Latest News
How the UKGC Ban on Credit Cards Affected Payment Provider Industry and Consumer Habits
The UK Gambling Commission ban on the use of credit cards has challenged consumers and businesses, seeking to adapt to the new requirements.
On April 14th, the new UKGC ban came into effect, prohibiting the use of credit cards to top-up online gambling accounts: the measure was instituted in an effort to mitigate financial risks for consumers and prevent them from gambling with the money they do not possess. The new regulation challenged some of the prevalent consumer habits and pushed payment vendors to expand the scope of their services.
Agnė Selemonaitė, Deputy CEO at ConnectPay, shared her insights on the impact it had for both sides of the market.
Impact for payment service providers
According to Ms. Selemonaitė, current changes the industry is going through will affect not only the bettors’ spending habits, but also payment gateway providers, aiming to supply the market with flexible, as well as compliant, solutions.
“Our focus has always been on being proactive towards any new developments in the market. That’s why even amidst lockdown we pivoted towards integrating more payment methods into our Merchant API to provide gambling vendors with more options to facilitate payments,” explained A. Selemonaitė.
According to Selemonaitė, more and more gambling sites are getting into partnerships with payment service providers, seeking to streamline settlements for their regular bettors and provide a greater on-site experience. As ConnectPay aims to continue growing its payments selection, Selemonaitė encourages operators to look into how leveraging diverse solutions could help better match their clients expectations.
As the opinions on the policy are two-fold, A. Selemonaitė noted that every decision, with the goal of mitigating risks for consumers, should be a welcomed initiative. That said, it is important that alternative solutions rolled out into the market would meet both vendor and consumer needs, but with added safety, while being compliant with the new measures. “In order for business to welcome new measures, regulators need to stay focused on setting up such an environment that fosters the development of a holistic system and doesn’t hinder scaling opportunities,” she added.
What are the alternatives for consumers?
The operators’ commitment to enable clients to continue enjoying their favorite pastime while spending within reason led betters to get accustomed with various other payment options.
Visa and Mastercard debit cards
Using a debit card is almost identical to using a credit card, with the main difference that with the prior, the funds are taken directly from the checking bank account, rather than being charged to a line of credit to be paid for later. This ensures that the bettors themselves verify payments, and help protect the account from scammers’ malicious intent.
Prepaid cards
Many providers, such as ConnectPay, issue prepaid cards, which, unlike debit, are not linked to a bank account to draw money from. Instead, the customer is spending money that has been loaded onto the card beforehand. Prepaid cards are limited by default, therefore one can only access the amount of funds that have already been vouched for.
E-wallets
Although the credit card ban extends to e-wallets, they can still be used for gambling-related payments with the exception that the service does not support credit lending. Similar to prepaid cards, e-wallets require money to be loaded prior to any transaction. It is an appealing alternative as it offers faster payouts and enables switching back and forth between different gambling sites with ease.
Cryptocurrency
Another method to deposit money is using a cryptocurrency, such as bitcoin. It provides total anonymity, as no personal details are shared with the site, making it one of the most secure alternatives. Although many do not understand the inner workings of the crypto industry, it remains a viable option for all tech-savvy betters.
Even though some may still be unconvinced about the necessity of the new legislation, it is shaping up to be a sound solution, which could lead to heightened industry transparency, as well as provide consumers with more payment options to choose from. However, its true impact on the industry will show only after some time.
Latest News
Games Global and Neon Valley Studios search for Genie’s Arabian Riches™
Studio delves into a whole new world with its feature-filled release
Games Global’s exclusive studio Neon Valley Studios, unveils Genie’s Arabian Riches™, its latest pay anywhere slot which promises to transport players into a world of enchantment and legends.
A charming genie host welcomes players to a 6×5 grid, providing ample opportunities for players to discover hidden treasures. Every spin unleashes a cascade of magic carpets, swords, and jewels, with eight or more matching symbols landing anywhere on the reels awarding a win.
Triggered on every win, Rolling Reels™ sees winning combinations vanish as if by magic to make way for new symbols, offering the chance to claim consecutive treasures.
The Multichase™ rolling multiplier mechanic awards multipliers ranging between 2x and 100x the bet, giving players the opportunity to increase their winnings with each spin. The multiplier symbols remain on the reels until all Rolling Reels™ conclude and they may be randomly upgraded during a spin.
For even bigger winning potential, the Rising Rewards™ free spins multiplier accumulates multipliers in a dedicated meter, offering even more exciting and immersive gameplay.
Landing four or more dazzling lamp scatters summons up 10 free spins, during which players can retrigger additional free spins for even more opportunities to win big.
With Neon Valley Studios’ widely acclaimed title Asgardian Fire™ to live up to, Genie’s Arabian Riches™ builds upon the studio’s expertise in Vegas-style games, with innovative features designed to thrill and engage players.
Part of the MahiGaming Division, evoking the buzz and glamour of the Vegas strip, Neon Valley Studios is determined to draw inspiration from the gaming capital of the world to develop highly entertaining story-driven slots.
Alexander Monsma, Senior Business Development Manager at Neon Valley Studios, said: “Genie’s Arabian Riches™ transports players to a world where dreams and riches intertwine, and we are thrilled to work alongside Games Global in the release of this title.
