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Macau Casino Plans to Build World’s First Blockchain Casino

Posted on October 24, 2018October 24, 2018 by Laura P.

Despite a significant decline in prominent blockchain-based digital currencies such as bitcoin due restrictions that are being enforced by the governments of countries like China, there are still large and prevalent communities of cryptocurrency enthusiast in those areas. Similar restrictions have been imposed on gambling activities within the same areas.

However, in the peninsula of Macau which is the Chinese licensed Mecca of gambling activities, casino operator known as DeClub Macau has come up with a new idea to take advantage of the high demand for cryptocurrencies. For this, the casino has already inked a partnership with Wide Rich Global Company, a Maltese investment firm, to bring gambling and blockchain technology together.

DeClub, in its press release, said that Wide Rich Global Company intends to buy the casino so as to build the what the duo is referring to as the “world’s first blockchain-based casino gaming hub with fully integrated online and land-based casinos.” Wide Rich hope to fund the purchase by offering an Initial Coin Offering (ICO) which will hopefully bring in as much as $1 billion.

“The tokenization of chips, casinos and their surrounding entertainment service providers will be able to build a pan-gambling business ecosystem together, so that people with varying business needs – from tourism to business meetings, to shopping – can all gain easy and cost-effective access to customized and prestigious services on their mobile devices,” Wide Rich Global Company’s officials stated in a recently released white paper.

Once the sale of the 20 billion DEC tokens is complete, De Club International will move forward with its plans to apply for a junket promoter license in Macau – this is because it intends to open multiple land-based gambling facilities both within and outside of the Macau region. The company has allocated about 35 percent of the funds from the token sales to the acquisition and licensing of said casinos.

Bypassing the Limitations of the Gambling Industry

Apparently, the prime motivator of this project is the need for a viable solution to the untrustworthy nature of the gaming industry. The project is aimed at achieving transparency are trustworthiness using blockchain technology – in essence, the project managers are counting on the fact that it is easy to conduct research, investigations or digital forensics on blockchain-based serves.

China has in the recent past had a very strained relationship with cryptocurrencies. The country also penalizes gambling outside Macau despite the obvious demand for it, but with blockchain technology, it will be much harder for the country’s government to implement these restrictions since users can gambler using a number of digital currencies anonymously.

There are, of course, a number of challenges that stand in the way of the project – the fact that Macau does not allow blockchain gambling yet, for instance – but with just enough lobbying, it will be a reality sooner than we may anticipate.

GVC and MGM Forge $200 Million Joint Venture

Posted on July 31, 2018 by Laura P.

MGM Resorts International and GVC Holdings on July 30 announced that they have established a 50/50 joint venture worth a whopping $200 million. The venture will see to the creation of a world-class sports betting and online gaming platform and comes in the wake of the recent United States Supreme Court ruling that created a plethora of new opportunities by lifting the federal ban on sports betting.

Both companies have proven track records and by joining forces, they will be bringing together distinguished brands, market-leading assets, extensive industry expertise, and experience as well as prove and scalable proprietary technology that will certainly revolutionize the gambling industry in the United States. Furthermore, the joint venture is going to be a catalyst of sorts for the speed to market for both MGM and GVC – it will not only occur in a prudent and efficient manner but it will also lower execution risks while at the same time creating meaningful early mover advantages.

“We are proud to join forces with GVC, the largest and most dynamic global online betting operator, with existing reputable and trusted operations in the U.S. With MGM Resorts’ expertise and leading position in key markets across the U.S., this historic partnership will be positioned to become the instant leader in technology, market access, sports relationships, and brands. We are excited to benefit from GVC’s proprietary, best-in-class technology, digital customer acquisition expertise, and experience with adapting to new operating environments. GVC is unusually qualified due to their existing operations in the U.S. Together, we are creating a one-of-a-kind platform that we expect will dominate the U.S. sports betting market,” the Chairman and Chief Executive Officer of MGM Resorts International, Jim Murren commented.

GVC, which has grown rapidly through a number of lucrative acquisitions including last year’s purchase of Ladbrokes, has been trying to get its share of the U.S. market. This joint venture with MGM will grant it access to 15 states with close to 90 million people. In addition to this, the MGM and GVC joint venture will get have access to all the land-based and online sports betting facilities in the United States while integrating both MGM’s and GVC’s customer loyalty programs.

