As regulators across the online gambling industry become more vigilant, we ask Is CasinoCoin the future for crypto gambling?
Blockchain and cryptocurrency in the Internet boom
With the explosion of the internet we have seen many industries focus their attention away from the high streets and onto the worldwide web with blockchain and cryptocurrencies.
Finance is a perfect example, with much of the focus for new and faster payment mechanisms centering on the utilization of cryptocurrencies (DASH, XRP, Litecoin to name just a few). Speed of settlement and ease of use combined with the possible reduction in reserves held in Nostro/Vostro accounts being of particular interest to financial institutions.
The internet explosion has also been capitalized on by the gambling industry, with new online casinos and online sports-books appearing on an almost daily basis. Many have taken it a step further and have opened up online cryptocurrency casinos to make use of both the finance/crypto boom as well as the online gambling boom.
The sheer speed with which global finance and online gambling have taken off has really caught the regulators in both fields by surprise. Financial regulators and gambling regulators alike have been caught with their trousers down, and are scrambling to play catch up.
In the world of finance we have seen the FATF strengthen their approach to policing money laundering online and agencies like Europol cracking down on darkweb and money laundering through cryptos. More importantly (for financial institutions and cryptocurrency “Hodlers”), financial regulators have been speeding up the process of regulating cryptocurrencies as a financial tool, and after their slow start these regulations can’t come quickly enough for many in the industry.
Is CasinoCoin the future for crypto online gambling?
As with the financial world the online gambling industry has been very slow to up their game with the pace being set online. Regulators haven’t been quick enough to prevent the explosive growth but are slowly catching up with regulations and rogue operators.
The UKGC is one of the more pro-active in regulating the industry having implemented their GAMSTOP tool (a self-exclusion program for problem gamblers which has to be adopted by all UK licensed online gambling providers) and a clampdown on those casinos not on gamstop offering casino games to UK players. A number of countries have followed suit with Arjel (France) and Spelpaus (Sweden) being implemented across the board.
Casino Coin have made it their goal to assist all parties in the regulatory sphere of the online casino and gambling world.
About Casino Coin:
Designed with users, gaming operators and regulators in mind, the CasinoCoin Bankroll Manager application features built-in KYC and responsible gaming functionality, as well as providing an unparalleled user experience never before seen in the online gambling space.
The nature of blockchain technology means that regulators will benefit from the most secure and transparent funding system available today. A near-perfect anti-money laundering (AML) environment has been developed, utilising the latest KYC technology coupled with a new, proprietary AML tracking tool; the most advanced and thorough in the industry.
The built in features and tools have been customized to meet the needs of users, operators and regulators alike. The cost reduction in time for players is self-evident as the built in KYC and AML functions mean that they will not have to go through this process every time they register with a new online casino participating in the Casino Coin services.
For operators the cost reduction will be massive. The speed of payment for both in and outgoing transactions will be greatly reduced and the costs of payment processing will be significantly lower than those of credit cards and bank transfers.
As well as the financial and regulatory benefits, CasinoCoin benefits from advisors and trustees from within the world of gambling who have had distinguished careers with major operators:
Casinocoin foundation 31/03/2019:
The CasinoCoin Foundation, a non-profit entity supporting the cryptocurrency CasinoCoin, has today announced the appointment of Ashish Tawakley, previously of IGT, as their Chief Commercial Officer.
With over 15 years gaming experience, Tawakley will lead commercial operations for the CasinoCoin Foundation, working closely with the Foundation’s Board of Trustees and Advisory Board. He will be involved in advancing the Foundation’s main aim of promoting the adoption and best-use practices of CasinoCoin, and will lead their business development in European regulated gambling markets.
Ashish Tawakley, said: “I’ve been watching the crypto space develop, and I’m truly fascinated about blockchain technology and the growth of the cryptocurrency market. I realised very quickly that Casino Coin is unique – no initial coin offering (ICO), no hyped roadmap. Instead, there is a very experienced team who have developed a suite of products that have real value and real world utility. Casino Coin can be easily integrated into iGaming operator platforms, adding value by increasing the ease, speed, and flow of new players who have already passed stringent KYC compliance, onto operator platforms. What operator does not want that?”
