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OKTO ready to answer industry’s cashless question, once and for all
Introducing a software-based solution carefully tailored to Britain’s retail gaming sector, Simon Dorsen, director of gaming at OKTO – joined by Gambling Business Group (GBG) CEO Peter Hannibal – explains how the financially licensed company has leveraged GBG’s new EFT protocol to provide operators with a cashless system that allows players to use, move and collect their funds instantly – whether it’s on a gaming machine, at the bar, or in their local high street shops.
International fintech provider OKTO is ready to give Britain’s retail gaming sectors a much needed post-lockdown boost by offering the definitive solution to the longstanding challenge of cashless payments.
While there remains competition to provide the sector-wide cashless solution the industry requires, OKTO’s director of gaming Simon Dorsen, an 18-year veteran of the gaming industry, believes the company’s strict financial licenses, vast technological expertise, and unrivalled wallet universality all put OKTO’s secure and complete cashless solution ahead of the pack.
“Cashless and digital payments in the UK is the norm now and today’s consumers demand the digitisation of payments across the economy, and in gaming as well. We have tailored our wallet towards the unique requirements of gaming, but we’re not just a gaming wallet,” explained Dorsen. “Money in the OKTO ecosystem can be moved or spent anywhere that accepts digital payments, whether it’s pubs, bingo clubs or high street shops – and our licenses, upholding the strictest of security standards, mean that any funds with us are always fully protected. The fact that we are financially licensed is very important, as it means both merchants and users can be confident that OKTO is backed by central banks across Europe.”
In addition to its licenses and software-based solution, a recently developed Electronic Funds Transfer (EFT) protocol, made publicly available by Gambling Business Group (GBG), has given OKTO an advantage over the industry’s false-starts at a cashless solution. Without the need for any additional hardware or upfront costs, the protocol makes it possible for OKTO to bring any digital gaming machine into its payments ecosystem – finally putting the retail gaming sector on a level playing field with the rest of Britain’s high street economy.
“We are thrilled to be working on established industry protocol which is fully supported by the principle manufacturers of digital machines in pubs and AGC’s. It enables our truly cashless solution to allow users to go up to a gaming machine in the pub, press a button to use OKTO, and deposit funds to start playing. When they cashout, they get the money back in their cashless wallet instantly. Additionally, we are able to onboard pubs as merchants, so if the users want to immediately spend on food and drink in the pub, they can; either through their OKTO.WALLET app or, in the near future, from their OKTO debit card that is linked to the wallet.”
Indeed, much like increasingly popular neo-banks such as Monzo and Revolut, OKTO allows users to move and use their funds instantly, as they wish, putting the power directly in the user’s hands. It’s not just a “one-use” wallet, as users can extend the wallet usage beyond gaming machines and into the wider economy. This is not only ideal for giving players the most frictionless experience possible, but also for allowing operators to easily move, manage and count their digital cashboxes, detailed Dorsen.
“Because the transactions are instant within our ecosystem, you can dramatically move to a settlement time that is instant,” he continued. “We can automate and move towards an instant settlement process. Compared to the traditional cash dependent system, this will allow operators to reimagine the way they operate.”
GBG CEO Peter Hannibal, whose open EFT protocol allows payment providers to ‘talk’ to any connected digital gaming machines, believes that OKTO’s entry into the retail gaming sectors has come at the perfect time. Not only has the protocol made it so much easier from a technical perspective, but with Covid-19 creating a sentiment of fear around the use of cash, the increasing trend of cashless payments is affecting all sectors of the industry more than ever.
“During lockdown we learned that bingo customers were concerned about using cash after the clubs reopened,” Hannibal explained. “The operation of traditional bingo has always been dependent upon coins and cash, but that clearly needs to change, and companies like OKTO will enable them to do that. Products like OKTO’s cashless solution have the potential to transform many gambling activities including bingo – and there’s an existential need for it now, even if there wasn’t before.”
