One issue we face as matched bettors is the time it takes to move money between our betting accounts. If using a debit card, deposits are usually instant but withdrawals can take up to 5 working days which isn’t ideal if you are working with a relatively small bankroll and wish to participate in multiple offers. A better option in some cases is to use e-wallets for betting transactions as withdrawals via this method usually reach your account within 24 hours, allowing you to move funds around a lot quicker, take up more offers and ultimately make more profit. However, there soon could be an even better option to via ‘CasinoCoin’ (CSC) which will result in near instant transaction times between operators and additional benefits.
What is CasinoCoin?
CasinoCoin is a digital currency similar to Bitcoin which is designed specifically for the online gaming industry. It allows players to make deposits and withdrawals and transfer money between betting accounts within seconds with almost zero transaction charges. CasinoCoin is built using Ripple’s blockchain technology which was designed for fast and cost-effective global payment transactions.
Play the video below for a brief explanation of what CasinoCoin is and how it works.
How CasinoCoin Works
Any player who wishes to use CasinoCoin must download the CasinoCoin Wallet which is available to download for Windows, Linux and Mac devices. From within your wallet, you are able to send, store and receive CasinoCoin as well as view transactions and other information. One big aspect of CasinoCoin is the Bankroll Manager. This is what sets it apart from other cryptocurrencies which could potentially be used for transactions. The Bankroll Manager is specifically tailored to the online gaming industry and solves a number of issues for both players and operators.
The Bankroll Manager App allows seamless transfers of CasinoCoin between the operator and the player or between the operator and another operator, allowing funds to be moved between accounts in seconds. Another advantage is that the Bankroll Manager allows for completion of KYC checks.
In May 2019, regulations came into effect where operators were required to verify all accounts prior to making a deposit. This can sometimes be done via a ‘soft check’ using a debit card but often requires the player to send ID documentation such as copies of passports, driving licences, utility bills and bank statements. The CasinoCoin Bankroll Manager solves this problem for both parties. It’s able to do this as CasinoCoin has partnered with Jumio who are responsible for verifying the ID for Coinbase users.
When first using the CasinoCoin Bankroll Manager, players will upload their ID. Once verified by Jumio, the player is then able to play at any online casino or betting site registered in the Bankroll Manager. Documentation is only required that one time, saving the player a lot of effort and making the job of the operator easier as they have effectively outsourced their regulatory verification checks.
Once verified, players can deposit, withdraw and transfer funds between operators within seconds.
The CasinoCoin Bankroll Manager also includes features for anti-money laundering measures and responsible gambling options. Again, making it easier and more responsible for both the player and the operator.
Who is behind CasinoCoin?
It’s no surprise that we’re seeing developments in the online gaming industry related to cryptocurrency as players have been able to use Bitcoin at a select number of operators for some time, albeit without the advanced features that CasinoCoin offers. However, the team behind CasinoCoin is what is most impressive as the board is made up of many experienced and influential individuals from the industry.
John Cadwell – Director of Advocacy – Previously Editor in Chief for Pokernews.com and had a senior marketing role for PokerStars
Ashish Tawakley – Chief Commercial Officer – Previously held a position at Betfair
Duncan Cameron – Technical Director – Managed the build & launch of the PokerStars App which resulted in the PokerStars receiving the ‘Mobile Operator of the Year’ award from eGaming.
Lydia Barbera – Advisory Board Member – Voted in the top ten most influential women in the online gaming industry. Until April was the ‘Head of Innovation’ at Microgaming.
Jeffery Haas – Advisory Board Member – Chief International Officer for Draft Kings
Britt Boeskov – Advisory Board Member – Chief Experience Officer at Kindred Group
Lee Fenton – Advisory Board Member – CEO of Gameseys
Can you use CasinoCoin now?
Not just yet. Not at least at the time of writing this article (May 2019). However, the tech has been developed and is pending approval following sandbox testing from the Maltese Gaming Authority. It is reported that the team have partnered with an unnamed operator to test CasinoCoin with more information and developments to be announced in the near future.
CasinoCoin is an exciting project which solves problems in the online gaming industry for both players and operators. It allows players to deposit, withdraw and transfer funds between betting sites within a matter of seconds for negligible amounts (usually pennies). It also eliminates the need for players to upload verification documents for every betting account which also makes life easier for operators who currently have to perform these checks. The team behind CasinoCoin is impressive and it’s good to see so many influential individuals on board. Their experience will surely play a big part in the success of CasinoCoin and bringing it to launch after testing.