Hello fello pubbers – thought I would share details with you on my favourite crypto project.
What is CasinCoin (CSC)?
Taken from CSC’s official website, CasinoCoin is:
“An open source, peer-to-peer, cryptocurrency specifically designed for the regulated online gambling industry.”
CSC are in partnership with the Isle of Man government and have offices in both Malta and the Isle of Man.
What are the problems facing the regulated gambling industry.
For the operator –compliance with regulatory headaches/legislation such as Know Your Customer and the Anti Money Laundering regulations.
For example, William Hill – one of the UK’s largest licenced operators were fined £6.2m in February 2018, by the Gambling Commission for lax controls.
In June 2018, 32 Red, a licensed British operator, were fined £2m for failing to protect a problem gambler.
Secondly, for the player - slow transactions typical of the modern day banking world. Players moving fiat from bank account to operator and than back to bank account and onto another operator can take several days.
Finally, both the operator and player can face lengthy delay whilst ID checks are made and documents verified
How does CSC solve these problems?
The centerpiece of CSC’s solution is the BRM – the Bank Roll Manager .
This is an App that has will allow the users to seamlessly transfer CSC between the operator, the player’s wallet and onto another operator in seconds whilst also allowing completion of the KYC checks.
CSC have partnered with Jumio, who are responsible for verifying the ID for Coinbase users.
Players take a photo of their ID, upload it to the BRM. Jumio then verify the ID, and the player is all set to play at ANY of the operators registered in the BRM, with NO FURTHER SEPARATE ID CHECKS and re-verification.
This is a massive win for the operator as they have now effectively outsourced a key element of their regulatory compliance requirements.
So…no more fines.
Using a modified code of Ripple, millions of CSC can be transacted in under 3 seconds.
So…no more waiting on bank clearing timescales with a transaction cost of less than a penny.
What about the team behind CSC? Who are they?
This for me is where CSC really shines.
The guy at the top is John Caudwell – Director of Advocacy, whose previous position include Editor in Chief for Pokernews.com and had a senior marketing role for Poker Stars.
Ashish Tawakley – Chief Commerical Officer – ex Betfair ( who are in partnership with Paddy Power, a leading UK licensed operator.)
The advisory board reads like a who’s who of the gambling industry, with names such as:
Lydia Barbera – “Head of Innovation” at Microgaming. based in the Isle of Man. Lydia was recently voted one of the ten most influential women in the online gaming industry.
Microgaming developed the world’s first true online casino software in 1994 and the first mobile casino software in 2004.
Microgaming is also the supplier of more than 700 world leading gaming brands such as Bet365, LeoVegas, 188 bet and Casumo.
Jeffrey Haas – Chief International Officer for Draft Kings, who are a billion dollar company.
Kindred Group have 1.5 million players in the gamining/gambling industry.
Lee Fenton – CEO.
Gamesys have over 25 million players, 1000 employees, with some of the brands being Jackpot Joy, Virgin Games and Virgin Casino
So, what about landbased Casinos?
CSC were approached earlier this year by a Casino supplier to the Las Vegas Casinos. David Caudwell, of the CasinoCoin foundation was in Vegas recently in discussions surrounding this.
Examples of CSC use in landbased Casinos could be as follows:
- Administration system for all bets
- CSC could integrate with the scan devices on slots
- Poker chips with CSC integrated
How will the player go about converting their fiat into CSC?
This is all done within the BRM. The player buys CSC from the operator who has their own supply of CSC bought from an exchange.
So, a player will always deposit in CSC, gamble in CSC, win in CSC and withdraw in CSC.
Would the volatility of the price of CSC be an issue?
"There is no conversion happening on the operator platform.
They could do that, it just wouldn’t make much sense. Some Casinos already using some tokenized system.
Meaning you deposit 100USD, you get 100 tokens and a spin costs you x tokens or you place tokens on a table. At the end of the day, it doesn’t matter which currency you gamble in. It only comes to play when cashing in and cashing out.
The operator needs to have a bankroll in CSC. Otherwise, they wouldn’t be able to cash you out.
Taking the risk of not having it and buying it on the market if you need it would be a risk. It’s the same for current casinos allowing you to gamble in crypto. They need to have a bankroll. Some might not have it and you would never know till someone wins big.”
(Credit to Daniel Keller from the CSC Foundation who explains this better than I ever could)
Can you give me a brief history of CSC?
CasinoCoin started in 2013, and was taken over in August 2017 by Double C Foundation.
A coin swap was undertaken increasing the supply from 40 million to 40 billion.
What exchanges is CSC listed on?
Right now, Cfinex, Nlexch and Bitflip.
CSC are in discussions with major exchanges, and with Binance being just down the road in Malta, this is a distinct possibility.
CSC did not do an ICO and the Foundation is a Not For Profit Organisation ( Hence do not have hundreds of thousands at their disposal necessary for a major listing fee) Negotiations are ongoing with major exchanges and an announcement is likely to come soon.
Also note, that the operators will have to buy their CSC direct from the exchanges like every one else, and not direct from the Foundation.
Why have I not heard of CSC before?
Mainly because CSC are purely focused on developing a working product and building the relationships with operators/partners.
The Foundation have a ‘zero hype” policy and will only make an announcement when they have something to announce.
No marketing has yet been undertaken and the great thing is with CSC, once the marketing switch is flipped, the operators CSC have partnered up with, will also be doing their own marketing to their customer base.
Where are CSC up to right now?
The tech has been developed, i.e the BRM, and this is with the Maltese Gaming Authority, pending approval following the sandbox testing.
For the sandbox testing, CSC have partnered with an as yet unnamed operator.
The sandbox testing will most likely start October time, when the MGA come back from their summer break.
Additionally, it is worthy of note that the sandbox testing was most likely delayed due to Malta progressing with legislation written specifically for Crypto.
The Malta Digital Innovation Authority, should oversee all crypto related items for the government.
CSC wallets are available for download for Windows, OSX and Linux.
The CSC team are also currently working on nano ledger integration.
What’s the global market size of the gambling industry?
Total gambling industry revenues are predicted to be 635 Billion USD in 2022.
Total gaming industry revenue is predicted to be128 billion USD in 2020
CSC in a nutshell
CSC is a payment solution for the online (and potentially landbased) gambling industry powered by a modified version of the Ripple code.
CSC are in partnership with an as yet unnamed operator.
Price will be driven primarily by use and utility with speculation being secondary.
CasinoCoin has a working product ready for release.
CSC have close connections with the gambling industry with ex high ranking individuals from Poker Stars.
CasinoCoin has a billionaire behind it.
Douglas Barrowman :https://www.knoxprivateoffice.com/
Everything the CSC team does is about the adoption of the CasinoCoin.
I hope someone finds the potential of this project as exciting as I do.
Thanks for reading if you made it this far…