What steps need to be taken by a gambling company representative who wants to introduce crypto-currencies into the settlement system?
Everything is simple enough if the business has a desire. It is necessary to choose a partner who will tell what is what, and, if necessary, explain all the nuances. The procedure for verifying the company and signing the contract is similar to the connection of classical payment methods. Nevertheless, do not confuse two ideologically different ways of “implementation”: bitcoin as a payment method and bitcoin as a currency. Most of our clients use bitcoin as a medium for depositing and withdrawing funds for players, not having direct contact with the crypto currency. There are many options, from the point of view of business and the technical side of integration, in order to satisfy the requirements of each individual enterprise.
What legislative problems can arise in the representatives of the European gambling business, who want to integrate crypto-currencies into the payment system?
Here you need to consider the requirements for the license. Curacao, Great Britain, Canada, the Isle of Man and the Philippines have nothing against bitcoin. Malta has not yet given an affirmative answer, but promises to make a decision by the end of 2017. Legally bitcoin for the operator is a payment method. The interpretation of cash flows through this channel is the same as any other one already available from the operator.
If we are talking about gambling, this is Curacao. Most of the “imprisoned” for bitcoin operators are working with this license. I think that after the resolution of Malta, the situation may change. We all know that the major players of this market are rarely satisfied with the license of Curaçao and, as a rule, own several licenses, including the Maltese license.
Bitcoin is an international payment method. The operator does not need to think about connecting payments for exotic countries, there is no need to fear that the payment may reject it due to changes in the company’s strategy. Bitcoin is, in fact, only a technology, so even if there is a disaster with your provider, you will always find a new one. Bitcoin is cheaper and, as a rule, carries much less risks if we are talking about fraud.
The volatility of many crypto-currencies is quite high (if not more). For one day the price can both grow and fall. How can businesses that integrate crypto-currencies into the payment system avoid losses in the event of unfavorable circumstances?
In fact, business has no dangers. The operator is not at risk of price jumps, since for him, bitcoin is a payment method, not an asset currency. For business, payments come in the currency of players’ balances and also go away during payments. The headache of price jumps and other subtleties of crypto currency is the concern of the bitcoin provider, not business.
How widespread is the use of crypto-currency settlements among representatives of gaming in Europe?
Drift Casino offers its customers licensed games from the company NetEnt, whose development does not require additional views
Frank Casino is one of the most popular casinos online, that accepts bitcoin and specialize in gambling
Play Fortuna Casino is a reliable organization that has been working for a long time on the gambling market
Casino Azart Play has been working since 2010 and managed to prove itself as a reliable institution in the market of gambling services
It is widely spread, but different brands position themselves differently. Someone presents themselves as a bitcoin-casino, and somebody is silent about the presence of this payment method. We see that in European brands the percentage of bitcoin payments varies from 1-2 to 70-80% of the total cash flow. It depends on the focus of the brand itself. Everyone knows about bitcoin in Europe: any Uber driver will tell you about the difference between bitcoin and litecoin. If the brand offers interesting conditions for bitcoin payments, players with bitcoins will be found.
Players like bitcoin because of the principles of its work. Bitcoin does not need to be kept constantly from someone, for example, on accounts in a casino or in a bank, it can be stored in your phone, laptop, etc. Bitcoin is not tied to a place. For example, a player can play for one day on different platforms around the world, transferring money between them almost instantly. Bitcoin itself is a toy, the very idea of using it is already a game. To some extent, he perfectly “approached” gaming business. We integrate several brands daily. Obviously, “Will your brand take bitcoins?” Is no longer a question, only the question “When.”