Latest News

Cryptocurrency and Online Gaming: Upsides and Downsides

Published

1 year ago

September 25, 2023

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.

Related Topics:cryptocurrency Latest-News online gaming

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IGT Delivers World Premiere of Powerbucks Blackjack Online Game in Canada

Published

2 days ago

December 6, 2024

Niji Narayan

International Game Technology PLC announced that its new Powerbucks Blackjack game is now available to online players in multiple jurisdictions in Canada. The theme links to IGT’s Powerbucks omnichannel wide-area progressive (WAP) jackpot prize pool, Canada’s largest jackpot connecting land-based, online and mobile games.

“IGT is excited to build on its omnichannel jackpot leadership in Canada and the success of our Powerbucks portfolio by delivering a new evolution of one of the most popular casino card games. Designed to deliver the ultimate gaming experience, IGT’s Powerbucks Blackjack offers players the opportunity to win life-changing jackpots and provides operators with another compelling content option to help drive strong performance results,” said David Flinn, IGT SVP Canada, EMEA, and LATAM Gaming Sales.

Bringing a player-favorite card game to a new level, IGT’s Powerbucks Blackjack offers a state-of-the-art user interface with vibrant animations, language localization, and a sleek design for an engaging experience.

Launched in 2016, IGT Powerbucks slots is the world’s first omnichannel WAP game that links the jackpot prize pool between gaming machines found in land-based casinos with digital-based games in Canada. Since their debut, Powerbucks slots have paid over 50 jackpots of 1 million dollars or more across the country.

Canada

THE CANADIAN GAMING ASSOCIATION ANNOUNCES ELECTION OF NEW BOARD MEMBERS

Published

3 days ago

December 6, 2024

George Miller

THE CANADIAN GAMING ASSOCIATION ANNOUNCES ELECTION OF NEW BOARD MEMBERS

The Canadian Gaming Association (CGA) announced the appointment of four new members of the Association’s Board of Directors, which took place during the CGA’s Annual General Meeting on December 4, 2024.

Peter Czegledy, Aird & Berlis LLP

Peter Czegledy is a Partner and member of the Corporate/Commercial Group at Aird & Berlis LLP, as well as Chair of the firm’s Gaming Group, and co-Chair of the firm’s Esports & Gaming Group and Sports, Media & Entertainment Group. Peter has substantial expertise in the area of gambling and gaming law, with experience both in the acquisition/establishment phase and as ongoing corporate counsel managing compliance with applicable regulatory regimes and advising on technological applications. He is regularly consulted by governments and their regulators for policy and legal advice. He has acted in both private transactions and public procurements, and has represented a multitude of leading participants in the casino, track, igaming, mobile gambling, skills gaming and social gaming industries.

Lindsay Slader, GeoComply

Lindsay Slader is the SVP of Compliance at GeoComply, a cybersecurity and fraud prevention firm that delivers geolocation and user authentication technologies to the gaming, media & entertainment, online banking, payments, and cryptocurrency industries. Having worked in the internet gaming and digital services industries for seventeen years, Lindsay is a recognized expert in her field. Over the last decade, she has provided expert witness testimony on regulatory compliance, geolocation technologies, and her gaming industry expertise at several legislative hearings. Prior to GeoComply, she spent five years specializing in regulatory compliance and business development at Gaming Laboratories International. Lindsay’s contributions to the iGaming industry have led her to win awards such as the 2019 Emerging Leaders of Gaming 40 Under 40 and the 2021 iGaming Business Most Influential Women. Lindsay also currently serves on the board of directors of MVB Financial Corp.

Derek Ramm, Kinectify

Derek Ramm is the Global Head of Advisory Services at Kinectify, an AML risk management technology and advisory company that focuses on the gaming industry. He has extensive experience in the compliance and financial intelligence fields, and has brought his expertise to both the public and private sectors, providing him with a unique and well-rounded perspective to business challenges. Prior to joining Kinectify, Derek served as the Director of Anti-Money Laundering at the Alcohol and Gaming Commission of Ontario, where he led the agency’s AML regulatory oversight initiatives in the gaming, horse racing, liquor and cannabis industries. Derek was previously the Managing Principal at MT>Play, an advisory venture of McCarthy Tetrault that provided strategic advice to gaming organizations and governments around the world. He has also held senior roles at Canada’s federal financial intelligence unit (FINTRAC), the Ontario Lottery and Gaming Corporation, and was the chief anti-money laundering officer at one of North America’s largest independent investment management firms. He was also appointed by the Government of Bermuda to serve as a Commissioner on the Bermuda Casino Gaming Commission.