Importantly, OKTO also provides a range of social responsibility tools to players through the fintech provider’s app, incorporating a strict age verification process, self-exclusion, betting limits, and profit and loss calculator tools that further enhance consumers’ protection. In addition, there is a section embedded in the app with national problem gambling helplines.
Hannibal summarised that OKTO’s solution presents a rare opportunity for the industry; a situation in which everyone’s a winner. The player gets more choice, the regulator gets responsible gaming tools in the players’ hands, and the operator gets a boost to business efficiency when it’s most needed. And with no upfront costs, it’s a boost that Dorsen believes operators will welcome.
“I have noticed a real change in operator’s mindsets over the past 18 months. There was a tipping point last year, even before COVID-19 came along, where operators realised that they need to learn about and adopt new cashless solutions. Now, naturally, we are seeing the consumer shift, and because of COVID-19 all demographics are becoming more comfortable using cashless payments,” said Dorsen. “The current economic circumstances are requiring operators to focus on efficiencies more than ever, and because our software based solution connects directly to the GBG/EFT protocol, we can provide fast deployment without any upfront capital expenditure. There’s not a big financial hurdle to implementing our cashless solution, so we think that operators will be eager to finally unlock the benefits they’ve been hearing about for so long, and we’re ready to show them exactly how our end-to-end cashless solution can help their business.”
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Coolbet switches to an automated player onboarding flow with iDenfy’s ID verification software
The implementation will help Coolbet reduce multi-accounting, bonus abuse, and other illicit practices that challenge the iGaming platform’s security
iDenfy, a leading identity verification and fraud prevention company, has announced a new partnership with Coolbet, the award-winning B2C company, known for its innovative online gaming platform. This collaboration enables Coolbet to integrate iDenfy’s automated identity and address verification services, enhance its compliance operations, and reduce fraud risks in the clients’ onboarding process across its global markets.
Coolbet, established in 2016 and headquartered in Tallinn, Estonia, offers a personalized entertainment experience across various areas, such as online casino games, sports betting, and online poker. The company operates under Estonian, Swedish, and Maltese gaming licenses and serves over 1.3 million users across ten markets, including Canada, Sweden, and Chile. With a strong focus on transparency and fair play, Coolbet has built its reputation on delivering exceptional customer care and utilizing in-house technology. However, managing the manual aspects of identity and address verification was proving increasingly complex and time-consuming experience as the platform grew.
According to recent industry data, identity fraud accounted for over 50% of all online fraud cases globally in 2024, highlighting the need for robust and automated verification solutions. In response to this growing threat, Coolbet’s team decided to integrate iDenfy’s identity and proof-of-address verification solution, which are both AI-powered and designed to convert more users. iDenfy’s CEO, Domantas Ciulde, explains that such a switch will immediately benefit Coolbet since its team will have more time and resources to focus on other business development tasks.
As a result, Coolbet can now automate the main KYC process while maintaining strict compliance and delivering a smooth player experience. Teams can easily set rules for acceptable documents such as utility bills, bank or credit card statements, tax documents, and other compliance-related operations, guaranteeing the platform ensures that the user’s address proof is valid and not older than three months. It is worth mentioning that iDenfy’s Know Your Customer (KYC) software also uses advanced biometric and 3D liveness detection technology, including AI-powered document scanning, which allows the ID verification solution to recognize over 3,000 document types from 200+ countries. This ensures fast, secure, and global identity verification in one seamless process.
A key differentiator in iDenfy’s offering is its results-based pricing model, where clients are only charged for successful verifications. This approach helps companies to significantly reduce verification costs without sacrificing reliability or compliance rules. Additionally, iDenfy’s intuitive KYC management dashboard interface allows Coolbet’s team to navigate and manage the verification process with ease and speed which are essential components in fast-paced gaming environments.
It’s worth mentioning that the need for robust identity verification has never been greater. According to a recent study by Juniper Research, global losses due to online fraud are projected to exceed $107 billion by 2029, with identity fraud as one of the primary drivers. In regulated industries like iGaming, where fraud and regulatory scrutiny are growing, having a reliable KYC partner is essential.
