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MuchBetter Settles Outstanding Wallet Balances with EEA Customers Out of its Own Pocket as UAB PayrNet Continues to Withhold Customer Funds
MuchBetter has officially resumed service in Europe today after a lengthy disruption due to an investigation into its previous European partner (an electronic money institution that MuchBetter was an intermediary of), UAB PayrNet.
On June 22, 2023, the Bank of Lithuania made an announcement stating that it had decided to revoke UAB PayrNet’s license and initiate bankruptcy proceedings against it due to its severe and continuous regulatory breaches. This included anti-money laundering, reporting, safeguarding customers’ funds, sanctions and other requirements. The Bank of Lithuania also determined that due to revocation of the licence, UAB PayrNet must repay all customer funds within a given timeframe.
UAB PayrNet has since failed to settle with its customers by the August 22 deadline. MuchBetter’s legal team has made several concerted attempts to contact UAB PayrNet, all without success.
In keeping with the MuchBetter ethos of always putting its customers first and to ensure they do not suffer as a result of the UAB PayrNet issues, MuchBetter has chosen to settle the outstanding PayrNet balances of its European customers from its own funds. Settlements will be made via its new European partner with the final settlement figure expected to reach millions of euros.
The move showcases the financial strength of MuchBetter while also demonstrating it has fully invested in its return to the European market. It further expresses MuchBetter’s appreciation for its customers’ continued support and patience. MuchBetter shares its customers’ frustrations at such a lengthy process and decided to settle using its own company funds to prevent further disruption and provide reassurance to customers.
Once customers have accepted updated terms of service and agreements, MuchBetter customers in Europe will have access to both their accounts and previous account balances from before activity was paused in mid-February. More regulatory steps are required in some European countries, so while most customers can now access their funds, a few countries will have to wait a little longer. We will continue to keep our customers informed of developments.
With its return to Europe, MuchBetter has worked on improving the user experience of its digital wallet app, with further new and exciting features being delivered in coming months based on customer feedback and overall innovation.
“Now that the Bank of Lithuania’s investigation into UAB PayrNet has concluded, we are excited to be back operating in Europe,” a MuchBetter spokesperson said. “The Bank of Lithuania has confirmed that we had nothing to do with the UAB PayrNet investigation and we are relieved to now have this behind us. Most importantly, we’re glad we can help ease the worries of our European customers by settling their outstanding balances held by UAB PayrNet rather than waiting for UAB PayrNet to release their funds.
“We’d like to thank our customers for their patience and support and have some exciting things in the pipeline soon, including a loyalty programme.”
Latest News
SOFTSWISS Wraps Up SiGMA Europe 2024 with Key Achievements
SOFTSWISS has successfully wrapped up its participation in SiGMA Europe 2024. This final major event of the year highlighted the achievements and progress of the iGaming industry over the past months. With a dynamic presence and the award-winning concept ‘Grab Success in iGaming’, SOFTSWISS made a lasting impact over the three action-packed days of the conference.
The SOFTSWISS booth became a nexus for clients, partners, and industry professionals, sparking new connections and fueling discussions on the latest trends. Among the highlights was the unveiling of the iGaming Trends Report 2025, offering a forward-looking analysis of the industry’s trajectory. Positioned as the ‘mother of all conferences’, SiGMA Europe proved the ideal stage for the report’s launch, with all 27,000 attendees able to grant complimentary access to this vital resource.
“iGaming is growing at a rapid pace, and for many, the main challenge is to keep up with this growth. SOFTSWISS takes a much broader view in this regard: it is important for us to understand where iGaming is heading and anticipate trends in order to strengthen our leadership positions,” said Vitali Matsukevich, COO at SOFTSWISS.
Before the expo officially opened, SOFTSWISS was honoured as the Best Platform Provider at the SiGMA Europe Awards 2024. This accolade is a testament to the company’s commitment to delivering robust, innovative technology solutions that empower iGaming operators worldwide.
One of the event’s most highly anticipated discussions, “How to Choose a Secure and Safe Crypto Casino,” featured Vitali Matsukevich among its expert panellists. The session drew a full house, reflecting the high interest in the future of crypto casinos amidst the evolving global economic and political landscape.
