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STICPAY: the Solution for Online Gambling Services to Achieve Fast and Secure Disbursements

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Online Gambling and Betting Soared During Lockdown
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As part of its award-winning e-wallet solution, the UK-based fintech company STICPAY has partnered with local banks in multiple countries to provide fast, secure, and convenient withdrawals on online gambling platforms. This way, service providers can improve the expectations of their customers a lot.

To eliminate fraud, comply with local regulations, and protect our users, STICPAY only provides merchant services to licensed online gambling solutions that operate according to the relevant regulatory laws and measures.

With several stores closing down and governments introducing lockdowns globally to slow the spread of the COVID-19 pandemic, online gambling services have seen a significant rise in user activity.

However, many customers feel that they are let down as disbursement options are not meeting user expectations.

As players are betting more and everyday activities are shifting from offline to online, users are demanding faster withdrawals and secure payments from online gambling services, with similar speeds they normally experience in the retail industry.

The customer experience is not as engaging as it should be, which could drive users away from service providers due to the withdrawal issues of online gambling solutions.

Issues Amid the Coronavirus-Fueled Online Gambling Growth

The global gambling industry is growing at a fast rate. From 2019’s $58.9 billion, the online gaming market is expected to grow to $66.7 billion in 2020 at a Compound Annual Growth Rate (CAGR) of 13.2%.

According to the researchers, a great share of the increase could be attributed to COVID-19 as consumers are increasingly using online gambling services while staying at home during the lockdown. Based on the findings of the report, the online gaming sector could reach $92.9 billion by 2023 at a CAGR of 11.64%.

The coronavirus-fueled rise in online gambling activity is also significant in Asia and Australia. Even though such activities are banned in multiple Asian countries, the APAC region is the industry’s second-largest market, representing a global share of 11.72% in 2017.

According to a joint study of the Australian organizations Illion and Alphabeta, online gaming activity has increased by 67% in early April in the Oceanic nation.

Despite the increase in online gaming, service providers are struggling to satisfy customer needs. While consumers are already used to fast payments processing in the e-commerce and the retail industries, gamblers have to wait several days to withdraw their funds from online gaming platforms.

Since slow disbursements prevent online gambling service providers from meeting customer needs, their users are becoming less engaged with their solutions. As a result, they may decide to choose a competitor platform that offers quick payouts to gamers.

STICPAY to Offer Faster and Secure Deposits and Withdrawals to Online Gambling Services

The London-based fintech company STICPAY has identified the disbursement issue of online gambling services, seeking to solve their problems with rapid payments as part of its award-winning e-wallet solution.

STICPAY considers Asia as one of its key markets. With a Year-Over-Year (YoY) growth of 300% and availability in 200+ nations, over 60% of STICPAY transactions come from Asian users, with the average monthly growth rate of transactions in the continent being 28%.

STICPAY has partnered with local banks in several countries – including China, the Philippines, Indonesia, Malaysia, Singapore, Japan, Australia, and Canada, with support for more nations coming soon – to provide cost-efficient, fast, and convenient payments to both its merchants and end-users.

As a result, STICPAY users could take advantage of local bank wires to withdraw their funds from online gambling services much faster – it takes an average of one business day to withdraw funds from STICPAY using a local bank wire – than at regular payment gateways and competitor e-wallet solutions.

In addition to local bank transfers, STICPAY customers can use a wide variety of payment methods to withdraw and deposit funds. This includes Visa, MasterCard, UnionPay China, local and international bank wires, and cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Tether).

Furthermore, STICPAY users can use the prepaid STIC Card to withdraw or spend their balances even more conveniently. The STIC Card is available to end-users in 200+ countries after submitting the relevant Know Your Customer (KYC) documents.

Besides fast and convenient payments, online gambling merchants and their customers could benefit from STICPAY’s advanced security features.

Apart from strict KYC and Anti-Money Laundering (AML) monitoring, STICPAY stores customer funds in segregated accounts – with uninterrupted user access and the ability to withdraw them to external accounts anytime – while uses a set of anti-fraud measures to protect both service providers and end-users.

As a result, there is no chargeback risk for merchants, as all funds received via STICPAY are 100% secure and indemnified.

