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The Development of Cashless Apps and Their Effect on the Gaming & Amusements Industry

George Miller

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The Development of Cashless Apps and Their Effect on the Gaming & Amusements Industry
Reading Time: 3 minutes

 

As gaming continues to evolve and explore digital channels, new cashless apps are being developed to support the needs of the changing gaming industry landscape and provide a more seamless customer experience. But, what impact will this have on players and operators? We explore the growing demand, how it’s being met, and the potential outcomes.

The Growing Demand for Cashless Payment Options

Though cash is still very much prevalent in the gaming industry and society in general, it’s noticeably becoming less accessible. Across the UK, around 300 cash machines are closing down each month because they are no longer profitable.

Recent research from Paysafe highlights the changing nature of payment methods. Their data shows consumers are increasingly using digital payment methods over more traditional methods. For instance, 50% of their survey respondents used a digital wallet for online purchases, more than credit or debit cards. Paysafe also conclude that “the ease of mobile payments will no doubt continue to pave the way for new and exciting payment innovations to succeed.”

With fewer cash machines and the reduced need for cash, consumers have come to expect cashless payment options more and more. So, when a business does not accept cashless options, customers are likely to take their business elsewhere. BCG research reinforces this, and shows that cash intensive economies tend to grow slowly and miss out financially, whereas those that switch to digital are far more successful. By switching to digital, annual GDP can rise as much as 3%.

Therefore, when it comes to gaming and amusements monetisation, there is growing opportunity to meet the needs of consumers demanding cashless methods. Being able to accept payments seamlessly can be provide a number of benefits for both gamers and operators alike.

Meeting the Demand: Gaming & Amusements

To meet the growing demand for cashless payment options, Bacta’s National Council has recently endorsed a development budget to bring a cashless app to the gaming and amusements market before the end of 2019.

This system in particular is made up of an app which utilises Near Field Communication to transfer money from a player’s digital wallet to the gaming machine. Winnings will then be returned to the phone. The payment system architecture is said to be highly secure with end to end encryption, and the future in the industry is looking positive:

Bacta’s President, James Miller stated:

Thanks to Greg Wood and other members of his committee, we have negotiated a great deal on terms that are highly competitive and which secure the interests of the membership in both gaming and amusements for the long-term.”

How Might Cashless Apps Impact Gambling?

Today’s developments in cashless payment technology were not foreseen when the Gambling Act 2005 was put together. However, as a general rule the Gambling Commission state they “are supportive of innovation, provided the way in which it is done is consistent with the licensing objectives”. The legislation does permit operators to make cashless forms of payment available.

The Impact of Cashless Apps on Gamers and Operators

There are many benefits that come along with the development of cashless apps for gaming and amusements – none more so than it is creating a positive user experience for gamers. Though its name may be ‘cashless’, it doesn’t necessarily mean cash cannot be used. It simply opens up a variety of payment options for the user. This means they have a more flexible, seamless experience, whether they wish to use a digital wallet or not, the choice is theirs.

When customers have more choice, customer loyalty is likely to increase. An uninterrupted, secure experience is likely to encourage them to engage with a game and return to play in future. It also offers a competitive edge to the operators who are willing to adapt to change. It will therefore be interesting to see what is next for cashless app development in the gaming and amusements industry, as well as how it changes gamers’ overall experience.

The article was produced in collaboration with TVC Leisure, a leading supplier of gaming and amusement machines.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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5Dimes Owner William Sean Creighton Found Dead in Costa Rica

Niji Narayan

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5Dimes Owner William Sean Creighton Found Dead in Costa Rica
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William Sean Creighton, the founder of online sportsbook 5Dimes, was found dead in Costa Rica. The cause of death has not been confirmed. Creighton, who was born in West Virginia, moved to Costa Rica and founded 5Dimes in 1999.

“We can confirm Costa Rican authorities identified the remains of a U.S. citizen in Costa Rica. We offer our sincerest condolences to the family on their loss. We are closely monitoring local authorities’ investigation into the cause of death,” a United States State Department spokesperson said.

Costa Rican officials said that Creighton was abducted last September and that his family received a $5 million ransom demand. Officials arrested 12 people in connection with his abduction in both Costa Rica and Spain in January. His body was found nearly three hours from where he was initially abducted.