During the discussion, Matsukevich shared his deep knowledge and insights on leveraging blockchain technology to ensure smarter, safer choices for consumers in the crypto casino space. His expertise underscored SOFTSWISS’ position at the forefront of innovation in this fast-growing market segment.
SiGMA Europe 2024 provided a platform not only to showcase SOFTSWISS’ accomplishments but also to reaffirm its role as an industry leader. Already preparing for the next major event, ICE Barcelona 2025 in January, SOFTSWISS will once again present its cutting-edge tools and insights to operators worldwide.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.
Latest News
Casino Guru and Mindway AI advance RG self-test game in time for SGW24
Casino Guru, the leading online casino database and a champion of informed play in the gambling industry, continues to build upon its responsible gambling partnership with Mindway AI, a prominent RG tech and solutions provider focusing on offering actionable real-time insight into consumer gambling behavior, by launching the revised campaign focused on the Gamalyze self-assessment game, in time for Safer Gambling Week 2024 (SGW24).
The game, a reinvention of the self-test, is a card game that allows players to analyze their own gambling habits through engaging and anonymous play. Thanks to a dedicated widget that welcomes players on the home page, the game is available directly on Casino Guru’s website and is also featured as “Game of the Week.”
To help further improve this year’s reach, Casino Guru has teamed up with several casino partners, including CasinoFriday, Shotz, Roman Casino, giving players the opportunity to explore the game while gaining deeper insights into their own gambling habits.
Casino Guru has reached out to subscribers with additional details about the campaign, aiming to significantly expand its impact and raise awareness among a larger audience.
Previous campaign iterations received 1,800 gameplays each, and Casino Guru is now determined to improve on this milestone.
Šimon Vincze, Casino Guru’s Head of Sustainable & Safer Gambling, shared the following: “I am excited about this year’s upgrade to the campaign and can’t wait to see the results. Together with Niamh from Mindway AI, we were looking for ways to attract more people to play the game and learn more about the risks involved as a natural part of their gambling experience. The upgrades we introduced are promising, and we are confident we can increase the numbers significantly.”
Once the self-test game is completed, Mindway AI provides players with detailed feedback on their gameplay, and analyze certain behavioral markers, such as how players respond to rewards and losses, the frequency of their wins and how risky their gambling behavior is.
Ultimately, the assessment seeks to improve people’s understanding of their own risk-taking behavior, and what they can learn from it. Both companies are dedicated to bringing the concept of safer gambling to the forefront of players’ awareness, and this innovative collaboration allows them to achieve this goal in a creative and enjoyable manner.
To access the widget and test your gambling style, head over to Casino Guru’s home page and click on the widget in the upper right corner of the screen, or check the “Game of the Week,” which will feature Gamalyze throughout SGW24.
Casino Guru and Mindway AI first introduced the campaign several years ago, boosting its reach in a player-centric way in time for SGW24.
Latest News
Expert comment: Safer Gambling Week 2024
Safer Gambling Week commentary
As a company focused on generating high-quality, responsible gambling traffic to our operator partner sites, safer gambling is a daily consideration for QiH Group. We recognise Safer Gambling Week as a valuable opportunity to stay engaged with the broader industry conversations and to hear from the community on responsible gambling.
As affiliates are often an initial touchpoint for customers, our priority is maintaining a safe, compliant environment that benefits our partners and, ultimately, their customers.
We believe in supporting a balanced approach where gambling remains what it should be: safe, enjoyable entertainment.
– Andrew Lee, COO, QiH Group
Being a firm of licensing solicitors, one of our principal roles is helping our clients stay compliant with the Licensing Conditions and Codes of Practice, and the licensing objectives, so responsible gambling is something we focus on every day for clients.
It is important that we raise awareness of safer gambling and signpost the professional help and support services that are available to those who need it – ensuring the millions of people who enjoy gambling responsibly continue to do so in a safe environment.
– Nick Arron, Lead Solicitor, Poppleston Allen
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