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Finland Registers Surge in Payment Options for Online Casino Players

latest_developments_in_payment_methods_for_finnish_casino_players_The online casino market in Finland has developed a lot recently, even though the country’s government has not yet introduced legislation to officially open the market to private casino operators. Nevertheless, online casinos which cater to Finnish players have diversified their offering in terms of content and also in terms of payment methods made available to their customers.

Alongside traditional payment methods such as credit and debit cards or bank transfers, online casino operators that allow Finnish players have been adding more and more options like cryptocurrencies, e-wallets and mobile payment apps.

Speaking about the latter, mobile payment applications have become more and more popular around the world, offering people a seamless way to deposit and withdraw funds at online casinos. Brite is one such application, in which people can link their bank accounts to their smartphones and then make instant transactions.

Cryptocurrencies Gaining Ground Along With E-Wallets

Most online casinos that accept players from Finland have integrated cryptocurrency payment options, these tend to be very fast and also quite popular with the younger generation. The most popular currencies are Bitcoin and Ethereum, and these two options are available at several Finnish online casinos.

E-Wallets are also increasingly popular and mainly for the same reason: fast transactions without too much hassle. Transactions with e-wallets tend to be faster than those with credit or debit cards and definitely a lot more convenient and quick than bank transfers. There are several providers that are competing on this market, with the most popular one being big brands such as PayPal, Skrill or Neteller.

However, some banks have sensed the wind of change and have made efforts to compete with the new fintech companies by allowing instant transfers within their own e-banking applications. With these new methods players are able to send money instantly from their bank account to their casino account. Moreover, most major banks in Finland support this method, so there is plenty of access to such swift transactions.

So there are plenty of payment methods available to Finnish online casino players, ranging from the classic ones like credit or debit cards and bank transfers to the most forward-thinking options like cryptocurrencies, mobile payment applications or e-wallets.

Source: “Latest Developments in Payment Methods for Finnish Casino Players“. European Gaming. September 1, 2023.

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Curaçao Launches Updated Online Gambling License Application Process

The Curaçao Gaming Control Board (GCB), Curaçao’s gaming regulatory body, has taken an important step in regulating the country’s online gambling by officially opening the application process for those operators looking for new online gambling licenses.

Latest online portal

curaçao_opens_licence_application_portal_From Friday, September 1, interested operators may access the GCB’s newly launched online portal, which provides guidance to new applicants on the licensing procedure. Once inside, they may fill out a license application form and see instructions and downloads, which are there to make sure everything goes smoothly. Additionally, submission of finalized applications will begin in November of this year.

The portal isn’t only open to the newest operators, but also to those who already own existing sub-licenses. However, those operators can operate unhindered and “under their current arrangements.” What’s more, the latest opening of the portal represents a preparation for the National Ordinance for Games of Chance (LOK).

However, the latest licensing process does not “reform the National Ordinance on Offshore Games of Hazard, Curaçao’s existing legislation, but adds to it.”

Temporary license

As soon as the submission of finalized applications is completed by the end of November, those who have been officially accepted for a license will receive a temporary license from the aforementioned regulator. Additionally, this will be subject to the adoption of revised policies as well as procedures during a period of 6 months of its issuance.

However, the most important benefit is that those operators who have officially received the mentioned license will not have to apply again under the aforementioned LOK, because their position will be “transferred to the new authority.”

LOK to change the excising regulatory framework for online gambling

The goal of LOK is to update and simplify the regulatory framework for online gambling, ranking it with the best global standards and practices. In addition, it will present the newest licensing requirements, improved oversight to make sure the continued fairness and integrity of Curaçao’s online gambling segment, and compliance measures. In addition, this new law will certainly be “monumental for the market”, although it was once defined as “passive when it comes to regulation.” Relatedly, after it was pointed out that the newest, updated licensing standards could lead to the removal of excising operators from the region, the Minister of Finance of Curacao, Javier Silvania, commented that “he saw no issue with the matter.”

