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Interview with SOFTSWISS COO Andrey Starovoitov about iGaming and Crypto

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SOFTSWISS offers comprehensive software solutions to online casinos and bookmaking websites. The company was the first to integrate crypto payments into its Online Casino Platform. SOFTSWISS COO Andrey Starovoitov agreed to answer some of our questions regarding the potential of cryptocurrencies in iGaming.

  • Hi Andrey, thank you for taking the time to answer some questions. SOFTSWISS is the first online gambling software company to start working with cryptocurrencies as early as 2013. What makes SOFTSWISS’ solution more advanced compared to others?

First and foremost, it would have to be our experience and expertise in dealing with cryptocurrencies, as well as understanding the potential opportunities crypto gambling presents for the operator. We made sure to incorporate crypto into all possible aspects of our product solutions. They are designed to manage cryptocurrencies with ease and enable the flexible integration of new coins for operating purposes.

Today SOFTSWISS offers not only a set of individual products but also an entire ecosystem to start crypto gambling operations from scratch. The product line includes important elements such as an Online Casino Platform, Game Aggregator, the Sportsbook Platform, the Jackpot Aggregator, a Jackpot as a Service solution, the Affilka affiliate platform. Another important advantage is the partnership with CoinsPaid, which offers a crypto payment processing gateway and a business crypto wallet.

All products are adapted to work with cryptocurrencies. For example, the Game Aggregator has already had 44 game studios customising their portfolio to use the most popular coins like Bitcoin, Etherium, Litecoin, Tron, Dogecoin, etc. The Online Casino Platform is the backbone of crypto operations and, in conjunction with crypto processing by CoinsPaid, allows operators to launch payments in any altcoins on the market.

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Crypto betting, in general, is mainstream. Everyone was stunned by the recent news that world-famous Canadian rapper Drake bet over $1 million in Bitcoin on a Super Bowl LVI match. The SOFTSWISS Sportsbook is fully adapted for this purpose. Our experience working with the strongest crypto brands on the market allows SOFTSWISS to be at the top of the crypto gambling niche. Understanding trends in cryptocurrencies and blockchain technology undoubtedly allows us to state that our products are currently leading the way in the B2B sector when it comes to crypto gambling solutions.

  • SOFTSWISS offers both White Label Solution and Crypto Casino Solution. What are the advantages of Crypto Solution and who would you advise to consider this option?

The Сrypto Solution is worth considering for all operators, as cryptocurrencies give access to a wider audience and more countries than the standard fiat currencies. The crypto audience is young and marketing to it is an investment into the future, an opportunity to enter something long-term. Crypto is here to stay.

But I would point out that it is the current market leaders, who should consider looking into crypto. We are at a turning point in the gambling industry. The gap between classic casinos and second-wave crypto gambling casinos such as Stake, Roobet, BC.GAME, Duelbits, Rollbit is now too evident. The young audience of the new casinos is very different from the classic online casino. 

We can highlight a strong demand for community building among players through forums, integrated casino chat rooms, increased interest in competitive elements, and a surge in new channels of engagement via streaming on Twitch and TikTok. And these are just a small part of these differences. It will be quite difficult to catch up with these new crypto casinos if market players miss out on the opportunities crypto offers, as new leaders in this niche emerge.

One of the significant benefits of using cryptocurrencies is the Conversion Rate and the Acceptance Rate (the rate that reflects the percentage of successful deposits). These rates are significantly higher when compared to fiat methods, as the average acceptance rate on the SOFTSWISS Online Casino Platform is close to 99%. Funds transfer speed is also better in comparison with some fiat methods. 

With Cryptoprocessing by CoinsPaid, we credit crypto to the player’s balance immediately, even if the transfer itself has not reached the CoinsPaid crypto wallet yet. Moreover, we minimise risks with various advanced tools. In addition, it is worth noting that the transaction cost in crypto is significantly cheaper than in fiat currencies.

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All of these factors directly impact the player conversion rate and, consequently, the operator’s success.

