AXES

Earle Hall on Innovating the Land-Based Gaming Industry with FinTech Traceability

Published

2 years ago

May 2, 2022

In this insightful conversation, Earle Hall shares how AXES is making the land-based gaming industry safer, more accountable, and even more fun.

What mission matters to you?

Hall says his team’s mission is to bring greater legitimacy to the land-based gaming industry through traceability and transparency of transactions, all in an effort to eliminate money laundering and addictive gambling.

How did you get started on the path of FinTech and gaming?

Twelve years ago, Hall notes, some changes in the law required land-based gaming transactions to be stored and traced to encourage cashless gaming. His team was working to solve the same issue in Mexico when the new law was enacted, at which point they realized the simplest solution would be to develop a cloud-based system to address it. They began developing the product in 2006, and over the next five years, they produced a closed loop, cloud-based cashless solution. As of 2022, AXES now provides fintech services to more than 40 countries.

The casino industry’s current landscape

Hall explains that the casino industry has always been a closed-loop system, but due to the COVID-19 pandemic, the land-based gaming industry has begun exploring open-loop models and now must protect the closed loop strategy and add on the virtual money transportation piece which is open loop.

“It’s an exciting time because FinTech providers are trying to get into the gaming industry,” he notes, “which can make gaming a traceable and legitimate event with KYC (Know Your Customer). They just need to ensure that their money transportation system meets all the rules, regulations, and patents as well as traditional closed loop methodologies.”

The direct open-loop shift can pose a threat to the traditional casino industry, though, as its business model is centered around the deposition of money in a closed-loop system, which keeps money floating for casino operators. Therein, he explains, lies a challenge.

The role of blockchain and cryptocurrency

In an age of cyberwar, Hall says, cloud and blockchain is the only methodology to ensure one hundred percent information security. Noting that it’s not physically viable to hack, he says AXES has been using blockchain technology for five years now.

“Cryptocurrency, and digital currency transactions based on KYC are now the safest ways to make a transaction, (while) paper money is an inefficient tool that enhances the risk of money laundering,” he counters. But as casinos go cashless, he says, legitimacy will follow.

Tell us more about AXES.ai.

Hall explains that AXES offers IoT devices to intelligently transport information to AXES Cloud. Cloud-based real-time detection and alerts prevent illicit activities, giving companies control over the security, speed, legitimacy, and traceability of their data. In addition to their business analytics package, they offer cashless features in the AXES App Store. AXES serves three markets: government, casinos, and route/street markets.

As policymakers, educators, and standard organizations engage with emerging technologies, Hall predicts the industry will be transformed. When asked about his plans for the future of AXES, he says it’s focused on educating more people about its cloud-based solutions and how they can help clients innovate to meet the moment. Meanwhile, its new media division is coming online soon with an exciting launch of new products that will redefine CPM metrics..

AXES

AXES Releases Kiosk Integration and Reporting App

Published

1 year ago

March 9, 2023

GamingAmericas.com

AXES.ai has released its kiosk integration and its reporting app for the land-based global market.

The Kiosk Integration Kit allows any manufacturer of a kiosk to integrate seamlessly and in real-time to the AXES Fintech Platform. The kiosk is recognized in the AXES Cloud as a fintech device and connects to all the cash in, cash out, balance transfer, and other options that any TiTo or Smart Card Cashless environment would require. The Kiosk Integration Kit is integrated with the AXES Point of Sale as well as the mobile app to ensure that players have 100% flexibility on how, where and when to transfer funds from any one of the devices on the AXES Fintech Platform. AXES has developed a specialized reporting module to ensure kiosks can be monitored and tracked separately, while ensuring they are integrated in all reporting as another fintech device on the network.

“As our clients integrate kiosks from manufacturers all over the World, it is our duty to support them to ensure that their cashless strategy is optimal and profitable. We are on the cusp of automation in the land-based gaming segment, and kiosks are an important step that is accelerating. We are proud to support our clients with this new addition to our applications’ platform to ensure they can integrate kiosks into their strategy easily and rapidly,” Earle G. Hall, President and CEO of AXES.ai, said.