Industry News
Solving the payments challenges facing the gaming industry
Richard Cooper, Equals Money CFO (former CFO Entain PLC)
When it comes to payments, a game of risk is the last thing you want to put your business through. For an industry that has been typically seen as high-risk by traditional finance institutions, the gaming and gambling industries remain a huge and underserviced market. Revenue in the Online Games market is projected to reach US$26.14bn in 2023, so why is this booming industry still being ignored and provided poor service?
Alongside overcoming the low appetite from banks, these industries face unique challenges. With the customer base continuing to grow, users have certain expectations including a seamless and instant payments experience. Here we’ll look at some of these challenges and how gaming companies can overcome them.
Cross-border conversion
Gaming is global. Any one company will operate in a number of territories, meaning a whole host of currencies. A gaming wallet will usually be a specific currency, but especially in the world of poker where USD is standard. Customers will deposit, lose, and win in their local currency, which will be converted into USD for play, then converted back for any winnings taken out.
Each of these conversions at a traditional institution means one of two things for gaming companies: either being hit with poor exchange rates in both directions or setting up accounts in every locality that has a different currency. Even within Europe, the big gambling nations of UK, Sweden, and Denmark each have their own currencies outside of the Euro, adding complexity for companies who want to be making seamless payments in all three. Each of these accounts requires its own logistics and fees, so it’s a lose-lose scenario for these businesses.
A simple solution for these businesses is multi-currency accounts. By implementing these accounts to work with a customer’s digital wallet, customers can send and receive funds in a range of currencies (38 for Equals Money customers) into a single account, eliminating the need for conversions or multiple accounts. By making the payments process pain-free for both the customer and the business, it allows both to move money seamlessly. The added benefit from an operational side of things is that it also helps companies pay their staff and suppliers across borders easily and quickly.
Slow spend stops spend
Nothing slows the streamlined gaming process more than waiting for a payment to clear. Companies see speed and security as a balancing act, but there’s no reason for this to be the case. Working with a payments partner that has integrations with SWIFT, UK Faster Payments, SEPA, and SEPA Instant means payments can be consolidated rapidly – without sacrificing security. These transactions help to keep users engaged and worry free, boosting reviews and business bottom lines.
The personal touch
In a digital world, it’s easy to forget about the importance of human understanding and interaction. Dealing with a bank or other institution as a gaming company, you’ll see how little these institutions have had to invest in customer service. When you do get through to someone, they will likely have little to no experience of the challenges you face.
Gaming businesses should look for providers that offer personal account managers and market specialism. These industry experts act as a single point of contact, compared to often faceless experience with banks. They will take you through a dedicated compliance resource to ensure the onboarding process goes as smoothly as possible and any of your concerns are addressed as early as possible.
The gaming industry is an exciting space to operate in. By connecting customers and businesses with faster, secure payments, gaming companies should feel empowered to tackle growth opportunities, rather than be stuck behind payment barriers.
Industry News
LiveScore Group Announces Internal Restructuring as Part of Sustainable Growth Strategy
LiveScore Group has announced an internal restructuring process, expected to impact more than 100 existing roles across multiple business locations, including London.
The changes are seen as a difficult yet important step for LiveScore Group, streamlining the business to create improved structures and a pathway to long-term sustainable growth. All impacted employees have been informed and are now subject to a confidential consultation process.
Sam Sadi, CEO of LiveScore Group, said: “On behalf of all Directors of LiveScore Group, and the relevant subsidiary companies, we are saddened by the difficult decision to commence an internal restructure of the business, a process which impacts a significant number of our people.
“Whilst we celebrate our recent period of significant and exciting growth, we must now future-proof the organisation and ensure our internal structures allow us to achieve long-term and sustainable success.
“This is a hard time for all our people, as we say goodbye to colleagues who have played an important role in our journey across recent years.”