  • Crypto projects often involve high risks. How do you help your crypto clients develop and avoid risks in the iGaming industry?

As I see it, the potential risks in the case of cryptocurrencies are negligible and barely different from those of a classic casino. Of course, some operators are wary due to their lack of experience in using cryptocurrencies, but SOFTSWISS is the right partner to help reduce the risks to a minimum by providing expertise and innovative product solutions. 

Among possible risks, the only thing that operators may be concerned about is the fear that cryptocurrencies are too volatile and their exchange rates can vary significantly. For example, this could lead to losses in settlements with gaming operators. The functionality of the SOFTSWISS Online Casino Platform will allow the game itself to be run on fiat, while the player balance will be fixed in crypto. This makes it possible to perform all settlements with game providers based on fiat currencies and minimise the potential risk of loss on exchange rate differences.

Secondly, this is more of a concern than a risk, I would call the traffic sources. Indeed, crypto traffic is still emerging and is in an active growth stage at the moment. It is different to the, if we can now call it that, ‘classic online casino audience’. There is definitely an opportunity for operators to convert existing fiat traffic into crypto through tech solutions like Utorg, Changelly, or Moonpay, which let you buy cryptocurrencies directly from a casino site. Streaming also works great for a crypto player acquisition, as streaming services often have a younger target audience.

  • What cryptocurrencies does the SOFTSWISS Crypto Casino Solution support? How are the supported cryptocurrencies  selected and can we expect new additions?

The SOFTSWISS Crypto Casino Solution enables operators to work with any coins, primarily due to the platform’s flexibility and the integration with Cryptoprocessing by CoinsPaid.

While CoinsPaid enables casinos to instantly convert payments from players into any of 20 fiat currencies. This way the player’s fiat balance is not subject to volatility and is fixed at the time of deposit.

The SOFTSWISS Online Casino Platform can convert the player’s crypto balance into fiat at the time of betting. Casino players can play any game with their crypto balance, even if it (the game) does not support crypto.

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This approach is used by all market leaders in crypto gambling and has a number of undeniable advantages. It provides access to a larger number of gaming studios and producers for players who typically prefer to deposit and play in crypto.

The second advantage is that adding new coins is much faster and does not depend on the game provider. And finally, the risks in the case of crypto value volatility are reduced, as the payment to the game producers is based on fiat currencies.

The fast process of adding new coins is important. Already we are seeing a gaming community forming around specific coins, such as Tron, and the emergence of new high-growth cryptocurrencies, such as Shiba Inu, requires an immediate response from operators to market demands.

  • If we look at the Game Aggregator’s 2021 statistics, we can see that the share of crypto from all currencies has doubled: from 20% to about 40%. How do you explain this growth in popularity of crypto among players? Are there any advantages to using cryptocurrencies compared to regular money?

It is safe to say that we have seen the second wave of crypto gambling and the re-emergence of the concept of crypto gambling itself in 2021. The rapid rise in the value of Bitcoin led to the growth of crypto adopters globallyand, consequently, the crypto casino audience. But the key factor was the entry of so-called crypto dice operators like Stake, Roobet, BC.GAME, Duelbits, Rollbit into the iGaming market as we know it. Crypto dice operators had already established a community of crypto adepts. They primarily presented in-house developed games (for example, Stake Originals) based on provably fair technology that allows them to verify the fairness of winnings. The confluence of these circumstances has influenced a resurgence of interest in crypto gambling. 

On the player’s side, the use of cryptocurrencies offers a number of advantages, mainly speed and ease of use in the case of payouts. Anonymity is also a significant factor for a part of the audience.

  • Is there room for novelty in the iGaming industry? Can blockchain technology further revolutionise it or are the opportunities offered by cryptocurrencies mostly exhausted already?

In my view, blockchain technology will significantly impact the industry in the near future. There are clear indicators of it and it will be the audience’s demand for innovations that will improve the player experience, and it’s not just the use of cryptocurrencies in gambling. We are only just arriving at the formation of the crypto-gambling niche. Things like blockchain-based decentralised casino, NFT, and provably fair technology will be integrated into the market in the foreseeable future. By the way, SOFTSWISS is already considering the introduction of NFT technology in gambling.

