Latest News

Is Malta Blockchain companies set to overtake iGaming?

Published

6 years ago

May 29, 2018

Reading Time: 4 minutes

Malta’s iGaming industry has grown spectacularly for two decades, but now they have a competitor in town: Blockchain technology. The strides blockchain technology has taken have been so considerable that it is being compared to the beginning of the internet itself. It is hailed not just as a huge driver of economic growth, but it will also as a changer of the way we do everything, from handling data to the structure of the banking system.

According to the World Economic Forum, at least 10 per cent of the global GDP will be managed and facilitated through blockchain technologies by 2025.

Malta has managed to carve its economic success through an economic vision based on the power of regulation and jurisdictional innovation. The dedication of the government, the support of the public, and the business sector allowed the country to thrive in the regulated industries.

The iGaming industry has been a backbone of the Maltese economy for many years now and has seen the country becoming an internationally renowned jurisdiction for the registration and operation of iGaming companies. Currently, Malta is looking at repeating this success yet again by creating a regulatory framework for blockchain-based businesses, virtual currencies and ICOs.

There exist some similarities between blockchain and iGaming regarding their popularity and the way in which they have grown and could grow in the future. The iGaming industry was initially regarded with cynicism and skepticism, but with time, and adequate regulation and adherence to legal standards, it has gone on to flourish and become a massive part of the Maltese economy.

Blockchain technology is similar in some respects. A new, and to some, unknown bit of tech, it has made waves across the business community, and while some are wary of it still, it is being adopted more and more by leading companies and businesses. Its potential is vast and far-reaching, and if Malta can position itself at the right time, and in the right way, it can be set to reap the benefits of what the future will bring.

The iGaming sector was regarded with suspicion in the early days, but now, without it, the economy would not be in the same, healthy shape that it is.

It is expected that with the introduction of the government’s blockchain strategy, as well as the quick uptake of the technology from local businesses, Malta will soon lead the way in this exciting new sector. This means that not only will it improve its reputation as a digital leader, but it will also bring a massive boost to the economy and create more jobs. This is precisely what iGaming did.

Blockchain will also boost other industries that complement it – hardware, software, marketing, legal, financial, the list goes on for those stakeholders that will be able to grow and nurture their businesses when blockchain takes off.

It is unlikely that iGaming and blockchain companies will compete in the traditional sense of the word. They are entirely different industries and as such require very different legal, creative, and administrative staff. Additionally, the client base would not be affected either as the concepts are so different, it is unlikely that iGaming would lose any business to the world of the blockchain.

It is expected that the introduction of the new blockchain frameworks will influence the existing regulations around the iGaming industry. These new proposals will also provide the iGaming industry with faster, cheaper, and more efficient alternatives to traditional payment methods which will revolutionise the way in which they both take payment, and pay out winnings. Rather than pitting the two industries against each other, legislators and stakeholders need to find a way to ensure they complement each other and offer new ways to do business, and to grow their respective sectors.

Already the seeds of cooperation are being sown, and some iGaming platforms are preparing to use the Distributed Ledger Technology to their advantage. One of the primary improvements will come to the most burden area of iGaming – trust. By using smart contracts, gambling platforms can use a distributed public ledger that is entirely transparent and allows users to see the information freely at any time. Those that will increase levels of fair gambling will automatically win their customers’ trust and position themselves at the forefront.

One area, however, where there may be a bit of overlap is the talent pool. Currently there is a considerable shortage of developers that are capable and trained in matters of the blockchain. Blockchain start-ups are offering considerable salaries to those that can do the job, and this could result in a situation where developers and programmers involved in the creation of iGaming products, could be tempted to hone their skill set and jump ship to the blockchain.

While blockchain as a technology cannot be regulated as such, its use and scope can. Yet the key is not to stifle its potential and ensure it remains as a catalyst for further innovation.

By combining these two industries, we can create a fairer and more transparent gambling sector with a more secure and open infrastructure.

These two industries combined will be of a considerable benefit for Malta economically, socially, and in the world of business. It is already on the map for its iGaming industry, but with the country taking huge strides into the ICO, blockchain and cryptocurrency industry, it is set to solidify its reputation as a world leader in innovation.

Source: bitemycoin.com

Industry News

MiFinity to Showcase Innovative iFrame at SiGMA 2024

Published

1 hour ago

November 5, 2024

Peter Tolan

Reading Time: < 1 minute

MiFinity, a leading global payment services provider, is excited to announce its participation at SiGMA 2024, held in Malta from 12 to 14 November. Visitors can find MiFinity at Stand 2012, where the team will be showcasing its award winning PayAnyBank service, and the latest version of the MiFinity iFrame and demonstrating how it helps iGaming operators acquire and retain players with a seamless, flexible payment experience.

Paul Kavanagh, CEO of MiFinity, commented: “SiGMA is a fantastic opportunity for us to showcase our latest developments and engage directly with the iGaming community. The MiFinity iFrame is a game-changer for operators looking to streamline their payment processes and enhance the player experience. We look forward to demonstrating its capabilities and connecting with both existing and prospective partners.”