Because the country’s excising law requires operators to submit application for 1 out of 4 “existing master licensees” to obtain a sub-license, once the LOK comes into effect, the holders of the above sub-licenses will have a period of 3 months to file new application to the regulator to receive a “direct operator license.” 

Speaking about the details of the newest licensing process, Curaçao’s Finance Ministry legal advisor, Sixiènne Jansen, said at the iGB L!VE held in July: “The application process consists of three forms. Each of the forms will require relevant supporting documentation. The first is an online gaming application, in which the applicant will provide projections for business operations and strategic targets. The second is a personal declaration, detailing information about key figures involved in the business. A source of funds check will be carried out on any involved person with more than 10% control of the business. The final form consists of corporate and business disclosures.”

Source: “Curaçao opens license application portal”. IGB. September 1, 2023

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Greatest Payment Methods for Online Casino Players in 2023

the-best-igaming-payment-methods-in-2023-Anyone who has devoted their time to an online casino must have come across the request to “make an online payment” as soon as they registered for their account. Similar to the e-commerce explosion that transformed online payments, the increase in popularity of online casinos has led to the need to add extra payment methods that are very different from the already established credit and debit card payments. In this article, we’ll provide the info about the features of the mentioned online gaming payment methods so that everyone interested have simple and reliable information.

Debit and Credit Card Payments

Payments via credit or debit card represent “the gold standard” when it comes to online payments. For multiple individuals, they are a safe option because they have been in the industry for a long time, which further instills a certain kind of trust in people. In addition, since most people have a Mastercard or VISA on hand, players generally use this method when it comes to said payments.

Advantages:

  • “Widely accepted by most online casino platforms;
  • Familiarity and trust among consumers;
  • Instantaneous transactions in most cases;
  • Some cards offer rewards or cash-back on purchases;”

Disadvantages:

  • “Sensitive financial information is shared with the merchant, which can be a target for hackers if the site isn’t secure;
  • Some banks may block gambling-related transactions, especially in countries where online gambling is restricted;
  • Transaction fees may apply;
  • No anonymity;”

Revoult

Revoult justifies its reputation as one of the revolutionary iGaming payment methods by offering a state-of-the-art solution for money management via mobile. This FinTech company has a reputation as “neobank,” meaning it offers digital money management establishments.

Furthermore, the platform also provides a digital account that has the same capabilities as a prepaid debit card. A few practical features involve:

  • digital banking – issuance of the bank account numbers in addition to the IBANs in various countries for clients to send and get money smoothly;
  • currency exchange – provides ambitious exchange rates for various currencies;
  • crypto – allows clients to purchase, sell and own a range of cryptocurrencies;
  • virtual cards – provides single-use virtual cards for clients to shop online, increasing security;
  • stock trading – the possibility of buying silver and gold shares in the application.

All this shows how popular Revoult is among clients, which further leads to multiple online casinos allowing players to use it as a payment method for iGaming.

Advantages:

  • “Depositing funds: Once you have a Revolut account, you can transfer money into your Revolut account from another bank or load it via debit/credit card. Then, you can use these funds to deposit onto your preferred iGaming platform;
  • Using virtual cards: Revolut’s disposable virtual cards add an extra layer of security. After a virtual card is used once, its details are destroyed and a new card is automatically generated for the next transaction. This minimizes the risk of your card details being compromised through an iGaming platform;
  • Currency exchange: If you’re playing on an online casino that operates in a different currency, Revolut’s competitive exchange rates can be advantageous. You can convert your money into the required currency before depositing it on the platform;
  • Withdrawal: Some iGaming platforms may allow you to withdraw your winnings directly to your Revolut account. This provides a quick way to access and use your funds;
  • Spending control: Using the budgeting and analytics tools, you can easily keep track of how much you’re spending on iGaming platforms, helping you manage your gambling habits:
  • Security: If you suspect any fraudulent activity, you can instantly freeze your Revolut card from the app, giving you full control.”