“With iDenfy, we found a partner who not only delivers a high-quality product but also supports it with fast, transparent communication from day one. Their user-friendly dashboard, high acceptance rates in our target markets, and efficient support made the integration process seamless. We were able to automate identity and address verification, improving our operational efficiency,” said Endre Nesset, the President of Coolbet.
“We’re thrilled to work with Coolbet, a company that puts transparency and player trust at the heart of its platform. Our mission is to empower businesses to grow securely, and this partnership reflects that. By combining automation with accuracy, we’re helping Coolbet to create a more efficient, fraud-resistant onboarding experience for its global audience,” said Domantas Ciulde, the CEO of iDenfy.
The post Coolbet switches to an automated player onboarding flow with iDenfy’s ID verification software appeared first on European Gaming Industry News.
With over 100 games now live on Lucky Seven Casino’s platform, Amusnet introduces a selection of its diverse portfolio of online casino games to a wider audience. The partnership marks a strategic move for the provider into the Dutch market, strengthening its presence in the region and providing local players with a premium gaming experience while driving mutual growth for both companies.
“We are excited to partner with Lucky 7 Casino as they enter the Dutch market. As a new operator, they bring fresh energy to the industry, and we are confident that our games will contribute to their success. This launch marks another step in our commitment to delivering top-tier gaming experiences in the Netherlands,” said Dimitri De Temmerman, Managing Director of BNL at Amusnet.
The partnership with Amusnet is a major step forward for Lucky 7 Casino. This partnership offers several benefits, including access to a wide range of innovative games that enrich our platform. Amusnet’s cutting-edge technology will enhance our current offering, allowing us to offer players an even more engaging and immersive experience,” commented Frank Loffeld, COO/CTO of Lucky 7 Casino.
On Lucky 7 Casino’s platform, local players can find some of Amusnet’s top-notch games such as 100 Power Hot, 20 Golden Coins, Shining Crown, 40 Bulky Fruits, Extra Crown, Cavemen and Dinosaurs, Cocktail Rush, Candy Palace, Vegas Roulette 500x, Dynamic Roulette 120x and many more.
The post Amusnet Strengthens European Presence with Dutch Launch on Lucky 7 Casino appeared first on European Gaming Industry News.
Leading iGaming content provider Spinomenal has unveiled its hot new slot, Blazing Rhino Hold & Hit.
The 3×5 game is presented on golden savannah grasslands, populated with rock formations and acacia trees. A calm, sun-drenched soundscape sets the scene for wild adventure alongside beautiful beasts.
Landing three baobab tree Scatter Free Spins symbols will launch the Free Spins game. In the base game, Scatter Free Spins symbols can only appear on reels 1, 3, and 5. Three Scatter symbols give players three Free Spins and multiply the total bet by three.
Once free spins are underway, any symbol can transform into a colossus symbol (3×3), spanning the middle of the slot across reels 2 to 4. Scatter symbols (bonus or free spins) will only hit as a colossus symbol and activate the feature. A Free Spins colossus symbol grants three extra free spins and pays triple the total bet.
The Hold & Hit feature builds extra tension on the reels. Six Scatter bonus symbols will initiate the Bonus game, where the symbols that carried the players to the feature remain frozen in place. Players start with three spins and once the empty spots are filled or when the spins expire, the game concludes.
Every spin gives players a chance to populate the vacant spots and earn prizes spanning x1 – x10 multipliers of the total bet. There is also the Mini Jackpot (x25 total bet), Major Jackpot (x50 total bet), and the Mega Jackpot (x250 total bet). The counter ticks up for each win and any player who completes all 15 spots will walk off into the sunset with the Grand Jackpot – x5000 the total bet.
Spinomenal CO-CEO, Omer Henya commented: “Blazing Rhino: Hold & Hit is a wild ride through the savannah, bursting with features, colossal symbols, and bountiful jackpots. We expect this to be a roaring success with players.”
The post Spinomenal unveils Blazing Rhino Hold & Hit appeared first on European Gaming Industry News.
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