  • Although cryptocurrencies are increasingly more popular and becoming mainstream, some people are still sceptical about their reliability. Do you see a long-lasting future for cryptocurrencies? Is crypto gambling just another passing trend, or is it here to stay?

I understand people’s scepticism about crypto. It is hard enough to understand how, in the modern world, something can have a huge value with essentially no connection to anything physical. Cryptocurrencies are a soap bubble to such people, but that’s not entirely true. We are seeing major changes in the global economy, where the value of an asset is influenced by the general public’s hype, interest, and trust. Bitcoin is certainly here to stay, and though the technology has aged, it has inherent value and has established trust among its community of users.

Obviously, cryptocurrencies are with us forever, and I don’t see any factors affecting the decline in interest. Naturally, some fluctuations in the value of Bitcoin, as the most popular and, I would say, the most basic cryptocurrency, could affect the interest of some as an investment tool. However, as the experience of previous fluctuations shows, the subsequent growth attracts more new adopters. Overall, we are witnessing iterative growth in both value and audience volume. 

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The price and value of Bitcoin and cryptocurrencies is driven by the demand for ease, speed and cost of a transaction.These factors provide the underlying value of cryptocurrencies in the world to its audience. It is hard to imagine whether it would be possible to transfer a large amount of fiat currency between different continents at the same speed and cost per transaction that cryptocurrencies provide. For this reason, despite the speculative peaks in Bitcoin’s value, we will see a steady trend of new audience growth in the future.

SOFTSWISS offers easy solutions to iGaming operators. The company’s products include several other services beyond its leading crypto integration solution, such as its Game Aggregator, bringing together more than 150 casino game vendors, or the Jackpot Aggregator, allowing iGaming brands to launch custom jackpot campaigns and promotions to enhance customer experience.

Find out more about SOFTSWISS!

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Sends company confirmed its participation in the ICE London Conference 2024

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ICE is the global showcase of innovative technologies, home to 600+ international brands providing access to products and services designed to enhance growth potential. Sends financial company confirmed its participation in the conference inviting to the brand’s stand for meetings.

The 6th of February is the opening day of ICE London 2024. The Sends team will spend three days of the conference meeting the current partners and establishing relationships with new ones in London. On its LinkedIn page, the company noticed that it had set up a stand to provide all the information about activity and business propositions, to meet with associates, and to engage with conference participants.

“Sends team is eager to meet the partners and new people at ICE London 2024. This event is iconic among gaming companies and market players. Organizers predict record attendance for the last London edition. We can’t miss this global event’s opportunities” , commented Anastasiia Pervushyna, Director/MLRO in Sends.

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One of the shareholders (owners) of this company is Alona Shevtsova, a businesswoman, philanthropist, and active participant in the Ukrainian and UK FinTech community.

Recent international industry events during the past year have already clearly shown the value and significance of in-person events for our industry and we expect that to be very evident in London as well”, Alona Shevtsova added.

Sends provides Internet acquiring, multicurrency personal and business accounts. Opening a SEPA/SWIFT/Faster Payments bank account is available within 48 hours after submitting the necessary documents. Sends is available in the web and app versions.

In 2025, the ICE London conference will relocate to Barcelona, Spain. The historic edition of the world’s largest and most international gaming expo ends in Great Britain. This country has hosted the event since 2013.

ICE London 2024 will be held from the 6th to 8th February at ExCeL London. To schedule a meeting with Sends representatives, please use [email protected] email or the conference application.

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*Sends is a trade name of SMARTFLOW PAYMENTS LIMITED.

SMARTFLOW PAYMENTS LIMITED is registered in England and Wales (Company number 11070048).

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It’s time to speed up AI: Slotegrator presented new exciting solutions at iGB L!ve 2023

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A new era in the iGaming industry has begun: AI-powered solutions are now becoming affordable. Slotegrator presented the new AI-powered capabilities of its turnkey online casino platform at iGB L!ve 2023 in Amsterdam.