Disadvantages:

  • “Limited support if something goes wrong;
  • It can take a while to receive your physical card;
  • Withdrawals often incur a small fee.”

AstroPay

This FinTech firm offers clients a worldwide wallet to use for online payments. However, beside online payments, it also provides physical and virtual cards, as well as mobile money transfer.

Advantages:

  • “Provides a prepaid wallet so you can only spend what you load;
  • Does not require sharing bank details with the merchant;
  • Instant transactions;
  • Partnered with ApplePay and GooglePay;
  • Zero fees or commissions when making online payments.”

Disadvantages:

  • “Need to preload the wallet with funds which can limit spontaneity;
  • Not as widely accepted as some other payment methods.”

PayPal

A very popular online payment platform is also a PayPal. It’s very old, has been in the industry for decades and is trusted among clients. Furthemore, it was produced as the first “online payment solution” that allowed clients to send and get money, as well as make online payments, but without having to provide merchants with vulnerable financial info.

Advantages:

  • “Trusted and well-known brand;
  • Instant transfers;
  • Protects sensitive financial information from online casino platforms;
  • Buyer protection policies and excellent support.”

Disadvantages:

  • “Some casinos and gaming platforms don’t accept PayPal;
  • Fees may apply, especially for currency conversion;
  • Account suspension or limitation issues have been reported by some users;
  • Difficulty connecting local bank accounts to withdraw funds from PayPal if not in the US.”

Skrill

This one represents an “e-wallet” that allows clients to transfer money as well as make online payments, but without the need to disclose any financial info. In addition, multiple online casinos are fine with Skrill as a method when clients decide to deposit and begin withdrawing.

Furthermore, its prepaid card may be used when players make the aforementioned deposits or when they win some amount of money, as well as anyplace where VISA cards are officially accepted.

Advantages:

  • “Specifically tailored for online gaming and betting;
  • Instantaneous transactions;
  • VIP program for frequent users;
  • Easily transfer funds from one sportsbook to another.”

Disadvantages:

  • “Transaction fees can be high for withdrawals. Skrill charges a flat fee of $5.50 for withdrawals to bank accounts and $2.50 for ATM withdrawals;
  • Not as widely trusted as some older, more established payment methods;
  • Some reports of account limitations or holds;
  • You must ensure you select “gaming” as the purpose for funding your account when you will be using the money for betting or gambling. If you select non-gaming as the purpose, you will be blocked from using those funds at online casinos.”

Bitcoin

As for Bitcoin, since it is a relatively new method, it is not used very often. But online casinos now widely accept it as a form of payment, alongside other cryptocurrencies. Moreover, there are certain “specialized” Bitcoin casinos that are completely focused on digital payments.

Advantages:

  • “Decentralized and free from government interference;
  • Offers anonymity;
  • No transaction chargebacks so there is less risk for online casino merchants.”

Disadvantages:

  • “Price volatility can affect the value of holdings, which means even if you win money, its value could deteriorate as the value of Bitcoin fluctuates;
  • Not universally accepted;
  • Requires understanding of cryptocurrency.”

Paysafecard

Paysafe is the firm behind this particular product. The parent firm provides a prepaid digital card for which is not necessary for clients to have a bank account or credit card in order to trigger it. Additionally, it is globally accepted and highly secure, meaning it offers protection to personal and sensitive financial information when users decide to pay a visit to an online casino. To make a payment, clients use an app that requires a prepaid 16-digit code.

Advantages:

  • “Prepaid payment method so you can only spend what you load;
  • No need to share personal financial information;
  • Accepted at many online casinos.”

Disadvantages:

  • “Need to physically purchase a card or a voucher on the app;
  • Not suitable for large transactions;
  • Cannot use the prepaid card for withdrawals, you will need to withdraw directly into your Paysafecard account.”

