 (worth $900): Featured radio spot for 3 months and interview on iGaming Radio
The player who wins this gets the opportunity to present the company with a radio spot which will be streamed during peak hours on iGamingRadio.com. The radio spot can be created by the representative’s team or by the team at the first online radio dedicated exclusively for the b2b sector of the online gambling industry. A selected representative will also get the chance to take part in the Innovation Talks monthly show and discuss the latest innovation in the industry.
As you may already iGaming Radio is the first online radio streaming gaming related news exclusively through daily shows, interviews and press releases. The aim of the station is to keep its audience connected 24/7 with the online gaming industry by playing awesome music and serving the news first hand.
You can tune in on www.igamingradio.com
About ASEAN Gaming Summit
TECH TRENDS, CONVERGENCE, STRATEGY, RETURN ON INVESTMENT
20-22 MARCH, 2018, CONRAD MANILA, PHILIPPINES
The ASEAN Gaming Summit draws together the region’s leading operators, regulators and suppliers, who are successfully developing the next generation of gaming offerings, both terrestrial and online.
From new-style integrated resorts, addressing the premium mass market, to sports betting innovations and online gaming, this event is for anyone with an interest in this dynamic region.
Mark your calendars for 20 -22 March, 2018.
For any questions about the 2018 conference, send an email to email@example.com or visit the official website www.aseangaming.com
About All-In Translations
All In Translations is the only Language Service provider offering such a large variety of languages (70+) combined with a true enthusiasm for iGaming, hence their slogan “We speak your iGaming language”.
They are now a market-leading provider of language services to the iGaming industry. Their high-quality standards and service level are ISO certified and trusted by several of the biggest platform providers, developers, operators and affiliate marketers. The team helps companies like Playtech, William Hill, Betfair, Microgaming, Interblock, Betsson and many more to boost their online presence and grow their brands internationally.
The subject of iGaming has been their bailiwick since the company started up in Malta in 2008, meaning that all their linguists and project managers have both a strong knowledge of and a genuine passion for casino games, poker, sports betting, lotto, bingo, trotting, backgammon, roulette and more.
Visit their official website for more details: www.allintranslations.com
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