MiFinity’s Business Development and Account Management teams will be on-site to discuss the new iFrame features in-depth and highlight how MiFinity can optimise payments for iGaming operators. They will also be showcasing MiFinity’s innovative suite of payment solutions developed specifically for the iGaming sector, including MiFinity PayAnyBank — a powerful tool that enables operators to send payouts directly to players’ bank accounts in multiple countries and currencies, enhancing the user experience with faster, more localised transactions and reduced FX fees.

The MiFinity Affiliates team will also be available to explain the benefits of MiFinity’s affiliate program, which offers some of the highest commissions in the industry and unique promotional opportunities via the MiFinity Bonus website.

Meet the MiFinity team at Stand 2012 at SiGMA 2024 to learn more about the company’s solutions and how they are transforming the iGaming payment landscape. Pre-book a meeting with the MiFinity team or drop by the stand during the event to explore how MiFinity can support your business.

Book a meeting here > outlook.office365.com/book/[email protected]/

Latest News

ECA and AGEM applaud creation of Association Assembly at ICE Barcelona

Published

6 hours ago

November 5, 2024

George Miller

ECA and AGEM applaud creation of Association Assembly at ICE Barcelona

Reading Time: 2 minutes

The news that January’s ICE Barcelona will include a major new feature dedicated to global gaming’s most influential trade associations has been welcomed by organisations in Europe and abroad.

Making full use of the additional space at the Gran Via Fira de Barcelona, the first ICE Association Assembly has been created to enable trade bodies to promote their values and create new opportunities for the gaming community across every sector and geography, including both the Brussels-based European Casino Association (ECA) and the Association of Gaming Equipment Manufacturers (AGEM), the global trade association for gaming equipment suppliers with its primary headquarters in Las Vegas.

Erwin Van Lambaart, Chair of the ECA confirmed: “Our members are already planning their week in Barcelona and they will be at this historic edition of ICE in great numbers. ICE is a pivotal event for the global gaming community and having a show floor feature which will enable us to engage directly with all sectors is a unique opportunity.

“Traditionally, our association’s involvement at ICE and its Conference program has primarily centred around networking and product development orientation—connecting with our members, regulators, suppliers, and fellow trade bodies. However, ICE 2025 marks a significant milestone. For the first time, the ECA will have the chance to fully interface with the global industry supply chain in its entirety. We are looking forward to this unique opportunity to articulate our vision for the future to a diverse and comprehensive audience, where innovation, responsibility and significant partnerships for guest and customer centricity will have centre stage.”

Daron Dorsey, CEO of AGEM added: “We represent the interests of our gaming suppliers whose well-known brands are global in reach, so to be given the opportunity to explain our agenda and engage with what is a truly international audience of association colleagues on the ICE show floor is invaluable.”

January’s editions of ICE and iGB Affiliate will occupy 120,000sqm of space compared to the 100,00sqm at ICE 2024. In a major endorsement of the opportunities offered by the relocation to Barcelona 72% of the 25 biggest exhibitors will have an increased stand presence at ICE 2025.

Industry Awards

Blask Wins Prestigious “Startup of the Year” at 2024 Starlet Awards

Published

8 hours ago

November 5, 2024

Adrienn Sarkany

Reading Time: < 1 minute

Blask, the pioneering AI-powered analytics ecosystem for iGaming, has been named “Startup of the Year” at the prestigious 2024 Starlet Awards. The company earned this recognition for developing a groundbreaking market intelligence platform that has redefined how gaming operators leverage data and market insights.

Award Recognition

The award confirms Blask’s revolutionary approach to market analytics and its significant impact on how iGaming companies access and utilise market intelligence. Powered by AI models including Computer Vision and Natural Language Processing, Blask analyses billions of data points across 2000+ active brands to provide unprecedented market insights.

The Starlet Awards recognition follows Blask’s recent SiGMA Asia Startup Pitch 2024 Award victory. “Winning these awards affirms our belief that innovation and bold ideas can reshape the iGaming landscape. The recognition underscores the impact of our cutting-edge AI technology and our relentless pursuit to transform data into actionable insights”, reflects Max Tesla, CEO and Co-founder of Blask

Blask provides operators with a strategic edge across multiple critical areas. Its real-time market analysis capabilities deliver instant access to crucial market metrics, while the high-granularity data available at one-hour intervals enables swift, informed decision-making. The sophisticated AI modelling system estimates GGR and FTD by analysing a comprehensive range of inputs, including historical data, third-party OSINT data, market performance, competitor metrics, historical brand performance, market reports, and public company disclosures.

Beyond analytics, Blask offers robust brand monitoring and competitor analysis tools, alongside strategic and tactical planning capabilities particularly valuable for market entry decisions and maximising performance during major events. The recently introduced customer profile feature harnesses AI to generate detailed, country-specific user profiles, adding another layer of strategic insight for operators.