Source: “The best iGaming payment methods in 2023 (Revoult and more),”, European Gaming, August 18, 2023

 

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Lottomatica Q2 Revenue Soars 20.7%, Strong Online Growth!

Lottomatica, an Italian B2B brand known, has announced the results of its income for Q1 this year.

Judging by the numbers, the company has successfully finished this part of the year, and now it has presented all the details related to Q2!

Achieving an Impressive Number!

lottomatica_reports_e820_0m_revenue_for_h1_2023_According to the company’s report, the operator revealed a first-half 2023 income of €820.0 million, marking a 20.3% increase compared to the previous year. The strong Q2 performance prompted the operator to raise its full-year 2023 projections.

The second quarter generated proceeds of €397.8 million, showing a 20.7% increase compared to the previous year. However, this figure was lower than Lottomatica’s record earnings of €422.2 million achieved in the first quarter.

However, Lottomatica has revised its gain outlook for 2023, hoping that the range will reach between €1.63 billion and €1.69 billion, which is an upward adjustment from the earlier prediction of €1.57 billion to €1.67 billion.

The revised prognosis for adjusted profits before interest, tax, depreciation, and amortization (EBITDA) now stands in the range of €570 million to €590 million, marking an accumulation from the prior recommendation of €550 million to €570 million.

What About Q2?

The second quarter revenue was primarily composed of gaming brand earnings, totaling €180.5 million. Online income for the quarter amounted to €122.7 million, while income from sports branding reached €94.4 million.

A cumulative sum of €7.2 million was wagered during the second quarter, with a significant amount of €3.8 million arising from online sources.

“The key driver is clearly online,” said Guglielmo Angelozzi, CEO of Lottomatica.

This expert added that the additional growth was accomplished thanks to the “omnichannel approach, which is coupled with continuous product expansion and technological developments.”

Significant Growth in H1!

Moving forward, the company also presented the results of its growth for the first half of the year. A big chunk of the total earnings in H1 came from Lottomatica’s gaming activities, raking in €368.2 million over six months. Great!

However, the online part also played a big role! It reached €246.9 million, while the sports section contributed the rest, totaling €204.8 million!

Tweaked EBITDA for the first half reached a robust €299.0 million, showing a strong 28.3% increase. Once we tallied depreciation and amortization outlay at €49.0 million, our fine-tuned pre-tax earnings stood at a satisfying €250.0 million.

Blending financial outlays and income tax charges, the sum totaled €131.0 million. Consequently, the fine-tuned net profit for the period settled at a remarkable €118.0 million. Incorporating additional costs, refinements from IPO, and refinancing, along with depreciation linked to purchase price allocation, our profit for the period amounted to €19.0 million. However, with taxes accounting for €26.0 million, the ultimate net profit came in at a commendable €45.0 million.

All in all, the figures presented by the company show a significant number for the brand, which will certainly enjoy success at the end of the year. Until then, play safe!

Source: ”Lottomatica increases FY guidance increase after strong Q2”. iGaming Business. July 31, 2023.

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Pagcor to Use Casinofilipino as its Own Online Brand Name

pagcor_to_use_casinofilipino_as_its_online_brand_namePhilippines casino operator cum gambling regulator, PAGCOR intends to come on board with an online casino for denizens there as early as the first quarter of 2024. The announced name is Casinofilipino. Casinofilipino.ph is the home page for a variety of large and small land-based casinos and dozens of satellite operations already in use by PAGCOR.

Casinofilipino.com is “taken” but parked free on Godaddy with servers based at Amazon for the last 90 days or so but was served by Google LLC for the three years prior.

Familiar Brand Name to Drive Local Traffic

It’s unclear which top-level domain will be used to serve players in the Philippines their first legal online games beginning next year. However, during the opening ceremony of the SiGMA Asia Summit 2023 at the SMX Convention Center in Pasay City on July 20, 2023, PAGCOR Chairman and CEO Alejandro H. Tengco referred to the dot com site in his keynote address according to information on the regulator/operator’s website.