“MGM Resorts is a world-leading entertainment business and the most trusted name in gaming, with the highest quality brands and management, and strong sports connectivity. This combined with GVC’s technology and experience in successfully building online gaming businesses across multiple markets presents a truly exciting opportunity for U.S. players and our respective shareholders. To be able to team up with a partner with such pedigree and knowledge, particularly in the U.S., is a real opportunity for GVC,” Kenneth Alexander, the GVC Chief Executive Officer said.

Atlantic City to Regain Lost Glory As Two Casinos Reopen

Posted on June 27, 2018June 26, 2018 by Laura P.

Once considered to be the mecca of casino gambling, Atlantic City has had a pretty rough time in the past few years. This was characterized by a number of decaying properties, vacant high-rises as well as boarded seashore ships, all of which were a sore reminder of the dwindling trend that the city was taking in regards to its formerly thriving casino industry.

However, things seem to be taking a turn for the better as the city is preparing for a major comeback that will certainly reverse the state’s woes that included plummeting gambling revenue and diminishing workforce. To kick off its rejuvenated efforts the city has rebranded itself as the “entertainment” capital of the east and this week, and it will see the reopening of two casinos that are anticipated to jump-start the local casino industry and the local economy as a whole.

Hard Rock Hotel and Casino and Ocean Resort Casino, the casinos will officially go live on Thursday. Hard Rock’s opening is reportedly going to feature performances from a number of music stars including Pitbull and Carrie Underwood, who will perform on Saturday and Friday respectively. In addition to this, Hard Rock will feature stand-up comedy with Howie Mandel’s Comedy Club. The casino also announced its 365 Live promotion where performers will take stages each day of its opening year. This Thursday, Jerry Blavat will be performing at the casino’a Boardwalk stage.

Ocean Resort Casino’s opening weekend will begin with a grand performance by Grammy award-winning DJ Diplo. He will be followed by Kaskade and Jermaine Dupri who will perform on June 30 and then by Ryan Marciano and Sunnery James performing on July 1.

“This is certainly a comeback for this city,” said Rummy Pandit, the executive director of the Lloyd D. Levenson Institute of Gaming Hospitality & Tourism at Stockton University. “The two properties are opening with a significant amount of rooms and food and beverage and other amenities such as spa and entertainment so yes, we are going to see brand new segments of the market [revenue] that will be coming into the shore.”

Monday and Tuesday (June 25 and 26) served as “soft play” days at both casinos with a number of invited guests being treated to what the two entertainment joints will be offering once they go live. In attendance were the state’s Division of Gaming Enforcement officials who were on the site to ensure that the integrity of the casino games and the proper financial practices were being adhered to.

Atlantic City is also hoping to capitalize on the recent Supreme Court ruling that legalized nationwide sport betting and gave New Jersey the go-ahead to open sportsbooks. Both Hard Rock and Ocean Resorts have vast entertainment options for guests in this regard but younger patrons are also not left out since there are a number of non-gambling attractions just for them.

The AMLC Sets Its Sight on Casinos and Digital Currencies

Posted on June 20, 2018June 19, 2018 by Laura P.

Philippine’s Anti-Money Laundering Council (AMLC) has recently made a decision to bring digital currencies and casinos into their spotlight this year as it tightens its vigilant watch on dirty money. As clarified by Mel Georgie B. Racela, the AMLC Secretariat Executive Director, the council has now included the conversion of cash into poker chips and digital or virtual currencies in its coverage. This move is primarily aimed at plugging certain gaps that have been plaguing the anti-money laundering laws.

To begin with, the casino operators were given a six-month period – starting from this month – in which they are supposed to register with the AMLC. The compliance of the casino operators is expected to reduce the opportunities that criminals have to launder illegally obtained funds at the casino’s gaming tables. Prior to these new regulations, the Republic Act No. 10927 which was enacted last year required all the gambling operators to report their daily transactions worth at least P5 million to the AMLC.

However, it was until last week that the council published the Republic Act No. 10927’s implementation rules – casino operators now have until mid-December to sign up on AMLC’s online portal and begin submitting the required transaction reports.

The agencies National Risk Assessment 2015-2016 cited a considerably high risk of money laundering among casinos as well as many other financial service business. This was further elevated by the fact that it happened to coincide with the Bangladesh Heist in which $81 million in stolen funds vanished without a trace at casino gaming tables.

High Hopes

According to Mr. Racela, the threat level is going to reduce significantly as the agency’s new regulations take effect. Added to the fact that the casinos are now subject to a know-your-customer policy which will require them to report any suspicious transactions to the AMLC, it is quite obvious that everything is certainly bound to get better.

“If we make a reassessment of our national risk insofar as casinos are concerned, we believe that we will be able to reduce this from high risk to moderate,” Mr. Racela said on Monday, June 18 during the inaugural symposium of the Association of Certified Anti-Money Laundering Specialists Manila chapter.

