iGaming Business organized the first-ever digital currency Gambling conference on November 24, at the place where coins were minted in the UK between 1809 and 1968, London’s Dexter House. The conference covered important subjects such as why Bitcoin is such a good fit for internet betting, regulatory issues, Bitcoin use in other industries, and the future of digital currencies and other alternative currencies.
This conference brought the virtual currency world and online gambling together in an attempt to eliminate the friction in online gambling payment processing and promote the adoption of digital currencies for online transactions.
This conference has also served to start building a strong relationship between the bitcoin and online gambling communities and provided an excellent opportunity for industry representatives, investors, affiliates, and operators to meet, interact, network and share information. Currently Bitcoin and other crypto-currencies represent a very small percentage of igaming revenues. However the opportunity for operators is big with clear advantages such as providing the means to target any person worldwide with little to no friction, 0% chargebacks and positively no fraud. It is not surprising then that the igaming industry is focused on this rapidly expanding niche
The organizers stated:
“The Bitcoin4iGaming Conference is dedicated to the opportunities Bitcoin and other virtual currencies present to the iGaming sector. The event will bring the cryptocurrency world and the iGaming world together in order to eliminate friction in iGaming payment processing and popularizing the use of cryptocurrencies in digital transactions.”
The organizers were happy to see more people in the event than they initially expected.
Participants included: gambling operators, representatives of the bitcoin industry, and other interested groups.
Bitcoin Foundation Executive Director Jon Matonis was the special guest to speak at the first session of the conference. Matonis stressed on the theme of the advantages that cryptocurrency opportunities in general and bitcoin in particular have in the online gambling sector. He also talked about regulation and the successful use of bitcoin in the gambling industry.
Matonis said that the Bitcoin Foundation’s role in educating industry leaders and helping to navigate the Bitcoin ecosystem will result in best practices that could also be applied in advancing global financial inclusion and reducing the high cost of remittances. Matonis is a real Bitcoin promoter who has made his preference for this particular alternative digital payment method his clear choice. On speaking about the introduction of Bitcoin he said:
“In the worst sense, alt-coins are a distraction and they divert attention and resources away from Bitcoin (which is the preferred leader). One good thing about alt-coins is that they can act as an experimental test bed for new features that may be able to be incorporated into Bitcoin. BTC has incredible potential in the gaming world.”
Robin Le Prevost, head of E-Commerce Development of The States of Alderney; Michael Caselli, editor-in-chief of iGaming Business; Ivan Montik, CEO of SoftSwiss; Simon Dixon, CEO and co-founder of BankToTheFuture.com; and others were also some of the invited guest to speak at the event.
When it comes to things that have changed online gambling in its brief history virtual currency use is significant. The introduction of Bitcoin to the mix of payment options is challenging the industry in ways the punter never imagined years before. To facilitate more understanding between Bitcoin use and the online gambling industry event organizers iGaming Business presented a conference that sure will bring some positive effects.
The First Online Gambling Conference was held in London this Monday. It joined several members of both the online gamblimg community and the Bitcoin community. The Conference ran much better than the organizers were waiting and acted as a bridge to strengthen the links between the online gaming community and cryptocurrency.