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Soft2Bet celebrates its 3rd birthday!

George Miller

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Soft2Bet celebrates its 3rd birthday!
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Soft2Bet, а leading online gambling operator and software provider, announces third anniversary of the company’s founding.

Established by a few passionate industry veterans in September 2016, now Soft2Bet boasts a team of more than 200 dedicated employees spread in four international offices in key European centres – Kyiv, Sofia, Limassol, and Malta.

Known as a multi-brand company, three years ago Soft2Bet started with MalinaCasino, an online casino and sports brand. Then, by the end of 2016 BuranCasino and YoYoCasino were launched. Nowadays, the portfolio consists of 13 unique brands, the latest of which is called Nomini and went officially live just a few days before the company’s anniversary.

Soft2Bet is known for providing clients with an online casino experience that can be rarely seen anywhere else in the industry. At the beginning its brands were offering well-known casino games as well as sports betting options. Now, clients can play more than 2,500 games coming from industry leading providers. Sport fans can bet on thousands of pre-match and live events on over 30 types of sports including virtuals. Adding more verticals is on the roadmap of the company in the near future. But that is not all – some of the brands, the newest one, Nomini, for example incorporate a gamification technology that allows players not only to enjoy high-quality casino games but participate in ‘a game in the game’ – unlock achievements, collect special points, exchange them, earn prizes, and etc.

In terms of game providers, Soft2Bet brands are offering titles from top companies in the business as well as from trusted emerging iGaming software development studios. Working only with a few of them at the beginning, now Soft2Bet partners up with 44 key iGaming providers. Among the company’s partners are Play’N GoNetEntEvolution GamingAltenarPragmatic Play and Microgaming.

It is important to mention the two significant milestones reached during the last year – the acquisition of a licence from the Malta Gaming Authority and the BMM-certification that brings Soft2Bet one step closer to operating on the fruitful Swedish market. These are huge achievements that place the young company among the major online casino providers on the regulated European market!

Borish Chaikin, CEO of Soft2Bet comments: “We remain ambitious and hungry to improve further – to launch new products, incorporate the latest technologies, expand our geographical reach, introduce our brands to more people. We are at the right place now, and we wouldn’t be here without the continued support of our partners. I hope our growth during these three years has also helped them in the development of their own businesses as well. And as far as I can conclude from our mutual growth results – it is the case. We will continue to put all our efforts to evolve in the future and conquer new heights. A ‘thank you’ doesn’t sound enough, but we are thankful to all parties involved in our success story – from our business partners to our dedicated employees!”

A spectacular event with a circus show was organised on September 12 to celebrate the company’s third anniversary together with employees and valued partners.

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British Gate777 player wins €3.3M jackpot on NetEnt’s Mega Fortune

George Miller

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British Gate777 player wins €3.3M jackpot on NetEnt’s Mega Fortune
Reading Time: 1 minute

 

Mega Fortune continues to deliver life-changing wins after a 50 cent bet generated a €3.3 million euro jackpot win.

A British player on Gate 777, operated by White Hat Gaming, bagged a whopping €3.3 million euros when hitting the jackpot on NetEnt’s Mega Fortune – after a bet of just 50 cents.

“We are thrilled that Mega Fortune has again created another instant multi-millionaire and delivered a life-changing win. Since their releases, Mega Fortune and its sibling titles have generated an astonishing 60 one-million-plus euro jackpots,” said Bryan Upton, NetEnt Director of Games.

NetEnt has a strong legacy with jackpot games, with classics like Mega Fortune, Mega Fortune Dreams, Arabian Nights and Hall of Gods. Lately, new jackpot games like Grand Spinn Superpot, Mercy of the Gods and Imperial Riches have been added to the offering.

“We know that the chance of hitting it real big is something that players really love. Therefore, we’ve made a push to add even more exciting jackpot games to our portfolio. Stay tuned for more innovation in this space from NetEnt,” added Upton.

Ronna Shilon, CEO at Gate777, said: “On behalf of everyone at Gate777, I extend huge congratulations to our big winner. We are beyond thrilled when our players have a fantastic experience with us and when they win. We work hard to bring them the best slot and table games the industry has to offer, and we look forward to seeing more and more winners on Gate777.”

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