The CEO explained some reasons for the launch, the main one being to raise revenue.

“This will bring several benefits and opportunities such as increased revenue, extended reach and market expansion, cost efficiency, and enhanced customer engagement,” Pagcor’s Tengco said. Launching the online casino would allow for additional revenue.

“It will allow players to interact with the digital counterparts of traditional casino games. This will also transcend physical boundaries and will enable users from around the world to interact and participate in virtual environments.

“It can reach a global audience and can establish a presence in virtual communities of avid gamers. It will likewise offer an opportunity to tap into new markets and diversify its customer base.”

As part of PAGCOR’s plans to modernize operations, changes will also be made at its land-based venues. Slot machine ops have already undergone the beginnings of modernization according to Tengco, which he said brings hope to continue the trajectory with at least 3,500 new machines being installed in its multitude of land-based venues.

“We endeavor to enhance our game offerings by replacing our old machines with a total of 3,500 brand-new units under a lease agreement with the manufacturer,” said the CEO.

He added inter alia, “We have already taken the preliminary steps and entered into negotiations with different manufacturers for the modernization of our slot machines. I expect our customers to have a renewed gaming experience.”

Casino Management System to be Revamped as Well

“This will play a pivotal role in improving Pagcor’s casinos in terms of operational efficiency, enhancing customer experience, facilitating real-time reporting and analytics, ensuring security and fraud prevention, optimizing financial management, and streamlining compliance requirements,” Tengco said.

Prior to announcing the upcoming money-making venture into cyber-space, the agency had launched a major crackdown on locally-based online gambling service providers without regard to the location of customers the alleged violators were serving. In early May over 1,000 human trafficking victims were rounded up and repatriated to their home countries when the Sun Valley Hub in Clark was raided.

Over 1,000 human trafficking victims were rescued from the government-owned buildings in the early-May raids, with about a dozen perpetrators being arrested. In response to that news, Philippine senators renewed calls to entirely eliminate POGOs (online operator-licensed companies).

CGC Technologies was the first POGO to lose its license as a result of the raid followed by every other operator at the hub at month’s end in one fell swoop by pulling a provisional license that allowed occupants to offer service. In addition to human trafficking, crypto scams were widely cited as a reason to end the POGOs.

Nearly 500 of the trafficking victims haled from Vietnam and have been sent home. At the time, Chairman Tengco stated that job seekers should “check the credibility of the companies that they are applying in. By going the extra mile, they can protect themselves from possible scams and human trafficking activities.”

Inside the Clark Freeport Zone are only four remaining accredited service providers and one licensed offshore gaming operator.

In early June the regulator joined the newly created Clark Security Advisory Council, just prior to its first meeting. The inter-agency organization aims to curb all illegal offshore gaming activities within the Clark Freeport Zone in Pampanga.

During the Council’s launch on June 9, 2023, Atty. Jessa Fernandez, PAGCOR Assistant Vice President for Offshore Gaming Licensing announced that it will impose heavier sanctions on all licensed offshore gaming operators and accredited service providers who stray from the rules.

Revenues Recover from COVID Disruption

During his keystone address at the most recent event, Tengco noted the post-pandemic revenue story for PAGCOR:

“For the first half of this year, I am proud to share with you the figures we have generated so far. Our total income from gaming operations from January to June of 2023 has reached P34.125 billion. Of this amount, PAGCOR’s contributions to nation building also rose by 48.50% — from P15.23 billion in the first half of 2022 to P22.62 billion this year,” he said.

Tengco said that with the agency’s consistent upward revenue trend, it is highly possible for PAGCOR to reach or even surpass its pre-pandemic income by the end of 2023.

Source: PAGCOR to launch own online casino in 1st QTR of 2024, eyes modernization of slot machine operations, Gov.PH, July 20, 2023

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