Vietnam Extends Casino Trial for Local Players Until End of 2024 Amid Mixed Financial Results

Vietnam-extends-casino-trial-period-for-local-patrons-until-year-endVietnam has decided to extend the trial period that permits its citizens to gamble at select casinos until December 31, 2024. This decision follows the mixed financial results reported by the Phu Quoc casino during its pilot phase. The trial, initially set to conclude in 2022, has been extended to allow further evaluation of the impact and viability of allowing Vietnamese locals to participate in casino gambling, traditionally reserved for foreign visitors.

Phu Quoc Casino’s Performance Under Scrutiny

The Phu Quoc casino, which has been operational since January 2019, is the first and only casino in Vietnam where local citizens are currently allowed to gamble. Over the course of its trial, the casino generated VND 6.4 trillion (approximately $258 million) in revenue and contributed nearly VND 3.69 trillion ($148 million) to the state budget. Despite these contributions, the casino has reported a cumulative loss of VND 3.72 trillion ($150 million), mainly due to high initial depreciation and interest costs.

The financial performance of the Phu Quoc casino has been mixed, with an improvement noted in 2023 compared to the previous year. However, the accumulated losses highlight the challenges faced by the casino in its early years of operation. The trial’s extension aims to provide additional time for a thorough evaluation of these financial outcomes and their implications for the future of local gambling in Vietnam.

Extending the Trial and Broader Implications

A draft decree has been submitted by the Ministry of Finance to the Vietnamese Government, proposing an extension of the trial period for the Phu Quoc casino until the end of 2024. This decree also outlines that other casinos will follow a three-year trial period starting from the date they receive their Certificate of Eligibility for Casino Business.

The Ministry of Finance, in collaboration with other governmental bodies such as the Ministry of Public Security, the Ministry of Planning and Investment, and the Ministry of Culture, Sports, and Tourism, will conduct a comprehensive review of the trial period. This review will be crucial in determining whether the trial will be further extended, altered, or concluded by the end of 2024. Should the Government fail to issue a resolution by the trial’s end, casinos will temporarily suspend allowing Vietnamese citizens to gamble.

The decision to extend the trial reflects Vietnam’s cautious approach to expanding its casino industry to include local participation. The trial’s outcomes will significantly impact future regulations and the broader strategy for developing Vietnam’s integrated resort sector, which aims to boost tourism, generate employment, and contribute to the economy.

Looking Ahead: What This Means for Vietnam’s Casino Industry

The extension of the trial period is a significant move in Vietnam’s evolving gambling policy. The Phu Quoc casino’s results, both in terms of financial performance and player demographics, will serve as a key indicator for the future direction of the industry. From 2019 to the end of 2023, the Phu Quoc casino attracted nearly 295,943 Vietnamese players, accounting for 62% of its total patronage, with the majority of these players being 39 years old.

In parallel, the Van Don casino project, another key part of Vietnam’s casino strategy, will undergo its own three-year trial once it begins operations. The outcomes of these trials will shape the landscape of casino gambling in Vietnam, balancing regulatory concerns with the economic benefits of an expanded casino sector.

Source:

VN extends trial period for local citizens to play at casinos until end of 2024, Vietnamnet global, August 26, 2024.

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Exclusive Report: Players Reveal Their Secrets to Claiming the Most Lucrative Casino Bonuses

Over the past several years, online casino gambling has skyrocketed, most notably after COVID-19 pandemic shutdowns saw people spending most of their time at home. And where brick-and-mortar casinos were once the most popular place to gamble, internet-based play has begun to replace trips to our favorite land-based casinos, largely due to convenience and lucrative casino bonuses.

According to reputable data-gathering firms, before pandemic-related closures began in 2020, global revenue for the whole of the gambling industry was USD 45.7 billion in 2019. A year later, as COVID restrictions began to loosen, that number grew to USD 55.1 billion. According to a market analysis report from Grand View Research, in 2022, the global online gambling market size was valued at USD 63.53 billion and is expected to grow at a compound annual growth rate (CAGR) of 11.7 percent from 2023 to 2030.

So what is it that makes web-based gambling so popular beyond the obvious convenience of being able to play pretty much anytime anywhere? And what makes some online casinos so much more attractive to users than others?

Casino Bonuses

Major drivers of traffic to online casinos include game selection, which often surpass the number of games found in land-based casinos, and bonuses and promotions. Many web-based casinos offer some of the best bonuses, ones that traditional casinos are not able offer. These bonuses often help players make the most of their gambling experience and money. Moreover, they just make good business sense as they attract new players and retain regular players.

A recent insightful report from CasinoAlpha revealed that out of all of the most popular casino bonuses, free promotions such as no deposit bonuses and free spins or welcome bonuses, are what users usually pick. Choosing this type of bonus allows the player to test-drive the game before making a deposit.

