The global visibility of cryptocurrency is undeniable. Digital currencies are making an impact across various business and sectors, including igaming, where Yolo Entertainment CEO, Matthew D’Emanuele, believes it is driving innovation.
D’Emanuele spoke with CasinoBeats ahead of his appearance at the CasinoBeats Summit in Malta next month, arguing that cryptocurrency poses some key benefits to gaming operators, such as quicker payments and greater transparency.
“There are many benefits to giving players the choice of using crypto in addition to fiat,” he said.
“I love the transparency that crypto brings to the process, the decentralised nature of blockchain technology, which allows every network user to track all transactions in real-time is an example of this.”
Although firms such as Yolo are keen to emphasise cryptocurrencies benefits, there are still some observers – notably regulators and consumers – who maintain concerns.
D’Emanuele noted that although some regularos have ‘made some positive moves’ there is still work to be done for advocates of crypto betting. This applies not just to regulator engagement but also consumer education.
Part of this education needs to focus on responsible gambling, he expressed. Crypto firms need to address the misconception, in D’Emanuele’s view, that cryptocurrency carries more responsibility risks than fiat.
“One of the great myths around Bitcoin, for instance, is that it is anonymous,” he explained. “That’s not actually true. Bitcoin is a pseudo-anonymous cryptocurrency, which is a really important difference.
“It makes it easier to track than fiat currency in many vital aspects, and in turn provides a higher level of both RG and AML protection than you’d typically see from a traditional online casino handling bank and card transactions.”
Although more work needs to be done, cryptocurrency has still come a long way in betting and gaming. Yolo Entertainment’s CEO believes that the company’s sports sponsorship efforts encapsulate that it has ‘broken through these initial antiquated barriers’.
“A handful of crypto casinos and sportsbooks are now among the most visible brands in all of igaming, and are also driving a significant amount of innovation in an industry that has developed – fairly or not – a reputation for complacency.”
Read the full CasinoBeats interview HERE and click follow this link to see the CasinoBeats Summit agenda.