Every year, Slotegrator presents its newest innovations at iGB L!ve. This year, the company added several new features to its turnkey online casino platform, basing the additions on the results of internal customer research and global market analysis.

Upcoming trends are a constant source of speculation in the iGaming industry. As an industry trendsetter itself, Slotegrator knows what to bet on; last year, the company predicted rapid AI growth, and these capabilities have already been integrated into the company’s solutions.

 

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The upgrades include:

  • The business intelligence (BI) module has become an Artificial BI module. Now it not only helps operators track the analytical data they need to make strategic decisions, but allows them to compare their project with others that operate in the same market. It’s an effective tool for analyzing competitors’ activities and to improve the entire business strategy.
  • ChatGPT was integrated to offer operators 24/7 business consultation. While the strategy will ultimately be up to the casino operator, ChatGPT’s capacity to offer advice can prove invaluable.
  • Fraud Detection (for collecting Big Data to reduce risk) with AI makes it easy for casino operators to set the parameters of what constitutes potentially fraudulent behavior and then segment players accordingly and take action when necessary.

 

Also, Slotegrator integrated a multiplayer chat function – an effective retention tool that emphasizes the value of live communication and offers opportunities for networking and creating player communities. The solution will see the addition of AI capabilities as well.

“This is just the first set of innovations. We are planning to use AI to boost our platform even further. The industry standards are changing, so the market can’t afford to use old tools now. Our participation in iGB L!ve 2023 demonstrated this completely,” says Dmytro Taran, COO at Slotegrator.

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SANDSOFT GAMES ANNOUNCES SECOND ‘PRESS START’ INTERNSHIP PROGRAM

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Sandsoft Games – the mobile-first game developer, publisher and investor powered by AAA talent, is thrilled to announce the launch of the second season of its pioneering internship program, Press Start. Available to local residents with an interest in getting into the games industry, the full-time internships aim to foster and nurture exceptional talent for the gaming industry in Saudi Arabia.

Following the success of the first Press Start initiative which began in December 2022, aspiring games industry professionals are once again invited to embark on the journey of creating a playable mobile game within a span of six months. Aligned with Vision 2030, the Press Start initiative has been engineered to nurture diverse local talent and provide a boost to the regional games industry. The Press Start cohort will receive support from Sandsoft’s leading industry experts in various areas, allowing them to specialize in one of three disciplines: design, art, or coding.

Successful applicants will work from Sandsoft’s flagship Riyadh Studio, with access to cutting-edge equipment and resources. Press Start is overseen by a team of esteemed games industry veterans who have contributed to renowned gaming franchises like Candy Crush Saga, FIFA, World of Tanks, Need For Speed and more, including Sandsoft’s Head of Studio in Riyadh, Yahsir Qureshi.

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Yahsir Qureshi commented:

“Riyadh is a city full of exceptional, diverse talent and love of gaming. It’s our job to identify this talent and help nurture future leaders who will shape the legacy of the KSA and global games industries. The tremendous success of our original Press Start program has been immensely rewarding for both the participants and Sandsoft Games as a whole, with a number of interns expected to join us as full time team members. Initiatives such as Press Start play a significant role in boosting employment prospects in the region and we can’t wait to welcome a new cohort to our Riyadh studio.”

Basem Alasmar, Game Designer at Sandsoft Games and member of the inaugural Press Start program, continued:

“When I first saw the program on LinkedIn, I was immediately drawn to the idea and the challenge it presented. Working in a gaming company has always been a dream of mine, so I was naturally intrigued. What captivated me even more were the experienced individuals at Sandsoft Games and the impressive game titles they had worked on. Their expertise and track record truly impressed me. This program continues to inspire me to strive for greatness, pushing me to create amazing things, learn extensively, and enhance my skills in my chosen field.”

Press Start is open to Saudi Individuals of any age and educational background who have a demonstrable interest in game development and are available to work in Riyadh. Applications are open until July 7, 2023, at 23:59 AST.

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