“Many online gambling services provide a wide variety of payment methods to their users so they can choose the one that best fits their needs. However, with the current coronavirus-fueled rise in online gambling, offering faster and secure disbursements are becoming more crucial to fulfilling customer needs. Therefore, the traditional payment gateways where it takes three to five business days to withdraw funds are unable to satisfy the rising demands of online gamblers. With STICPAY, online gamblers can withdraw funds quicker, conveniently, and securely while leveraging our local partnerships with banks to initiate fast payouts in and out of the platforms that take one business day on average to execute. STICPAY grows at a rapid 300% Year-Over-Year rate, especially in the Asian region, where the average monthly growth of transactions is 28%. We are committed to leveraging this development to offer the best services to the online gambling industry.”

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IGT Achieves “Best Place to Work for LGBTQ+ Equality” Designation by Human Rights Campaign Foundation

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IGT Achieves "Best Place to Work for LGBTQ+ Equality" Designation by Human Rights Campaign Foundation
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International Game Technology PLC announced today that it received a perfect score of 100 on the Human Rights Campaign (HRC) Foundation’s 2022 Corporate Equality Index (CEI), earning the global company the coveted “Best Place to Work for LGBTQ+ Equality” designation. The nation’s leading benchmarking survey for LGBTQ+ equality in the workplace, the CEI evaluates corporate policies and practices to measure an employer’s commitment to workplace equality.

IGT joins the ranks of a record-breaking 842 U.S.-based companies to receive a perfect CEI score this year. The educational arm of the nation’s largest LGBTQ+ civil rights advocacy group, the HRC Foundation rated businesses on detailed criteria across four central pillars:

  • Non-discrimination policies across business entities.
  • Equitable benefits for LGBTQ+ workers and their families.
  • Supporting an inclusive culture.
  • Corporate social responsibility.

“IGT earning the HRC Foundation’s ‘Best Place to Work for LGBTQ+ Equality’ designation is a reflection of our commitment to provide a workplace culture that is welcoming, equitable and empowering to LGBTQ+ employees across the globe,” said Vincent Sadusky, IGT CEO“I wish to thank our approximately 11,000 employees worldwide, especially members of PRIDE with IGT, who together with the Office of Diversity and Inclusion embrace and activate IGT’s core values and contributed to this milestone achievement.”

“This designation reinforces that IGT’s commitment to diversity, equity and inclusion is focused on impact,” said Melissa Pursley, IGT Vice President and COO IGT Indiana and Co-Executive Sponsor of PRIDE with IGT. “Many in the LGBTQ+ community still struggle to thrive at work, and as a senior leader at IGT and a member of the LGBTQ+ community, I am proud that IGT has taken consistent steps to ensure that this is not the case for our colleagues.”

“When the Human Rights Campaign Foundation created the Corporate Equality Index 20 years ago, we dreamed that LGBTQ+ workers—from the factory floor to corporate headquarters, in big cities and small towns—could have access to the policies and benefits needed to thrive and live life authentically,” said Jay Brown, Human Rights Campaign Senior Vice President of Programs, Research and Training.“We are proud that the Corporate Equality Index paved the way to that reality for countless LGBTQ+ workers in America and abroad. But there is still more to do, which is why we are raising the bar yet again to create more equitable workplaces and a better tomorrow for LGBTQ+ workers everywhere. Congratulations to IGT for achieving the title of ‘Best Places to Work for LGBTQ+ Equality’ and working to advance inclusion in the workplace.”

Since 2018, IGT has implemented a range of programs, policy and systems changes, and leading practices that have promoted all dimensions of diversity to make the Company a more attractive and inclusive employer. Some of these actions include:

  • Introducing gender affirming medical benefits for transgender employees.
  • Offering competitive benefits for same sex partners, regardless of marital status.
  • Creating gender neutral restrooms at major IGT campuses.
  • Implementing more inclusive and equitable hiring processes.
  • Establishing and supporting PRIDE with IGT, an employee-led and executive-sponsored Diversity and Inclusion Group.
  • Facilitating both mandatory and elective employee training courses that help support IGT’s diversity, equity, inclusion, sustainability, and anti-harassment commitments.
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Marjan to Develop a Multibillion-Dollar Integrated Resort in Ras Al Khaimah with Wynn Resorts

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Marjan, RAK Hospitality Holding and Wynn Resorts have announced a multibillion-dollar integrated resort development on the man-made Al Marjan Island in Ras Al Khaimah, United Arab Emirates.