The announcement follows on from the recent news that LiveScore Malta Limited (part of LiveScore Group) is to withdraw its LiveScore Bet brand from the Netherlands following recent government tax increases in the market. The announcement includes those impacted by this. There will be no other customer impact in respect of any of the remaining LiveScore, LiveScore Bet or Virgin Bet sites globally.
Industry News
Pronet Gaming Appoints Alex Karaoulis as its New Commercial & Product Strategy Lead
Pronet Gaming, an award-winning platform provider of full turnkey solutions, announced the appointment of Alexandros Karaoulis as its new Commercial & Product Strategy Lead.
With over 14 years of experience in the iGaming industry, Karaoulis brings a wealth of knowledge and expertise that will be instrumental in driving the company’s strategic initiatives forward.
Throughout his iGaming career, Karaoulis has held various senior roles with B2B sportsbook and casino providers, as well as with B2C operators. His extensive background in marketing and sales within the iGaming sector positions him as a true industry expert, ensuring that Pronet Gaming remains at the forefront of innovation in a rapidly evolving market.
“I am thrilled to join Pronet Gaming and excited to fulfill my role in developing and executing sales strategies to drive the company’s revenue growth in key markets,” Karaoulis said.
With a track record in commercial strategies and driving product excellence, Karaoulis’ appointment is invaluable as Pronet Gaming now seeks to expand its footprint to Asia. His vision and deep understanding of the iGaming landscape equip him to navigate the unique challenges and opportunities that the dynamic region presents.
“I want Pronet Gaming to lead the iGaming revolution by providing innovative, culturally tailored solutions that cater to the diverse and rapidly growing demands of the region. Through strategic partnerships, cutting-edge technology, and a deep understanding of local markets, we aim to empower operators to offer world-class gaming experiences that engage players and drive sustainable growth,” he added.
According to Karaoulis, Pronet Gaming is poised to make a splash in Asia by leveraging its advanced technology, flexible platform solutions and deep market expertise while adapting to the unique characteristics of the region.
“The key differentiation point of Pronet Gaming is that we have B2C experience, which greatly aids in understanding the needs of operators and helping them to improve and execute their strategy according to the market. I have worked in B2C roles for more than seven years in my iGaming Career and managed campaigns across various channels, optimised conversion funnels, and learned to use data to improve player acquisition and retention,” said Karaoulis.
Karaoulis acknowledges that the marketing skills he has acquired from B2C experience are valuable in every B2B environment. As he dives into his new role at Pronet Gaming, Karaoulis aims to guide his operator clients on how to better market their own sites, including providing them with advice on effective acquisition strategies, content marketing and campaign structures that appeal to iGaming audiences.
“I also focus heavily on engagement strategies, loyalty programs, bonuses, and personalised offers to keep players active and returning. In my new B2B role, I will advise clients on best practices for player engagement, helping them adopt effective loyalty programs, personalised marketing, and retention tactics that drive player lifetime value to improve the end-player experience for our clients’ sites,” Karaoulis added.
Industry News
Vbet Wins Best Online Casino Operator 2024 at SiGMA Europe 2024
Vbet has been crowned the Best Online Casino Operator 2024 at the highly coveted SiGMA Europe event, cementing its position as a leader in the online gaming industry.
This achievement highlights Vbet’s commitment to providing an exceptional user experience by combining cutting-edge technology with a vast range of options and a secure process. The dedication to creating a responsible, enjoyable environment for players was recognised with this award, making this accolade even more significant. As Vbet continue to expand into new markets, the list of strategic partnerships grows alongside our constant drive to expand its offering. This award serves as a stepping stone on its path to reach more players and set new standards in the industry.
Arman Khachatryan, VBET’s Managing Director, said: “We are incredibly proud to receive the Best Online Casino Operator award at SiGMA Europe 2024. This recognition is a testament to the hard work, passion, and effort of our entire team. Our mission has always been to deliver the highest quality experience in the safest environment possible to our users. This award not only recognizes our dedication to this mission but also motivates us to continue expanding into new markets and territories.”
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