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Cryptocurrency and Online Gaming: Upsides and Downsides

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At this moment in time, everyone and their dog must have heard about the power of Bitcoin. People turn to crypto for quicker and more private transactions. On the other hand, players turn to online gaming platforms for their easy accessibility.

Besides making waves individually, cryptocurrency and online gaming have crossed paths on many platforms. Consider a casino like ReelCrypto, with hundreds of thrilling games that allow players to transact using Bitcoin and other forms of cryptocurrency.

This growing trend raises many questions. Why do some players prefer using cryptocurrency on online gaming sites? What are the upsides and what are the downsides?

Upsides of Crypto in Online Gaming

The integration of Bitcoin, Ethereum, and other cryptocurrencies in online gaming delivers several significant advantages. Here are some of the main ones:

  • Anonymity and Privacy

Whenever the discussion is about crypto, there’s always word about anonymity and privacy. These digital coins still bring this substantial advantage to online gaming platforms.

Unlike credit cards or bank accounts, cryptocurrency transactions do not require personal information. Players only need to provide a wallet address. This extra layer of privacy is invaluable to many. Some players prefer discreet gaming, and crypto gives them that luxury.

  • Lower Transaction Fees

Traditional payment methods usually demand fees that can eat into players’ gaming budgets. That’s not the case with cryptocurrencies, as these costs are significantly reduced. Most crypto transactions require a minimal network fee, making it a cost-effective option. Players can then spend more on what they enjoy, gaming, rather than losing money to transaction fees.

  • Speed and Ease of Transactions

One of the pain points online gamers face is waiting hours and sometimes days to withdraw funds. Bank transfers, for example, take multiple business days. Some e-wallets allow instant transactions, but it’s fiat, which can easily take hours. Cryptocurrencies eliminate this problem by allowing near-instant transactions. Whether players are funding their accounts or cashing out winnings, the process is quick and straightforward.

Downsides of Crypto in Online Gaming

The upsides of using cryptocurrency in online gaming are clear: greater privacy, lower costs, and faster transactions. Now, let’s consider the downsides below:

  • Regulatory Hurdles

The regulatory environment for cryptocurrencies is still evolving, which poses a challenge for online gaming platforms supporting digital currencies. Different jurisdictions have varied stances on the legality of using Bitcoin and other altcoins for gambling, among other activities. For this reason, many crypto online gaming platforms can’t operate on a global scale. Also, many players will be skeptical, not wanting to go against the law.

  • Fraud Prevention

Cryptocurrency transactions are irreversible, and that allows for potential fraud or theft. For instance, a player can sign up on a fraudulent gaming platform, and if they send coins, they can’t get them back. That’s why ensuring playing at reputable and secure platforms is vital.

Bottom Line

Crypto has brought substantial improvements to how players transact on online gaming platforms. These benefits foster the increasing integration of cryptocurrency options in the online gaming industry. However, there are security issues to be resolved.

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EPIC retain SBC’s Player Protection award for a third consecutive year

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EPIC Global Solutions have completed a hat-trick of wins at the prestigious SBC Awards North America, having been named as the event’s ‘Player Protection Service Provider of the Year’ for a third year in a row.

The globally-leading specialists in mitigating gambling-related harm were recognised once again at the New York ceremony, at an event that acknowledges excellence across all aspects of the gambling industry across North America.

EPIC provides a range of consultancy, education and training services around recognising signs of problem gambling to a range of sectors across the continent, with a particular focus on working with sports organisations, gambling operators and gambling industry regulators.

The company’s work in conjunction with the NCAA and Entain Foundation US – which has seen over 55,000 student-athletes and staff at more than 200 US college campuses educated on gambling-related harm in the past three years – was highlighted within the nomination for the award, and drew praise from EPIC’s CEO and founder Paul Buck, who explained:

“There are now 38 states where sports gambling is legalised. Gambling is growing, so the level of harm that will come will also grow.

“Recognising player protection at events like this wasn’t happening five or ten years ago, but it’s becoming an increasingly bigger issue and we’re glad to be at the front of that and hope to remain that way for the next five years and beyond.

“We wouldn’t be able to do this without the lived experience facilitators who go out there and tell their stories day in, day out, all around the country in each of the 52 states that we work in.

“I’d also like to make some special mentions to the NCAA, who work with us massively on the front foot on a topic which is becoming bigger and bigger within the student-athlete population, and the Entain Foundation US, who have been there helping to fund programmes like ours for the past few years.”

Lived experience is at the heart of everything that EPIC does, with the lessons taken from the harm experienced earlier in life by around half of its current workforce being the driving force behind the company’s mission and the knowledge that informs the programmes it delivers.

Therefore, Buck is incredibly proud of the team contribution that has once again been recognised via the award at SBC’s showpiece event in the US. He added:

“It’s always nice just to be here and spread our message and meet friends, clients and stakeholders, but to come away and win this award three times on the trot is fantastic.

“It just shows that the level of work we do and the impact that we’re having is growing and growing, year by year, which makes us even more proud to win it. I’m so incredibly proud, not just of the work we do, but of the people who work within EPIC.”

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Court Decision Upholds iGaming Ontario’s Model

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iGaming Ontario has welcomed the decision of the Ontario Superior Court, which found that iGaming Ontario’s model is consistent with the Criminal Code and that iGaming Ontario is conducting and managing igaming in the province.

“We have always been confident in our model and are pleased that the court has ruled in our favour, and that Ontarians can continue to play with confidence in our regulated igaming market,” said Martha Otton, Executive Director of iGaming Ontario.

“Ontario’s model meets the requirements and contributes to the public good by protecting players, their data and their funds, while helping to fund priority public services in Ontario, and bringing well-paid, high-tech jobs and economic development to Ontario,” Otton added.

In dismissing the application brought forward by the Mohawk Council of Kahnawà:ke (MCK), the Superior Court found that iGaming Ontario is the “operating mind” behind Ontario’s competitive igaming market in accordance with the conduct and manage requirements of the Criminal Code.

iGaming Ontario will continue to conduct and manage igaming as it has since the launch of the regulated market on April 4, 2022.

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NVENUE AND AMELCO ANNOUNCE DEAL TO SUPPLY FIRST NASCAR MICRO-BETS GLOBALLY

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nVenue, an AI-powered micro-betting technology, and Amelco, a sports betting platform provider, have announced their commercial deal to introduce micro-betting options for NASCAR fans worldwide. This industry-first partnership marks the first integration of NASCAR live in-race micro-bets into the betting landscape.

In August 2023, NASCAR selected nVenue as an official micro-betting provider, and together they announced the first round of NASCAR markets at the 2024 Daytona 500. With help from their AI-powered platform, nVenue’s micro-betting engine can generate over 60,000 betting opportunities with just several of their introductory markets. In-race micro-markets include unique betting windows for stage results, qualifying, and more.

“We are thrilled to team up with Amelco to introduce micro-betting options forNASCAR. With their platform and reach, we are confident that we will deliver an unmatched betting experience for racing fans. We look forward to working closely with Amelco to integrate our markets and expand our offerings to include other newsports on our dynamic roadmap,” Jeremy Jones, Chief Revenue Officer at nVenue, said.

The integration of nVenue’s micro-betting markets into Amelco’s platform is expected to begin in the coming months. This alliance comes at a significant growth point for NASCAR in 2024. In a recent announcement, the sport revealed that the betting handle has increased by an impressive 50% in just the first two months of the year.

Head of Amelco USA Brandon Walker said: “We’re looking forward to working with the nVenue team and offering their NASCAR product to our operators. With micro-markets proving to be a huge success in the space already we’re excited tosee how these markets perform.”

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