Despite the controversies it can generate, there is no doubt that innovation in regulated iGaming is crucial to unlocking its economic potential and protecting consumers.
A clear example of the benefits of effective regulation can be found in Ontario, Canada. A recent study commissioned by the Alcohol and Gaming Commission of Ontario (AGCO) and iGaming Ontario revealed that the vast majority of people participating in iGaming in the province do so on regulated sites.
This significant change has come just two years after regulating the iGaming market in Ontario.
Previously, it was estimated that 70% of online gambling occurred on unregulated sites.
Innovation opportunities in regulated iGaming
Innovation in regulated iGaming presents a significant opportunity in the sector. And if we talk about innovation, we cannot ignore the growing adoption of Bitcoin. The European Union, and especially countries like Malta and Gibraltar, are at the forefront. Not only in crypto transactions, but they are also pioneers in regulation. This has helped provide more legal certainty for iGaming operators using cryptocurrencies.
However, the lack of comprehensive regulation on the use of crypto assets in iGaming remains a challenge. In addition, there is very little information and lack of knowledge. Not everyone is clear about what can and cannot be done with digital currencies in the industry.
Regulated operators often face higher barriers compared to their unregulated counterparts. It is the latter that can innovate more, taking advantage of legal loopholes or acting illegally.
However, this does not mean that regulated operators cannot innovate in a fully regulated manner. With the adoption of Bitcoin and solutions such as ElenPAY, regulated operators have the opportunity to compete effectively and securely.
Bitcoin opportunities for regulated operators
In a recent article on Investing.com, our founder and CEO, Giacomo Collini, explains the revolution that Bitcoin can bring to the iGaming industry and the opportunities for regulated operators.
Collini notes “the tremendous possibilities that this digital currency offers to the iGaming market” and how it “has been skewed mainly by the poor competitiveness of regulated versus unregulated operators.”
Blockchain technology offers traceable transactions, which brings confidence to institutions. It also provides fundamental security for operators without sacrificing innovation.
To implement Bitcoin payments as a regulated operator, it is crucial to work with experts and platforms that:
- Have the necessary experience and expertise in both crypto and iGaming.
- Are aligned with and understand the regulation in detail.
Complying with current and future regulations
ElenPAY is a Bitcoin payment platform that is in the process of fully adapting to MiCa regulations. We are working with regulators such as the DGOJ, the Bank of Spain and the CNMV to make our tool compliant with current and future regulations.
In addition, to comply with all anti-money laundering measures, ElenPAY acts as an analytical platform that facilitates the traceability of transactions.
As a company based in Spain, we follow the Spanish regulation, which serves as a standard in countries with similar iGaming base laws.
In general, it can be said that gambling with crypto assets is legal and allowed if two conditions are met:
- That the jurisdiction allows online gambling.
- That the jurisdiction has recognized cryptocurrencies as legal tender or allows their use as a unit of account.
Currently only a few jurisdictions, such as Curaçao, Malta, Gibraltar, Kahnawake and the Isle of Man, meet these criteria. In jurisdictions where cryptocurrencies cannot be traded directly, such as Spain, operators face additional challenges.
How ElenPAY helps regulated operators
This is where ElenPAY comes in. To overcome this and offer the innovation and opportunities of Bitcoin, our platform functions as an “exchange”. ElenPAY converts Bitcoin to fiat currency, allowing to follow current iGaming regulations.
Payments to the operator are made in euros (fiat) to the bank account, and the balance in our back office appears in euros. Thanks to Bitcoin Lightning technology, players can deposit or withdraw funds in Bitcoin. Once on the betting platform, they operate in fiat currency.
In this way, operators do not touch or see crypto, but they can accept it as a payment method.
Leveraging the playing field with innovation in regulated iGaming
The iGaming market is constantly evolving. With the right tools like ElenPAY, regulated operators can position themselves to lead this change.
Effective regulation and innovation in regulated iGaming is crucial to unlocking the industry’s economic potential.
ElenPAY is at the forefront of this revolution, providing a solution that will not only comply with stringent MiCa and iGaming regulations, but will also facilitate fast, secure and cost-effective transactions via Bitcoin.
By offering a platform that allows regulated operators to compete effectively with their unregulated counterparts, ElenPAY levels the playing field and opens up new market opportunities.
If you are interested in implementing ElenPAY in your business, request a personalized demo today. Take the first step towards innovating Bitcoin payments in a regulated manner.
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