The spectacular Al Marjan Island, already a leading tourism destination, is only 15 minutes from the Ras Al Khaimah International Airport and 45 minutes from the Dubai International Airport. Comprising four islands, Al Marjan Island delights visitors with over 7.8 kilometres of sparkling beaches and 23 kilometres of waterfront in addition to world-class hotels and residential developments.

Al Marjan Island spans an area of 2.7 million sqm of reclaimed land extending into the Arabian Gulf. The new integrated resort on one of the exclusive islands, which covers an area of almost 250,000 sqm, will offer a pristine setting with spectacular views of the Arabian Gulf as well as sandy beaches and a marina. The development is the first beach resort being developed by Wynn Resorts globally. The current scope includes a 1000+ room hotel, high-end shopping mall, a state-of-the-art meeting and convention facility, an exclusive spa, more than 10 restaurants and lounges, a wide array of entertainment choices, a gaming area and other amenities.

The integrated resort will be developed with significant foreign direct investment by Wynn Resorts. As the largest project of its kind in the Emirate’s growing hospitality sector, it will create substantial value to the local economy by accelerating tourism, creating jobs and energising the growth of related sectors. Set to be completed in 2026, the entire project will be developed to the highest standards of sustainability best practices.

Eng. Abdulla Al Abdooli, CEO of Marjan, said the new integrated resort highlights the fast-growing recognition of Ras Al Khaimah as a leading investment destination for high-quality hospitality projects.

“The integrated development, featuring a world-class hotel, entertainment and gaming amenities, will add to the Emirate’s destination strategy to attract tourists from across the world. We are partnering with Wynn Resorts, one of the world’s most renowned integrated resort companies, which has a strong track record of developing luxury destinations with exceptional accommodation, dining, entertainment concepts and gaming facilities. By leveraging Wynn Resorts’ expertise in developing luxury hospitality destinations, the new development will raise the benchmark in luxury hospitality in the region. It will also create exceptional value to the Ras Al Khaimah economy and boost the leisure, business, and MICE tourism sectors,” he said.

“Al Marjan Island is a pristine setting and an ideal greenfield location for us to create the one-of-a-kind guest experiences for which Wynn Resorts is renowned. The region offers tremendous potential for the hospitality and tourism industry, and we are excited about the prospect of developing an integrated resort in Ras Al Khaimah,” Craig Billings, newly appointed CEO of Wynn Resorts, said.

The new resort is in the initial stages of design and development and will be applying for an integrated resort licence from Ras Al Khaimah Tourism Development Authority.

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Bayton Joins Dutch Trade Association NOGA

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Bayton has joined the Netherlands Online Gambling Association (NOGA) as its newest member.

Bayton, which focuses primarily on the supply of casino games through a variety of brands, operates under a licence from the Malta Gaming Authority. The company owns 13 online casinos, with brands including Jackpot City Casino, Spin Casino and Lucky Nugget Casino.

NOGA is an organisation aiming to ensure regulated and safe gambling conditions. Other associate members of NOGA include bet365, Betsson, Betway, Entain, Flutter Entertainment, Kindred Group and Nuvei.

“We are delighted that Bayton has now joined the ever widening NOGA family. Bayton is the company behind some very well-known and popular online casino’s and with their expertise and input NOGA can add yet even more international experience to the betterment of the Dutch market. NOGA sees Bayton’s decision to join as a sign that indeed the industry is moving more and more towards full cooperation. We look forward to closely working together with them to the greater good of the Dutch gambling market,” Peter-Paul de Goeij, Director of NOGA, said.

“We are excited to join NOGA as it provides an opportunity for those in the Dutch market to have a voice and hopefully facilitate a positive change in the perception of gaming. Our primary focus is the customer, and to help them play responsibly ensures that their experience is enjoyable and sustainable. By collaborating with other well-known operators and having open dialogue with regulators, we can improve systems for responsible gaming and co-ordinate our efforts to better prevent fraud and money laundering,” Gregory Bettridge, Director of Bayton Ltd, said.

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