News Summary for October 2020: Gambling, Crypto and Fintech

Fast Offshore brings you the top news from Gambling, Fintech, and Crypto News in October 2020.

bullet Online Gambling News

bullet Increase in Google searches for sports betting

According to Google Trends, there has been a big increase in the number of searches for online sports betting. The increase globally has been a staggering 2,850% increase over the previous year. Google searches for “sports betting”  are the highest in the EU state of Malta while Ireland, Cyprus, Romania and Sweden had high numbers as well. Countries with little interest in sports betting included Poland, Slovakia, and Germany. For those considering branching out into a new market, this could provide some valuable information on locations that are interested in sports betting. 

bullet Sweden, Denmark and Norway Biggest Online Gamblers

Denmark has been ranked as the second-highest country in Europe in terms of online gambling participation. Data from the country’s regulator shows that the majority of its gambling revenue comes from the online sector. Out of 18 EU countries, Sweden had the highest amount of online play, followed by Denmark and Norway. This suggests that the online gambling markets in these countries are flourishing with the majority of bettors preferring to engage via the internet. The UK came fourth with 45% generated from the online sphere. Overall, the amount of online revenue from mobile devices grew by 5% year-on-year to 61% showing that not only is online gambling booming, but mobile gambling is a must.

Cryptocurrency News

bullet JPMorgan Launches ‘Onyx’ Blockchain Division

JPMorgan has officially launched “Onyx, its new blockchain division. The bank also has its own cryptocurrency called JPM Coin which it said has to just been adopted by an unnamed but “large” technology client. Onyx will be dedicated to the development and implementation of blockchain technology as the popularity of JPM Coin soars. It’s already being used for round-the-clock payments by the unnamed company and the bank said more clients are being onboarded at present. The creation of Onyx is further confirmation that the financial services industry is experiencing a big shift towards digital currencies and crypto.

bullet British Firm to Open 22 Crypto Banks in India

British digital finance company Cashaa announced that it will be opening at least 22 cryptocurrency banks in the north of India. The launch is expected to take place in December of this year. Cashaa will operate the crypto banking services alongside conventional banking and hope to expand to over 1,000 branches by 2022. The new service is made possible through collaboration with Indian firm United Multi State Credit Cooperative and was made possible due to a $ 5 million investment from a Dubai-based firm in September. Services offered will include crypto savings accounts, cryptocurrency and property as collateral, crypto buying and investment. Bitcoin, ether, bitcoin cash, EOS, litecoin, XRP, Binance coin and Cashaa will be available. 

Fintech News

bullet PayPal Allows Cryptocurrency Payments 

International payments giant PayPal has announced it will now transact in Bitcoin and cryptocurrency. With around 26 million people accepting PayPal as a payment method, this provides big opportunities in terms of widespread exposure and adoption for crypto. Users will be able to buy, sell, and transact in Bitcoin and other digital currencies via their PayPal account. The changes will be rolled out in the US over the next few weeks and globally early next year. After bitcoin, ether, litecoin, and bitcoin cash will also be available and can be stored in the PayPal digital wallet.

bullet American Casino Launches eWallet Payments

It’s not just online gambling that uses digital payments and eWallets. An innovation called Resort Wallet, launched by Aristocrat Technologies in partnership with Boyd Gaming Corporation brings the convenience of eWallets to land-based casinos. Now, players at the Blue Chip Casino Resort can use a digital wallet to pay into slot games on the casino floor. Eliminating the need for putting money into the actual slots, it provides a convenient and accurate way for players to play. When this concept has been proven, the plan is to roll it out as a concept throughout the casino as well as in the restaurant and bar. It will also expand to include other Boyd Gaming Group properties throughout the US.

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