Connect with us
European Gaming Congress 2024

Industry News

UKGC: How will the ban on gambling with credit cards affect the industry?

Published

on

 

U.K’s Gambling Commission recently made a decision to ban gambling with credit cards. The Commission has been on a mission to promote responsible gambling and it looks like this is the next step. From now on players won’t be able to bet the money they don’t have on online games. The initiative has been around for over two years, ever since charity groups GambleAware and Citizens Advice first suggested the idea. According to the commission, around 22% of problem gamblers use credit cards to play, so it makes sense to introduce this ban in order to avoid credit card debt. This could be the start of the revolutionary approach to gambling that we haven’t seen yet. The U.K is pioneering the movement aimed at putting an end to risky gambling and promoting the responsible approach instead.

What the commission hopes to accomplish

By imposing this ban the commission hopes to promote the approach that urges the players to only spend within reason. When gamblers use credit cards it can become harder to know when to stop, because you’re not losing the money you already have. The whole appeal of the credit cards is also their biggest downside. They prevent you from thinking about money in a responsible way, in the industry where money can so often become an issue, it seems irresponsible to gamble away by using a credit card.

With this move, the commission hopes to promote a more balanced approach to gambling and it might be setting an example for other countries to follow as well.

This ban hasn’t been made official yet, and U.K’s major betting websites including PokerStars, 888, Betfair and Bet365 are still accepting credit cards on their websites and have previously received criticism for along their players to get themselves into huge debts.

Advertisement
Stake.com

It hasn’t been confirmed yet, but it is likely that payment services like Paypal and various e-wallets will also be banned.

This is a huge shift in the gambling industry and the feedback has been mixed. While this move will definitely help those with the spending problem to get their bad habits in check, for those who have no problem gambling responsibly even with credit cards it might become an inconvenience. But since the topic of responsible gambling has become so relevant, it makes sense that the U.K made this decision.

We’ve seen a major shift in the way authorities approach gambling and according to industry authority VegasSlotsOnline, there are more regulations coming in the way of the casino industry, such as the record fine of 2.34 million Euro imposed on Blackrock Media by the Malta Gambling Authority.

The future of gambling

Gambling has become a huge part of the entertainment industry and online casinos have only taken its popularity further. But with online casinos, it also became harder to control some aspects of gambling. For example with online gambling it might be harder to control whether or not the player is underage, there is more room for fraudulent activities and overall online casinos have presented a whole new set of challenges for the gambling community, playing with credit cards being one of them. The proactive approach aimed at creating a more regulated gambling scene will definitely make the change for the better in the industry, but it is a fine line between trying to regulate the negative aspects of it and then trying to keep the casinos under tight control. The second one will definitely not last very long while the first option can only bring positive changes to the community.

This trend of promoting responsible gambling can be seen in other parts of the world as well, and if the U.Ks effort turns out to be successful we will likely see the wider adoption of the new regulations across other countries as well.

Advertisement
Stake.com
Continue Reading
Advertisement

Industry News

Biggest iGB L!VE on record opens in Amsterdam

Published

on

biggest-igb-l!ve-on-record-opens-in-amsterdam
Reading Time: 2 minutes

 

The 2024 edition of iGB L!VE, the last to be held in Amsterdam prior to its 2025 relocation to London, opened today (17 July) with attendees participating in the biggest edition of the show on record.

A sustained level of international interest has seen iGB L!VE registrations increase 40% year-on-year with industry professionals from 121 nations heading for Amsterdam.

Delegates will have access to 300+ exhibitors and sponsors occupying over 21,000 square metres of gross space, up 35% on the 2023 figure.

Advertisement
Stake.com

The iGB L!VE Conference Program features 50+ speakers across 21 sessions. Built around four core themes of: Markets and Convergence, Player Engagement, Building for the Future and Protecting Your Business – headline sessions include a live masterclass on ways to engage players in the world’s hottest online casino markets, innovation in slot game design, navigating cyber threats in the aftermath of an attack, the role of ESG in boosting M&A valuations, parasite SEO, surviving the search bar squeeze, link localisation in Spain and LatAm, and how affiliates should respond on player protection.

iGB L!VE got off to a dynamic start with Michel Groothuizen, the chair of the Dutch regulator Kansspelautoriteit (KSA) making the opening address. The appearance was Michel Groothuizen’s first in front of an international igaming audience following his appointment as Chair of the KSA effective 1 July.

This was followed by a Keynote delivered by Sam Sadi, CEO of LiveScore Group. Sadi who has worked across the sports media and betting industries for more than 25-years presented how to drive growth through media partnerships and convergence.

In a number of ‘firsts’ iGB L!VE is hosting the ASCEND Women & Allyship Meet-Up, a new year-round mentoring and leadership initiative aimed at supporting women early in their gaming careers. The show will also witness the launch of the iGB LaunchPad which provides a platform for five trailblazing start-up businesses and the first Sustainable Gambling Zone showcasing the industry’s latest thinking and approach to safer gambling.