Here we will briefly explain the various online casino bonuses available to players.

Welcome Bonus

Sometime referred to as a new player bonus or a sign-up bonus, the welcome bonus is the most common type of bonus and is offered by an online casino when you sign-up to become a member for the first time. It is for the most part a combination of free spins and a deposit bonus. Welcome bonuses, like other bonuses come with wagering requirements, where it needs to be wagered a specific number of times before you’re able to withdraw it.

Deposit Bonus

A deposit bonus or reload bonus is basically a bonus that players receive after depositing a specified amount of money. This bonus is typically in addition to the welcome bonus as part of a promotion. Deposit bonuses usually come with a set of conditions. So you’ll want to read the T&Cs  (terms and conditions) before using the bonus and withdrawing the money you earn from it.

No Deposit Bonus

With a no deposit bonus, players are not required to deposit their own money before gambling. This type of bonus is attractive to players as it allows them to try a new game without any risk. It is generally used as a welcome to new players to an online casino or a way to reward players for continuing to gamble at a site.

Free spins

Many online casinos are generous with free spins, offering 5, 10, 15 or sometimes more than 100 spins. These slot spins can be offered on bonus rounds, specific games or from certain game developers. However, be sure to read the T&Cs carefully, as the majority of these “free spins” come with wagering requirements or a “use by” date.

Cashback Bonus

This type of bonus is offered by many online casinos and can cover a portion of your losses, if any. Cashback bonuses are given out daily, weekly or monthly. And while they can’t cover all your losses, they may still account for 20 to 30 percent of your losses. Again, make sure you read the T&Cs carefully.

Loyalty Bonus / VIP Bonus

If you’re a regular player at an online casino, you may have the opportunity to join a VIP club. Theses loyalty/VIP bonuses are bigger and better than other bonuses available at other online casinos. Additionally, these bonuses typically have lower wagering requirements. That means you can collect your winnings sooner.

And there you have it! These are some of the most popular types of online casino bonuses you will come across. They are useful tools in attracting players to online casinos. They can also be useful to players as long as they are familiar with the  T&Cs attached to offers.

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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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Relax Gaming Partners with AvatarUX to Introduce Its Modern Games to Players

One of the leading iGaming aggregators and content providers, Relax Gaming (RG), partnered with AvatarUX to help the company deliver its innovative and modern games on the renowned Silver Bullet platform.

Advanced Mechanics

relax_gaming_enhances_silver_bullet_portfolio_following_avatar_ux_deal_AvatarUX was founded in 2019. Since then, the company has gone above and beyond to add advanced slot games enriched with modern mechanics, such as proprietary PopWins mechanics. The company was awarded as Slot Supplier Rising Star at the EGR B2B Awards in 2022 and two more awards at the CasinoBeats Developer Awards this year. It recently released two variations of its famous PopWins mechanic, MultiPop and StickyPop, which strengthened its position as a leader when it comes to new exciting mechanics on the market. Additionally, its content has it all: creative and detailed visuals, along with fantastic features that add excitement, all followed by advanced math models.

Relax Gaming will incorporate this content into its vast network of partners, starting with the fun LooneyPop creation. The AvatarUX premium content will be available to players on RG partners’ platforms, thanks to the rapid distribution and a vast amount of players across all key markets in the world.

Innovative Leaders

Shelley Hannah, a Chief Product Officer at Relax Gaming, said: “AvatarUX has continuously created unique titles and mechanics that greatly engage players and is fast becoming a leader in innovation. We are delighted to add it as our latest Silver Bullet partner, and we know operators will be eager to showcase its portfolio of games.”

Nicola Longmuir, a Chief Executive Officer at Avatar UX, added: “Relax Gaming is one of the most esteemed content aggregators in the industry, and this partnership marks a great milestone for us. The collaboration will allow us to extend our footprint in regulated jurisdictions and help us expand our distribution to new markets and target new players.”

Relax Gaming earned its title of the leading B2B supplier in the whole iGaming industry thanks to its continued efforts to improve its content and aim for excellence in everything they do. It was recognized, and the company won many prestigious awards, including the Best Mobile Gaming Software Provider at the 2022 EGR B2B Awards, Casino/Slot Developer of the Year at the SBC Awards and Best Game Provider at the AskGamblers Awards last year.

Right now, the company’s portfolio consists of more than 4,000 thrilling and carefully crafted games, including the range of proprietary slots and third-party studio content Relax Gaming got through its advanced partners network.

Source: Campbell, Alan, “Relax Gaming Enhances Silver Bullet Portfolio Following AvatarUX Deal”European Gaming, August 29, 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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