The AMLC is looking to have the money laundering risks attached to casinos minimized in the next round of evaluations that is due in a couple of years (probably 2020) – the agency is confident that the new rules will eventually pay off.

As for digital currencies, while it is evaluating the best possible way of effectively going about it, the agency has confirmed that it has given its members the go-ahead to “study the suspicious transaction reports submitted by virtual currency exchanges.” Mr. Racela, however, noted that it is still too early to say whether or not the digital currency space will turn into an arena for money launders.

The Coingaming Group Switches to Microbitcoin

Posted on May 16, 2018May 16, 2018 by Martin S.

The Coingaming Group which operates two of the most popular bitcoin-focused gaming platforms, that is Bitcasino.io and Sportbet.io, has made a pioneering switch in its betting units from milibitcoin (m฿) to microbitcoins (µ฿), otherwise known as ‘bits.’ The operator’s radical move is primarily aimed at taking advantage of bitcoin’s extended growth in value in order to make betting services more accessible. Furthermore, the customers of both platforms will be able to choose from a vast selection of premium casino games with the same bankroll.

Coingaming relaunched both the Bitcasino.io and Sportbet.io brands last year in an effort to bring a more improved customer experience that encompassed a proactive approach that involved a modern user interface as well more appropriate customer support services. The idea was to encourage the players to join and experience what the operator had in store – this is governed by a fun, fast and fair policy that guarantees outstanding flexibility options and amazing play time.

“With Bitcoin now well and truly in the mainstream, and its price continuing to surge, we wanted to ensure all games and sports events were accessible to all types of customer. Reducing our gaming unit to bits (µ฿) is the ideal way of doing so and keeps the user at the center of our universe,” said Tim Heath, the Coingaming Group’s CEO. “Our customers can now play and bet more for the same money, and we expect this to encourage even more users to sign up to the leading Bitcoin casino and sportsbook, while also providing existing loyal players with greater flexibility and potential play time.”

Other than the introduction of bits betting, the Coingaming Group also offers a number of generous and exclusive bonuses and rewards. This initiative has served the company quite well as it has helped it to raise awareness of its unique betting propositions. Apart from its online casinos and sportsbooks, the group also boasts of a dedicated Esports betting platform known as Bets.io and a slots-led platform known as Slots.io.

Casinos in Nevada Warm Up to Bitcoin as a Payment Method

Posted on March 28, 2018 by Laura P.

Cryptocurrencies are slowly revolutionizing how people do business in several places around the world. Even so, the concept of decentralized digital currencies has been subjected to nearly equal measures of resistance and acceptance with some governments and industries actively rallying behind cryptocurrencies and some others outrightly bashing it.

One of the industries that have embraced cryptocurrencies is the casino industry. The Nevada casino industry, for instance, is championing for the use of cryptocurrencies as a mode of payment. This, however, does not come as much of a surprise as the Nevada casino industry has always been known for being at the helm of experimental ventures as well as testing out new innovations. Thanks to this strategy, the Nevada casino industry stands out globally as a trendsetter for global gaming.

Despite their approach towards newer and experimental ventures, the Nevada casino industry has been rather slow in embracing cryptocurrencies, especially bitcoin which is by far the world’s most valuable cryptocurrency. This is partly due to the lack of regulations by the Nevada Department of Taxation and the Nevada Gaming Control Board to govern the use of cryptocurrencies even though it has been ten years since bitcoin, the first cryptocurrency, came into being.

A few regulators have expressed concerns over the use of bitcoin for illegal practices such as money laundering but no legal representative has actually talked about the incorporation of bitcoin into the state’s casinos. This is unlike the case in the global gambling scene where operators have been quick to embrace bitcoin especially because it allows high rollers to access their money from offshore gaming sites, by circumventing the limits imposed on the movement of money. This presents a risk of money laundering at Nevada casinos hence the hesitation.

A number of bitcoin users have, however, refuted this claim while pointing out that federal regulations and technology are the key components of anti-money laundering efforts. This has paid off as now some casinos in Nevada have finally decided to embrace bitcoin despite the lack of official support.

D Las Vegas, a Nevada casino owned by Derek Stevens, is the first casino in the state to allow bitcoin to be used as a mode of payment. Currently, hotel stays and related hotel expenses can be paid using bitcoin. Gambling, on the hand, will still require cash – fortunately, the casino has a bitcoin ATM that gamblers can use to convert their bitcoin into dollars.s

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