 

Advertisement
Stake.com

The post Biggest iGB L!VE on record opens in Amsterdam appeared first on European Gaming Industry News.

Continue Reading

Industry News

PayKings Introduces Premier High-Risk Merchant Processing Solutions for Seamless Approval

Published

on

paykings-introduces-premier-high-risk-merchant-processing-solutions-for-seamless-approval

 

PayKings, a payment processing service, has introduced products aimed at businesses needing assistance to obtain standard merchant accounts. The company’s new solutions target enterprises in industries that many financial institutions consider high risk.

Established in 2011, PayKings has since expanded its sales in the merchant processing sector and proudly earned a place on the Inc. 5000 list. The company’s team boasts over 50 years of experience in payment solutions, specializing in assisting businesses that might face challenges in obtaining credit card processing services.

“We’ve seen how many legitimate businesses struggle to find reliable payment processing. Our expanded services are a direct response to the gaps we’ve observed in the market,” said Kyle Hall, Chief Executive Officer at PayKings.

A high risk merchant account is generally required for businesses engaged in industries such as online gambling, dietary supplements, vitamins, subscription businesses, and travel-related industries. These sectors often face challenges when obtaining credit card processing functionality due to elevated chargeback risk or compliance concerns.

Advertisement
Stake.com

PayKings’ new products include organic underwriting strategies tailored to the specific needs of high-risk businesses. The company has also developed advanced fraud identification measures and chargeback prevention methods to deliver better results for clients.

“Every business deserves a fair shot at growth. We’re not here to judge industries. Our job is to facilitate secure, efficient payment processing for legitimate businesses, regardless of their risk classification,” Hall added.

The application process for PayKings’ high risk merchant account involves a detailed review of each business. While this process is thorough, the company aims to make it as straightforward and seamless as possible for applicants who often see same or next day approvals.

Connor Haynes, owner of an online vape shop, said: “I was really impressed with how quick and easy it was to get started with PayKings. The approval process was straightforward, and their support team was very helpful in answering all my questions. Now, I can focus on growing my business without worrying about payment processing issues.”

PayKings emphasises its commitment to compliance with all relevant regulations in the payment processing industry. The company maintains relationships with multiple banking partners, allowing it to offer diverse solutions for different business needs.

Advertisement
Stake.com

In addition to its core services, PayKings has expanded its educational resources. The company’s website now features a series of articles and guides about high risk merchant accounts, credit card processing, and the broader landscape of payment solutions for challenging industries.

“We would like our clients to take charge and be more in control. People who created these industries have insights that make it invaluable to them to know the nuances of payment processing, particularly in such a risky business,” said Kara Hall, PayKings’ Vice President of Operations.

Continue Reading

Andrew Cardno

QCI’s Andrew Cardno to Speak at the Casino Marketing & Technology Conference

Published

on

qci’s-andrew-cardno-to-speak-at-the-casino-marketing-&-technology-conference

 

Andrew Cardno, the Chief Technology Officer of Quick Custom Intelligence, will be a featured speaker at the Casino Marketing & Technology Conference, taking place at the Grand Sierra Resort & Casino in Reno, Nevada. On July 17, 2024, Cardno will present an engaging session focused on strategies for casino marketing during these unpredictable times.

In his session titled “Effective Marketing Strategies for Casino Operators in a Volatile Economic Landscape,” Cardno will delve into innovative marketing tactics that can help casino operators navigate and thrive amid economic uncertainty. Drawing inspiration from Nassim Taleb’s groundbreaking work “The Black Swan,” Cardno will explore how leveraging unpredictability can become a powerful tool for casino marketers.

Attendees will gain insights into long algorithmic gaming tactics and how to adapt to the evolving convergence of entertainment and gambling. Cardno’s approach emphasizes agility and responsiveness, enabling marketers to stay ahead of sudden market changes and maintain sustained engagement and profitability.

“In these unpredictable times, it’s crucial for casino operators to embrace volatility and turn it into an advantage. By leveraging advanced marketing strategies and long algorithmic gaming tactics, we can create a more resilient and adaptive approach to casino marketing. This session will provide actionable insights to help marketers navigate the challenges and opportunities that lie ahead,” Andrew Cardno, CTO of Quick Custom Intelligence, said.

Advertisement
Stake.com

“We are thrilled to have Andrew Cardno speak at this year’s conference. His expertise in data-driven marketing strategies and his ability to draw on concepts from thought leaders like Nassim Taleb will provide invaluable perspectives for our attendees. This session promises to equip casino operators with the tools they need to thrive in today’s dynamic economic landscape,” Deana Scott, CEO of Raving, said.

Continue Reading

Trending

Get it on Google Play

Offering comprehensive coverage on all aspects of the gaming sector, our daily posts include online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Gaming News Room is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania