Tag: Crypto

Stake.com Becomes Title Partner for Alfa Romero

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Stake.com, a leading provider of online betting and gaming in the crypto space, has agreed to become the title sponsor of the Alfa Romeo F1 Racing Team. This is a massive milestone for the crypto-based gaming company and the F1 team.

In light of this development, the team’s name has been changed to “Alfa Romeo F1 Team Stake” and Stake is now officially the team’s title partner. As part of the multi-year relationship with Alfa Romeo F1 Team Stake, the gaming operator will compile a schedule of activities and experiences from across the globe to run concurrently with the F1 season.

According to the team’s representative, Alessandro Alunni Bravi, Stake’s arrival as a co-title partner marks a fresh beginning for both entities. The recent explosion in the popularity of Formula One is reflected in the entry of new businesses like Stake, which may benefit greatly from the immense publicity the sport generates. They are looking forward to Stake’s activation campaign for their fans and to becoming part of such a diverse roster of sports and entertainment companies.

A Few Concerns

Stake has been actively working to expand its global profile, and this is the latest step in that direction. Stake has sponsored the promotion of the brand by Premier League football teams, UFC fighters, and even celebrities.

Despite not being the first to do so, Alfa Romeo has taken cryptocurrency funding at a time when many other teams have dropped their corporate sponsors. For instance, once the $32 billion business declared bankruptcy, Mercedes dropped its sponsorship deal with FTX. Similarly, Ferrari abandoned Velas when its worth went from $0.001 to $0.000081.

Therefore, it is not surprising that Alfa Romero wants to conceal the crypto component behind their new sponsor. Although Stake differs from the aforementioned platforms in that it serves as a crypto casino rather than a marketplace, the omission of the term from Alfa’s press statement is interesting, particularly given that there may be more to it. That could be because, despite Australia’s prohibition on internet casinos, Stake.com is headquartered there thanks to a legal loophole.

Although these worries need consideration, the crypto industry stands to gain considerable potential advantages as well. Even if it will take some time for things to take root and for all those advantages to materialize, the good news is that it is a good beginning, especially considering past achievements. Streamlining regulatory developments would be great, but things should go smoothly regardless if proper routes are followed in the meantime.

The 2022 World Cup and Crypto Sports Betting

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The next weeks may bring more changes to the betting industry, as Qatar hosts the world’s largest sports betting event. Much like the Super Bowl or the Wimbledon final, the World Cup is one of those exceptional sporting events that manages to capture the interest of nearly everyone in the world.

It should come as no surprise that it is also a very big deal from the point of view of the global sports betting sector. Consider the staggering total of $133.7 billion that was gambled on the 2018 World Cup, which was held in Russia.

The World Cup finals brought in roughly $8.2 billion in wagers, compared to around $6 billion for the most recent Super Bowl. Bets on Qatar 2022 are expected to exceed those placed on Russia 2018 by a significant margin, according to industry analysts.

In 2018, a very tiny subset of the betting industry was focused on the World Cup using cryptocurrency. Additionally, most of the people there were early adopters and crypto industry experts.

In only the last four years, that subset of the betting sector has seen immeasurable transformation. More and more people who wager on sports and play casino games are opting to do it using cryptocurrency.

Online gaming platforms are also evolving to meet this need. Today, Bitcoin is accepted as a form of payment by a growing number of recognizable brands, alongside traditional payment methods like credit cards and e-wallets.

More Than Betting

Bookmakers are not the only ones keeping crypto in the news during the World Cup, though. Many prominent cryptocurrency companies are now sponsors, a development not without controversy. This is to be anticipated, particularly when taking into account the fact that the cryptocurrency industry has experienced its fair share of highs and lows in recent times.

One prominent cryptocurrency exchange, for instance, officially backed out of a five-year, almost $500 million sponsorship arrangement with FIFA. Additionally, Everton supporters have demanded that the club cut ties with a major crypto-gambling provider that has been a sponsor of the team.

Naturally, there are still many kinks to work out, but it’s encouraging to see how far we have come. Regular sports fans will certainly come to realize the various advantages of cryptocurrencies as the public’s familiarity with them grows. This simplified, secure, and user-friendly system allows fans to place bets and collect their winnings in a flash. And that is just the beginning.

Dogecoin Use in Online Gambling on the Rise

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It is undeniable that memes are to blame for Dogecoin’s rise to fame as one of the most popular cryptocurrencies. The cryptocurrency is more often referred to as DOGE. The instantly identifiable outline of a Shiba Inu dog, which acts as the insignia for the business, has swiftly grown to become a well-known brand in a very short length of time.

There is no sign of Dogecoin’s popularity waning anytime soon, and new sites that take DOGE are popping up every day. Today, it’s no surprise that Dogecoin casinos are favored by gamblers, given the ease with which they can make deposits and withdrawals and the minuscule costs associated with doing so.

As it stands, Dogecoin is accepted by reputable companies.

A Change of Pace

For a long time, the widespread use of DOGE coins as a payment method has not materialized as many would have anticipated since many DOGE aficionados would rather HODL. However, Dogecoin’s popularity is soaring in one sector because of its speed and low costs: the gaming business.

Traditional casino games such as blackjack and roulette may now be played using cryptocurrency as the medium of exchange. While Bitcoin is the most popular option right now, Dogecoin is quickly gaining popularity.

When compared to Bitcoin, Dogecoin transactions complete far more quickly. Furthermore, due to DOGE’s widespread acceptance across the world, it may be used to make deposits at a large number of online casinos. Additionally, Dogecoin has a sizable following on social media, which numbers in the millions, and its supporters can be found in every region of the globe.

In the midst of the recent cryptocurrency downturn, Dogecoin has seen a surge in interest while other meme coins have mostly stagnated. To expand its user base and appeal to new investors, Dogecoin is also actively pushing its usage in daily transactions.

Is It a Good Investment for Online Gamblers?

The widespread use of cryptocurrencies and the excitement around them are not merely about financial benefits. Doge is an excellent and shrewd investment opportunity due to its unique position in the cryptocurrency market and its current cheap price. As a result, it has room to grow in value.

Despite this, Dogecoin, like the prices of all other cryptocurrencies, is subject to significant price swings. With the help of its dedicated investor base, this cryptocurrency has been able to outlive almost all of its forerunners in the altcoin market. To a greater extent than many other digital currencies, this has allowed it to maintain a high degree of stability.

Polygon Now on 1xBit

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Players and users of the popular gaming site 1xBit now have access to Polygon, a new cryptocurrency designed specifically for usage in crypto games. Polygon, a novel digital currency, is the brainchild of Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. Together, the four of them saw the need to fix Ethereum’s lack of interoperability. Ethereum’s seamless interaction with other blockchains was a pipe dream until Polygon made it a reality.

Of course, it’s about a lot more than that. With Polygon’s simple-to-use architecture, developers now have a chance to introduce their own groundbreaking Ethereum-friendly blockchain. Now the development of an “Ethereum Blockchain Internet” has become feasible with the help of the Polygon network.

This ground-breaking network is completely compatible with Ethereum’s Virtual Machine (EVM). Chains that are connected keep their independence and control themselves. All of these systems are compatible with Ethereum and can communicate with one another.

Solid Debut

The cryptocurrency community as a whole has warmed to this new development due to its unique character. It thus comes as no shock that 1xBit has included Polygon as a bitcoin payment option. Since its inception, 1xBit has been a bitcoin betting platform that keeps an eye on the latest and greatest cryptocurrency developments to provide more betting alternatives to its customers. There is a really bright future for the project within the context of crypto gambling going forward.

The Polygon network stands out among Ethereum’s decentralized exchanges because of its emphasis on both interchain cooperation and decentralized security. This ensures that no blockchain is compromised in its pursuit of interoperability.

Some of the amazing features that users can look forward to include:

  • Support for dozens of other digital currencies
  • Even faster payments
  • Amazing welcome bonuses and other incentives
  • Fast and user-friendly registration
  • Unmatched anonymity capabilities

When using 1xBit, polygon transactions are quick and inexpensive. Players should expect to get their winnings as soon as possible. All new players are also eligible for a 7 BTC Welcome Bonus, spread out across their first four deposits. That is a really well-rounded package that will push 1xBit’s efforts even further.

Could Crypto Wagering Be Coming to Australia’s Regulated Gambling Industry?

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Wagering in cryptocurrency might join the realm of legally sanctioned gambling if reports of discussions between the Northern Territory Racing Commission (NTRC) of Australia and gaming enterprises and license holders are true. The deadline for interested parties to submit their comments to the regulator is September 29.

The NTRC recently sent a piece of correspondence to all of the gaming companies that have valid licenses as part of their ongoing efforts. These gaming companies include well-known international gambling businesses like Betfair, Entain Group, and Draft Kings, among others.

The paper requests their comments on the viability of cryptocurrencies being used in gaming in the Northern Territory. In addition, licensees are asked for their input on the paper on the kind of legislative and industry reforms that would be necessary to make this a reality.

“What it provides for is a licensee, say a sports bookmaker who holds a license in the Northern Territory, who wants to accept cryptocurrency for striking or paying out wages, [is that they] need to apply for consent to be able to do that. And there’s certain conditions that attach to that.”

~ Julian Hoskins, the principal of Senet, one of Australia’s major gambling law and regulatory advisory firms.

At least for the time being, gamblers using one platform will have to make separate wagers in fiat currency and cryptocurrencies. This is because these two forms of currency won’t be able to be exchanged for one another while gaming.

The Tax and Legal Implications

According to sources close to these initiatives, the NTRC is also mulling over the subject of the tax implications of utilizing cryptocurrencies for gaming purposes. It will take a bit of time to understand the full scope of that but there are certainly a lot of potential solutions.

Nevertheless, the use of cryptocurrency in gaming would first need jumping over several legal hoops, such as adhering to strict identification criteria to comply with Anti-Money Laundering (AML) legislation. It is quite probable that gamblers will be required to have the addresses of their cryptocurrency wallets validated, and winnings will have to be withdrawn to the same wallet that was used to make the original deposit.

As is standard procedure in gaming that is based on fiat currency, local gambling enterprises will be legally obligated to have cryptocurrency wallets that store sufficient cash to adequately collateralize the wager amounts of their customers.

Crypto Betting in the Current Crypto Crash

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As a result of the global political and economic turmoil, the cryptocurrency market has deteriorated sharply in recent months. This is the lowest price for bitcoin in the last couple of years. Of course, this has had significant ramifications across a wide range of industries, and the gaming sector is no exception. The bulk of gamblers have converted entirely to bitcoin gaming; thus they are suffering large losses as a result of the collapse of the cryptocurrency market.

There is no way to know for certain whether the value of a bitcoin will increase or fall further in the months to come. The professional perspectives on this topic are all over the place, and there has been no agreement on any definitive conclusions yet.

On the other hand, crypto gaming has emerged as one of the most popular methods used in most casinos over the last few years. Consequently, players who possess significant amounts of Bitcoin have been subjected to rather disastrous outcomes.

Accordingly, by looking at current data, we can see that many gamblers have decided to abstain from betting with bitcoin, at least for now. Instead, they plan to wait to see how the possibility presents itself in the future.

Critical Learning Opportunity

When it comes to crypto gaming, insiders say that there is no cause for excessive panic even though the market collapse has been devastating. A growing number of crypto-friendly casinos have been established during this time. This is because these casino operators have remained confident that the cryptocurrency sector would play a vital role in their futures.

All parties affected by the market crisis will get valuable insight on how to better protect themselves from such events in the future. To protect clients who incurred large financial losses, several consumer protection regulatory laws will also be put into place. For obvious reasons, Bitcoin is in the spotlight, since the value of this one cryptocurrency almost always dictates all others.

Whether or not the economy will recover hinges on how investors respond to these developments. Many people feel that despite the present economic climate, the price of Bitcoin and other cryptocurrencies will continue to grow. Despite the evidence in favor of this assertion, we nonetheless advise bettors to proceed cautiously and avoid making hasty decisions.

Gambling platforms have now devised a strategy for dealing with the situation at hand. People are encouraged to retain their money in cryptocurrencies since the industry is projected to increase soon. This might take weeks or even months since it is difficult to narrow down specific timelines for those improvements.

Crypto Casino Project FoggyStar Receives $5 Million Investment

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Fast-rising crypto casino FoggyStar.com has recently received a whopping $5 million investment. Aimed at pushing the operator’s ambitious crypto plans forward, this investment from Canadian and Japanese investors will certainly shake things up not just for FoggyStar but for the online gambling industry as a whole.

For many people, this might come as a surprise especially considering the fact that the operator is just a few months old. It officially kicked off operations at the beginning of the year and its core product is just now in its alpha version. However, it has a lot going for it hence the confidence that the investors have in its operations.

As it stands, FoggyStar offers a solid range of games from reputable software developers including Play’n GO, NetEnt and Pragmatic Play. In addition to the crypto-powered casino games, the gaming site also features an outstanding bonus program that is specifically designed to appeal to the growing community of crypto gamblers.

More To Come

Clearly, there is a lot of optimism about the operator’s potential for success. With the investment secured, FoggyStar will be able to pursue even more growth. There are already plans for the development of additional features. The goal with most of these products is to create an open platform that can be scaled and used elsewhere. In addition to that, FoggyStar is working on ensuring that the products that are in development all use crypto at their core.

The approach has very clearly-defined targets too. Not only will the company be able to scale the audience but it will also be able to increase engagement and the trustworthiness of crypto products.

Speaking on the development plans, the FoggyStar team states that the goal is to ensure that the interests of their target market are met. The product will leverage industry trends while at the same time leveraging some of its unique selling points.

“The project is focused on the users and the security and transparency of the infrastructure that surrounds them. Our team aims to improve the project using innovative technologies and methods that will lead to a completely new game experience.”

All these are very important aspects and it is great to see that FoggyStar is paying close attention.

Plans for the Metaverse

FoggyStar, as it turns out, also has huge plans for the Metaverse. It is working towards becoming the very first online gambling venue in the metaverse. This move will not only push the industry forward but also redefine how we think of the casino of the future.

Some Crypto Trends to Watch Out For in 2022

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2021 was quite the year for the crypto sector. Many of the popular digital currencies as well as emerging tokens saw a surge in adoption. The industry’s market capitalization reached an all-time high thus further proving its potential. Now, as we embark on a new year, stakeholders and enthusiasts are also starting to think about what to expect.

If the previous year is anything to go by, 2022 is also set to be an action-packed year for crypto. With all the trends that have taken already taken off, there is a lot of optimism about what the future holds. A few of the things that will be worth paying attention to include:

More Mainstream Institutional Interest

Crypto and blockchain have certainly come a long way. The skepticism about the technology and its potential to revolutionize global finance has been fading away. This was largely accelerated by institutional involvement. That is, financial and corporate institutions have also gotten in on crypto.

Decentralized Finance, or DeFi, was one of the many revolutionary developments as financial service providers noticed how beneficial blockchain can be to transaction processing. Cross-border payments especially in developing regions began leveraging the technology and that should only get better in 2022.

More Regulation on the Way

It is not just corporates and the financial sector that are paying attention to crypto. Even government and various state authorities are baying for a seat at the table. One of the ways they will be contributing is through regulatory intervention. This not only intends to bring some sort of stability to the rather volatile market but also seal some loopholes that most skeptics have had concerns about.

We, of course, need to fully assess the impact of crypto and blockchain on the economy before any law comes into effect. 2022 seems to be the best year for that as we have had plenty of time over the past couple of years to see how impactful the sector can be.

NFTs and Web 3.0

Non-fungible tokens (NFTs) were all the buzz in 2021. While this was mostly because of the mind-boggling price tags that accompanied them, they carry more significance, especially for artists. It is a great way for them to finance their art and get compensated for the same. 2021 was a great year for NFTs. 2022 is likely to be an even better year.