“With Rolling Reels™ and multipliers of up to 100x, every spin offers the chance for players to unlock incredible rewards and experience the magic of Arabian legends.”
Andy Booth, Chief Product Officer at Games Global, said: “Genie’s Arabian Riches™ is a testament to Neon Valley’s continued innovation.
“With its plethora of features including unlimited multipliers and Rolling Reels™, we believe this game will captivate players around the globe.”
Balkans
Bulgarian National Revenue Agency, the State Agency for National Security and the Gambling Operators Join Forces Against Money Laundering and Terrorist Financing
The Bulgarian National Revenue Agency, the Specialised Administrative Directorate “Financial Intelligence” of the State Agency for National Security and branch organisations of the organisers of gambling operators will join efforts against money laundering and the financing of terrorism. This became clear during a working meeting, which took place on March 20 at the invitation of the Director General of the National Revenue Agency Rumen Spetsov, and his deputy Georgy Dimov.
The participants discussed the possibilities for the branch organisations of gambling operators to monitor the implementation of measures against money laundering and the financing of terrorism by their members. The talks also discussed changes in normative and sub-normative acts regulating the activity in the sector, which would lead to better accountability and guaranteed protection of the public interest.
During the meeting, it was decided that representatives of the National Revenue Agency would discuss with the branch gambling organisations issues related to the implementation of normative and sub-normative acts, providing guidelines for the correct fulfilment of obligations by gambling operators.
“The National Revenue Agency is partner-oriented and is available to assist businesses in fulfilling their obligations by the current legislation. We highly value the commitment of industry gambling organizations in the prevention and effective fight against money laundering and terrorist financing,” said Rumen Spetsov – Director General of the National Revenue Agency.
Gaming
UK Gaming Charity SpecialEffect to Receive Special Award at 20th BAFTA Games Awards
BAFTA has announced that UK gaming charity SpecialEffect, will receive the prestigious Special Award at the 20th BAFTA Games Awards. The award, which recognises outstanding contributions to games, film and television, is one of the highest accolades bestowed by BAFTA. Dr Mick Donegan MBE, founder and CEO of SpecialEffect, will pick up the Special Award at the annual BAFTA Games Awards ceremony on Thursday 11 April.
In 2007, Mick Donegan founded SpecialEffect to help people with even the most severe physical challenges to access video games. The organisation uses specialised technology to enhance access to video games and creative self-expression for people with a wide range of Disabilities.
SpecialEffect’s success began as a result of the collaboration between Mick, a specialist in assistive technology and his son Bill, a keen gamer with a background in product design. Since its creation, the charity has grown to thirty employees, raising all their own funds, and has provided specialist one-to-one assessments and support to severely disabled people throughout the UK and beyond.
Dr Mick Donegan MBE, SpecialEffect founder and CEO, said: “With a background in special education, I realised how much people with severe physical disabilities were missing out by not being able to play. I started SpecialEffect not only to help individuals to play video games but also to collaborate with the games industry to make their games more accessible ‘at source’. Since then, we have been privileged to be invited to share our ideas with more and more developers all over the world. Now, 17 years since SpecialEffect began, it’s an absolute honour for SpecialEffect’s work to be recognised by BAFTA.”
Emma Baehr, BAFTA executive director of awards and content, said: “SpecialEffect’s work is essential to the games world and is hugely deserving of a BAFTA Special Award. Their innovative and supportive approach to making games accessible drives progress within the industry, collaborating with developers and studios on new technologies to make games within reach to more people. We look forward to honouring their contribution to games at the ceremony on Thursday 11 April.”
Throughout the years, SpecialEffect has been involved in collaborating with Xbox, Sony and Logitech, to help design accessible controllers and a switch kit, enabling thousands more severely disabled players to access their games using a wide range of control devices. They have also worked with games studios and developers to help make their games more accessible. The organisation also developed EyeMine, a freely downloadable gaze-controlled interface to enable players to enjoy Minecraft through gaze-control alone.
Later this year will see the rollout of their EyeGaze Games (currently available on PC only) onto Android and iOS, games designed to be fully accessible for people with physical disabilities, whether they use gaze control, joysticks, switches or gamepads.
-
Central Europe6 days ago
HIPTHER’s Prague Gaming & TECH Summit 2024 reaches new milestones with record registrations and prominent sponsors
-
Latest News7 days ago
Pragmatic Play Unleashes Roaming Wilds in Fire Portals
-
Latest News7 days ago
Gaming Corps Brings Waterfall of Sweet Cascades with Bonbon Bonanza Slot Game
-
Central Europe6 days ago
HIPTHER’s Prague Gaming & TECH Summit 2024 Boasts All-star Sponsors and Record Registrations
-
eSports7 days ago
Tundra Esports Announces Partnership with Repeat
-
Latest News7 days ago
GiG bags a brace of deals for Spain and Argentina, with two new partners for its iGaming platform CoreX and Sportsbook, SportX
-
Africa6 days ago
A Comparative Analysis Of Land-Casinos and Online Casinos in South Africa 2024
-
Latest News7 days ago
Ben Dowding Appointed Chief Betting Officer at Racecourse Media Group