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Cryptocurrency in gambling business

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Advantages and features of cryptocurrency in gambling

 

Success of cryptocurrency couldn’t slip under the radar of gambling. Its appearance in the gambling business coincided with the growing application of online wallets. Digital currencies have allowed to create a new niche for the online gambling industry, and in some online casinos they are already superseding the fiat ones.

It happens because digital currencies have a number of undeniable advantages that make them ideal for this very business.

Advantages of cryptocurrency in the gambling business:

  • Anonymity. All cryptocurrency transactions are completely anonymous. Available information includes only the number of wallet from which and to which the digital currency is transferred. E-wallet owners are registered under pseudonyms and do not specify identification data.
  • No double conversion. Double conversion can occur in different cases: for example, if a ruble bank card holder wants to make a bet in US dollars, and the online casino uses euros in bank transactions. As a result, rubles are converted into euros, and only then – into dollars. It doesn’t happen if bets are made in cryptocurrency.
  • Transaction speed. All cryptocurrency transactions are made in a decentralized environment – the blockchain system. Due to this, funds come directly from the owner’s wallet to operator’s account, bypassing any intermediaries. Banks do not participate in the process: they do not check transactions, do not slow down money flow. As a result, all operations are made much faster.
  • No commission. Since banks do not operate with cryptocurrencies, they are excluded from the transaction process. Consequently, they can’t take commission fee for carrying out such operations. This reduces the expenses of users.
  • Possibility to check payment history. Blockchain contains records of all transactions conducted. Therefore, in case of some misunderstandings, aggrieved parties can always check all the data on the operation.
  • Wallet security. The owner’s cryptocurrency wallet is well secured. Hackers won’t be able to steal the funds without a password. A complex identification procedure brings all their efforts to nought. Even if online casino database is hacked, swindlers will get only the administration’s funds.
  • Access from anywhere in the world. Using cryptocurrency, players from any country can participate in gambling – even staying in those locations where gambling is banned. Any cryptocurrencies are issued not by the state, but by the users themselves, so anyone can make bets.
  • Impossible to freeze wallet. The state has no right to freeze cryptocurrency wallets, because they do not store fiat currency. Moreover, the wallets are created without involving the government agencies.

However, cryptocurrency in online casino attracts special attention of the authorities for a number of reasons.

The first one is a lack of regulation. Among all the states, only Japan gave bitcoin the status of official mean of payment. The rest countries do not introduce any regulation of cryptocurrencies, so they are not subject to the rules of the Central Bank or other authorities of the currency control. Consequently, there is no tax base. Such decentralized structure of digital currencies concerns many governments.

The second reason is impossibility to check the age of wallet owners, their location and other details. Because of the anonymous nature of the cryptocurrency, no state can verify this information. Holders can be both individuals under the age of 18 and criminals. In addition, players can be citizens of those countries where bookmaker offices and any gambling activities are prohibited.

The issue of cryptocurrency in gambling is covered during many profile events. One of them is Riga Gaming Congress, which will be held on October 12 in the Latvian capital. Leading European experts will tell why cryptocurrencies are becoming more popular in online casinos. Besides, they will explain why its advantages can easily outweigh any disadvantages and why the experts have no doubt that the players will continue to use it.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Conferences

The 8th edition of the Romanian Conference on Gambling

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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 [email protected]

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Conferences

The gambling industry in France, un problème historique

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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.

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We are sponsoring the prizes at ASEAN Gaming Summit Poker Freeroll

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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.

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.comThe 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 protected] 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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