Tawakley brings a wealth of gaming experience to CasinoCoin, with almost five years as Senior Director of Gaming at IGT, a global leader in land-based and online gaming. Prior to that he spent eight years in a variety of roles at Betfair across multiple verticals including sport, poker and casino. Ash brings with him a deep level of commercial and product gaming knowledge.
He continued: “There is an untapped market of players who are invested, and passionately believe, in the utility of cryptocurrency for the long term. The iGaming market is consistently on the forefront of new technology, and I believe this pool of ‘crypto players’ will, over time, continue to grow. These players want to be able to utilise their funds in the gaming market, and CasinoCoin will drive this group of players to their operator partners. In my opinion, it is a no brainer for evolving operators.”
John Caldwell, The CasinoCoin Foundation’s Director of Advocacy, said: “We have been on the lookout for someone with deep experience in gaming, as well as both a product and business development background, which has been difficult to find. Ash ticks all the boxes and we are incredibly pleased to add him to the team. The CasinoCoin Foundation has a strong technical development team, so it’s great for us to build a more rounded line up, with Ash driving our commercial efforts.”
CSC April 15, 2019 (Malta) – Richard Cammegh, Managing Director of Cammegh, the world’s leading specialist manufacturer of roulette wheels, integrated roulette systems and gaming digital signage, has joined the advisory board of the CasinoCoin Foundation.
Cammegh becomes the first member of the non-profit CasinoCoin Foundation’s advisory board with a focus on the land-based gaming sector. The appointment marks a strategic commitment from the CasinoCoin Foundation to establish a path for blockchain technology into land-based casinos.
Since it was founded in 1989, Cammegh has built an enviable reputation for designing and manufacturing world-class roulette wheels, integrated roulette wheel technology, display technology etc, which are delivered alongside a suite of data analysis software.
Cammegh has a global portfolio of premium customers from Las Vegas, London, Monte Carlo through to Macau, Singapore and Melbourne.
Richard Cammegh, Managing Director of Cammegh and CasinoCoin Foundation advisory board member, said:“Cammegh has been the leading roulette provider to the global casino industry for 30 years, and in that time we’ve succeeded by understanding that there is more to the game than a physical wheel. Our products integrate a range of electronic interfaces and data-driven software, and this is where we could see some interesting opportunities to implement blockchain technology.
“So for me it was a case of finding the right blockchain specialist who genuinely understands gaming from an operator’s and player’s perspective, but perhaps even more importantly a partner wishing to stand shoulder to shoulder with gaming regulators the world over. That’s why I’m so excited to join the board of the CasinoCoin Foundation, which supports technology that has the power and experience to truly revolutionise the casino floor.
“I have been a keen watcher of the cryptocurrency and blockchain space for some time now, and I look forward to working closely with the team to help bring this fantastic technology to a global audience in land-based casinos and beyond.”
John Caldwell, Director of Advocacy at the CasinoCoin Foundation, said: “I am thrilled to welcome Richard to the advisory board of the CasinoCoin Foundation, who brings with him unparalleled experience within the land-based casino sector.
“We see a number of particularly exciting use-cases for CasinoCoin in land-based gaming. With the digitisation of the casino floor, CasinoCoin can bring immense value across a range of fields, including immutable data gathering, as well as benefits across identity and payments.”
Cammegh joins other leading gaming execs on the board of advisors at the non-profit CasinoCoin Foundation, which supports the blockchain-powered payment solution CasinoCoin (CSC). These include Gamesys CEO Lee Fenton, Chair of the Digital Isle of Man executive agency Lydia Barbara and Kindred Group’s chief experience officer Britt Boeskov.
Will CasinoCoin succeed? Who knows, as we tweeted from the Malta Blockchain summit there are a number of competitors:
— Wise Cryptos (@wisecryptos) May 23, 2019
One thing is for sure, CasinoCoin have set out a clear game-plan, have players and regulators at heart, and have a team with a wealth of knowledge and experience within the industry so it certainly won’t be through a lack of trying.
*As always our articles are not sponsored by anyone, and are not meant as investment advice, so please always DYOR!