Latest News
OKTO ready to answer industry’s cashless question, once and for all
Introducing a software-based solution carefully tailored to Britain’s retail gaming sector, Simon Dorsen, director of gaming at OKTO – joined by Gambling Business Group (GBG) CEO Peter Hannibal – explains how the financially licensed company has leveraged GBG’s new EFT protocol to provide operators with a cashless system that allows players to use, move and collect their funds instantly – whether it’s on a gaming machine, at the bar, or in their local high street shops.
International fintech provider OKTO is ready to give Britain’s retail gaming sectors a much needed post-lockdown boost by offering the definitive solution to the longstanding challenge of cashless payments.
While there remains competition to provide the sector-wide cashless solution the industry requires, OKTO’s director of gaming Simon Dorsen, an 18-year veteran of the gaming industry, believes the company’s strict financial licenses, vast technological expertise, and unrivalled wallet universality all put OKTO’s secure and complete cashless solution ahead of the pack.
“Cashless and digital payments in the UK is the norm now and today’s consumers demand the digitisation of payments across the economy, and in gaming as well. We have tailored our wallet towards the unique requirements of gaming, but we’re not just a gaming wallet,” explained Dorsen. “Money in the OKTO ecosystem can be moved or spent anywhere that accepts digital payments, whether it’s pubs, bingo clubs or high street shops – and our licenses, upholding the strictest of security standards, mean that any funds with us are always fully protected. The fact that we are financially licensed is very important, as it means both merchants and users can be confident that OKTO is backed by central banks across Europe.”
In addition to its licenses and software-based solution, a recently developed Electronic Funds Transfer (EFT) protocol, made publicly available by Gambling Business Group (GBG), has given OKTO an advantage over the industry’s false-starts at a cashless solution. Without the need for any additional hardware or upfront costs, the protocol makes it possible for OKTO to bring any digital gaming machine into its payments ecosystem – finally putting the retail gaming sector on a level playing field with the rest of Britain’s high street economy.
“We are thrilled to be working on established industry protocol which is fully supported by the principle manufacturers of digital machines in pubs and AGC’s. It enables our truly cashless solution to allow users to go up to a gaming machine in the pub, press a button to use OKTO, and deposit funds to start playing. When they cashout, they get the money back in their cashless wallet instantly. Additionally, we are able to onboard pubs as merchants, so if the users want to immediately spend on food and drink in the pub, they can; either through their OKTO.WALLET app or, in the near future, from their OKTO debit card that is linked to the wallet.”
Indeed, much like increasingly popular neo-banks such as Monzo and Revolut, OKTO allows users to move and use their funds instantly, as they wish, putting the power directly in the user’s hands. It’s not just a “one-use” wallet, as users can extend the wallet usage beyond gaming machines and into the wider economy. This is not only ideal for giving players the most frictionless experience possible, but also for allowing operators to easily move, manage and count their digital cashboxes, detailed Dorsen.
“Because the transactions are instant within our ecosystem, you can dramatically move to a settlement time that is instant,” he continued. “We can automate and move towards an instant settlement process. Compared to the traditional cash dependent system, this will allow operators to reimagine the way they operate.”
GBG CEO Peter Hannibal, whose open EFT protocol allows payment providers to ‘talk’ to any connected digital gaming machines, believes that OKTO’s entry into the retail gaming sectors has come at the perfect time. Not only has the protocol made it so much easier from a technical perspective, but with Covid-19 creating a sentiment of fear around the use of cash, the increasing trend of cashless payments is affecting all sectors of the industry more than ever.
“During lockdown we learned that bingo customers were concerned about using cash after the clubs reopened,” Hannibal explained. “The operation of traditional bingo has always been dependent upon coins and cash, but that clearly needs to change, and companies like OKTO will enable them to do that. Products like OKTO’s cashless solution have the potential to transform many gambling activities including bingo – and there’s an existential need for it now, even if there wasn’t before.”
Importantly, OKTO also provides a range of social responsibility tools to players through the fintech provider’s app, incorporating a strict age verification process, self-exclusion, betting limits, and profit and loss calculator tools that further enhance consumers’ protection. In addition, there is a section embedded in the app with national problem gambling helplines.
Hannibal summarised that OKTO’s solution presents a rare opportunity for the industry; a situation in which everyone’s a winner. The player gets more choice, the regulator gets responsible gaming tools in the players’ hands, and the operator gets a boost to business efficiency when it’s most needed. And with no upfront costs, it’s a boost that Dorsen believes operators will welcome.
“I have noticed a real change in operator’s mindsets over the past 18 months. There was a tipping point last year, even before COVID-19 came along, where operators realised that they need to learn about and adopt new cashless solutions. Now, naturally, we are seeing the consumer shift, and because of COVID-19 all demographics are becoming more comfortable using cashless payments,” said Dorsen. “The current economic circumstances are requiring operators to focus on efficiencies more than ever, and because our software based solution connects directly to the GBG/EFT protocol, we can provide fast deployment without any upfront capital expenditure. There’s not a big financial hurdle to implementing our cashless solution, so we think that operators will be eager to finally unlock the benefits they’ve been hearing about for so long, and we’re ready to show them exactly how our end-to-end cashless solution can help their business.”
Industry News
MiFinity to Showcase Innovative iFrame at SiGMA 2024
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
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
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.
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