One other thing that is growing just as fast as NFTs is Web 3.0, that is, the third version of the internet. It comes with a ton of amazing capabilities that will supercharge what we already have. For the crypto industry, Web 3.0 will have a positive impact as the two concepts are closely tied to each other.

MasterCard Warms Up to Crypto Credit and Debit Cards

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The world of crypto is inching closer and closer to mainstream adoption as more of the world’s largest institutions continue to ramp up efforts to be part of the revolution. Mastercard, one of the world’s leading payment services providers, is the most recent organization that is making a big play for crypto.

Recently, the company has revealed its plans to make it easier for its users to use digital currencies. Both customers and merchants with Mastercards will have the opportunity to use debit and credit cards with crypto capabilities. In addition to that, the customers will also have the chance to buy, sell and hold some of the digital currencies. For this group of users, Mastercard is also preparing to launch branded crypto cards.

Partnership With Bakkt

Crypto markets around the globe have grown immensely over the years. While it is certainly not too later for new players to enter the market, success usually depends on having the right partners. Mastercard’s venture into the crypto market is happening via a recently-announced partnership with Bakkt, a digital asset platform popular among crypto users.

As per the terms of the agreement, Bakkt will be working behind the scenes as a provider of custodial service for those who sign for Mastercard’s crypto offering. The crypto firm’s custodial wallets are what will make it possible for users to trade and hold crypto.

“Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options but also deliver differentiated and relevant consumer experiences.”

Sherri Haymond, executive vice president of digital partnerships at Mastercard.

In a sense, this is a major extension of a previous announcement Mastercard made regarding allowing crypto transactions via its network. That promise is shaping up quite nicely.

The Implications

Mastercard’s announcement represents a unique opportunity for cryptocurrency expansion in the United States as well as other parts of the world. To begin with, sectors such as online casinos and gaming that rely on crypto will likely have more ways of using digital currencies. Increased interest in crypto is also impacting the interested companies in rather unexpected ways.

For instance, MasterCard stock went up just 0.4% following the announcement. That is modest but it proves that there is interest in the crypto sector. Shares of Bakkt, on the other hand, skyrocketed more than 86% after the announcement. That lifted the company’s market capitalization to about a whopping $850 million.

BC.GAME Receives Gaming License from Curacao

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As the world of crypto and gambling continues to come together, several companies are beginning to reap the fruits of it. This is one of the fastest-growing sectors making it a key target for several businesses. Lots are succeeding. Recently, BC.GAME which is one of the fast-rising operators in the world of crypto-powered gaming has been all the buzz.

The company’s ambitious plans to extend its footprint are well on the course thanks to a recent development. It officially received a gaming license from the Curacao Interactive Licensing N.V. That makes it an officially regulated online casino and is a huge milestone for the company as it pursues full compliance.

This is a very big deal. The company has even gone as far as publishing its new license to the Interplanetary File System (IFPS). This platform allows for the storage of files securely in a blockchain in a manner that allows ownership to be easily proven through a private key. It also means that the file cannot be tampered with or even used for unintended purposes.

Speaking on the new development, BG.GAME COO Chris Butler noted the company’s new status as a regulated iGaming operator opens doors for opportunities. For instance, the operator will now be able to offer thousands of third-party games from leading game developers across the globe. In addition to that, the license also creates room for further ventures.  A sportsbook and a live dealer casino offering seem to top the list.

Huge Win for Crypto Gambling

As much as crypto-powered online gambling has grown over the years, it still has a long way to go. The BG.GAME development acts as a beacon of sorts that will likely kick off more growth. It is very difficult for crypto-only casinos to obtain gambling licenses but this is changing. Now that the company has proven that it can be done, many more will probably follow.

BG.GAME currently supports deposits and withdrawals using over 50 different cryptocurrencies which is very impressive. Even the casino businesses that have been around for decades have not been able to pull that off. Understandably, the crypto gambling scene is still picking up pace. We just must appreciate the small wins and acknowledge their role in pushing the whole industry forward.

It is also worth noting that this goes well beyond gambling. A license essentially affirms the legitimacy of crypto use. This should also be a decent way of showing more people that many existing digital currencies are viable and ready for mainstream use.