Terry McInally, Gateway Casinos

Terry McInally is the Chief Compliance Officer and Chief Technology & Interactive Officer for Gateway Casinos and Entertainment, one of the largest and most diversified gaming and entertainment companies in Canada. At Gateway he oversees compliance, surveillance, security, AML, RG, internal audit, insurance, risk, interactive and all aspects of technology. He has 20+ years of industry experience in compliance, operations, risk management, audit, stakeholder management, business strategy development, change/project management, regulatory reform, and IT. Prior to joining Gateway, Terry has been a gaming executive in numerous organizations including, an executive with the Alcohol and Gaming Commission of Ontario (AGCO), Managing Director and National Consulting Gaming Practice Leader for PwC Canada and a Risk & Technology Partner and Gaming Practice Leader with Richter LLP. Along with his extensive private and public experience, Terry is also a CPA and holds a CISA and Honors BA from the University of Toronto.

In addition, Neil Erlick and Chuck Keeling were reappointed for a second three-year term.

“We are delighted to welcome Peter, Lindsay, Derek, and Terry to the Board. Their diverse expertise and insights will play a critical role in helping CGA further its mission to support a regulated and responsible industry through education, collaboration, and advocacy,” said Paul Burns, President and CEO of the CGA. “Their perspectives and regional representation will strengthen our efforts and ensure we continue making meaningful progress.”

The Full 2024/2025 CGA Board of Directors

Bruce Caughill, Managing Director, Canada, Rush Street Interactive
Peter Czegledy, Partner, Aird & Berlis LLP
Neil Erlick, Chief Corporate Development Officer, Nuvei
Charmaine Hogan, Head of Regulatory Affairs, Playtech
Dale Hooper, General Manager Canada, FanDuel
Chuck Keeling, EVP, SH Engagement, Community and Social Responsibility, Great Canadian Entertainment
David Lucchese, Executive Vice President, Sales & Marketing, Everi
Adrianne McGrath, Vice President, Business Development, Konami Gaming
Terry McInally, Chief Compliance Officer & Chief Information Officer, Gateway Casinos
Niaz Nejad, Managing Director, Americas – Gaming, Light & Wonder
Bob Parente, SVP Chief Revenue Officer, Gaming, Light & Wonder
Derek Ramm, Global Head, Advisory Services, Kinectify
Lindsay Slader, SVP Compliance, GeoComply
Richard Taylor, President, MGE Entertainment – Fallsview
Scott Vanderwel, Chief Executive Officer Canada, PointsBet Canada

Latest News

Hard Rock Atlantic City Kicks Off “12 Days of Giving” with Over $50,000 to Local Charitable Organizations

Published

3 days ago

December 6, 2024

Niji Narayan

Hard Rock Hotel & Casino Atlantic City and the Boardwalk 1000 Foundation celebrated National Giving Day by donating $10,000 to the Community FoodBank of New Jersey. This donation marks the start of Hard Rock Atlantic City’s “12 Days of Giving” campaign during which funds and services totaling more than $50,000 will be donated to 12 organizations. Hard Rock Atlantic City has donated to more than 500 charities since opening in 2018 supporting the company’s motto to Love all – Serve All.

Additional recipients include Covenant House Atlantic City, Kelly’s Kidz, Live to Serve, Holidays for Heroes’ Shop with a Cop, ARC of Atlantic County, Court Appointed Special Advocates (CASA), Atlantic County Toys for Kids, Garden State Equality, Atlantic City Rescue Mission, Boys & Girls Club of Atlantic City, and Jewish Family Services.

“We are proud to live by our company’s mottos through our 12 Days of Giving holiday campaign to offer support to our community in such an impactful way. I am deeply grateful for our customers who generously donate to the Boardwalk 1000 Foundation which partnered with Hard Rock Hotel & Casino Atlantic City in helping to make a difference this holiday season,” said George Goldhoff, President of Hard Rock Atlantic City.