Payments Archives - Keno Wizard https://kenowizard.com/tag/payments/ The Ultimate Keno Destination for Odds, Tips & Tricks Thu, 25 Jan 2024 18:54:28 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Payments Archives - Keno Wizard https://kenowizard.com/tag/payments/ 32 32 230792155 Swedish Operators Concerned Over Unregulated Payments Issue https://kenowizard.com/2024/01/25/swedish-operators-concerned-over-unregulated-payments-issue/ https://kenowizard.com/2024/01/25/swedish-operators-concerned-over-unregulated-payments-issue/#respond Thu, 25 Jan 2024 18:54:28 +0000 https://kenowizard.com/2024/01/25/swedish-operators-concerned-over-unregulated-payments-issue/ Last September, several regulated operators in Sweden complained that a financial services company that offers next-gen open banking payments and payouts, Finshark, had facilitated a series of money transfers between consumers and unlicensed operators in the country. A few of the worried operators carrying a license went further and asked the country’s expert authority in [...]

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Last September, several regulated operators in Sweden complained that a financial services company that offers next-gen open banking payments and payouts, Finshark, had facilitated a series of money transfers between consumers and unlicensed operators in the country.

A few of the worried operators carrying a license went further and asked the country’s expert authority in gambling and lottery, the Swedish Gambling Authority (SGA), to perform a careful assessment in light of additional similarities to a directive from roughly four months ago. 

The said directive convinced the provider of instant bank payment solutions that seamlessly integrate into existing systems, Zimpler, to stop providing a similar service to operators.

Things Have Gotten Worse 

As it appears, the gambling industry in Sweden does not have any good news to announce regarding the evolution of things. 

On the contrary, problems are not only persisting, but they have gotten worse in the context of an extra pay-and-play feature being allegedly added to the list. 

The primary allegation concerns a series of casino websites that are under the ownership of Infiniza Ltd, which is a Malta-based company that runs under a license issued by the prestigious Malta Gaming Authority in 2018

According to screenshots courtesy of NEXT.io, Swedish games are able to sign in using Swedish mobile phone numbers and complete deposits via the national identity verification system BankID with a number of banks in the country. 

The list includes Handelsbanken, Nordea, and Swedbank. The deposit’s recipient is instant payment provider Krofort which does not showcase any information regarding a license. 

Allegedly, Infiniza is the sole gaming operator in Sweden with online casino brands connected with both Krofort and Finshark. This would give it a competitive edge over licensed operators.

In 2023, regulated providers emphasized that operators in the grey market have the advantage of being able to use these types of fast payment services which are expected from domestic players looking for fast cashouts. 

The same operators raised concerns regarding the reasons why the SGA has failed to take any course of action as of yet.

The SGA Can Block Payments 

At the start of March 2023, the regulator announced it would clamp down on business-to-business suppliers offering their products to unregulated operators targeting Swedish players while failing to comply with the regulations. 

In spite of the fact that payment provision was not part of the newly installed regime, the SGA was given the right to block payments

In July, the authority instructed Zimpler to stop offering payment solutions via BankID to operators functioning without a license. 

Zimpler followed suit and an end to its ties with gaming companies licensed in the European Union that did not carry a Swedish license while deciding to also appeal the decision on the grounds that it affected it while raising legal problems that required clarification for the well-being of the industry.

Earlier this week, the SGA banned Smein Hosting and True Polygon Entertainment at the end of an investigation that showed they were targeting domestic players in Sweden without authorization

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OKTO Expands Into North America with Flexia Payments Acquisition https://kenowizard.com/2023/10/26/okto-expands-into-north-america-with-flexia-payments-acquisition/ https://kenowizard.com/2023/10/26/okto-expands-into-north-america-with-flexia-payments-acquisition/#respond Thu, 26 Oct 2023 01:49:54 +0000 https://kenowizard.com/2023/10/26/okto-expands-into-north-america-with-flexia-payments-acquisition/ In a strategic move to bolster its presence in North America, OKTO, the Greece-based payments group, has announced the successful acquisition of Flexia Payments, a specialized fintech company headquartered in the United States.  OKTO and Flexia Pioneer Digital Payments in North American Casinos Flexia Payments, renowned for its innovative cashless system, is seamlessly integrated with [...]

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In a strategic move to bolster its presence in North America, OKTO, the Greece-based payments group, has announced the successful acquisition of Flexia Payments, a specialized fintech company headquartered in the United States. 

OKTO and Flexia Pioneer Digital Payments in North American Casinos

Flexia Payments, renowned for its innovative cashless system, is seamlessly integrated with key partners including WinSystems, Axes Information Management Systems, and CasinoTrac. The collaboration between OKTO and Flexia aims to accelerate the digital transformation of customer experiences in both gaming and non-gaming activities across various casinos and gaming venues in North America.

OKTO’s vice president of North America, Theo Engelis, expressed his enthusiasm about the partnership, stating: “This acquisition aims to place OKTO at the forefront of digital payment services provision in the North American land-based and online gaming markets via its omnichannel offering. We’re excited about this partnership, which marks a significant enhancement for both companies, and aligns with our ongoing cashless strategy in Europe and Latin America.”

The synergy between OKTO and Flexia will empower North American casinos and gaming venues to seamlessly transition towards full digitalization of customer interactions. Flexia’s expertise lies in merging casino and online wagering accounts, along with casino loyalty programs, all integrated into a unified digital payment solution – the Flexia Prepaid Mastercard.

Flexia Payments CEO Hails Game-Changing Partnership with OKTO

Craig Libson, the CEO and co-founder of Flexia Payments, emphasized the transformative potential of the partnership, stating that their collaboration with OKTO has granted them access to significant resources and capabilities. He mentioned that it would expedite the deployment of advanced cashless and omnichannel payment services to the growing gaming market.

Libson further added: “With the amalgamation of our strengths and OKTO’s powerful payment technology, we are well-positioned not only in the North American market but also beyond, creating one of the most extensive international footprints in cashless gaming fintech.”

This strategic alignment allows Flexia Payments to realize its mission of driving digital payment innovation in both online and land-based casino gaming, while OKTO establishes itself as a key player in the North American gaming landscape, revolutionizing the way customers experience gaming and paving the way for a cashless future in the industry.

In June, OKTO announced another strategic partnership with Europe’s leading open banking payments network, Truelayer. Through this collaboration, OKTO enhanced its Cashless Solutions by incorporating Truelayer’s instant bank payment capabilities. OKTO’s products, including OKTO.WALLET and OKTO.DIRECT, now offers customers instant bank payments for both withdrawals and deposits, enhancing the overall user experience.

This collaboration aimed to accelerate OKTO’s expansion efforts in Europe and enhance its presence in the entertainment and retail gaming verticals. Additionally, Macao Win, an Italian online casino operator, partnered with Okto to offer players a seamless and efficient top-up experience through Okto’s e-Voucher cash payment solution.

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PayNearMe Partners with Accertify to Enhance Gaming and Sports Betting Payments https://kenowizard.com/2023/10/09/paynearme-partners-with-accertify-to-enhance-gaming-and-sports-betting-payments/ https://kenowizard.com/2023/10/09/paynearme-partners-with-accertify-to-enhance-gaming-and-sports-betting-payments/#respond Mon, 09 Oct 2023 18:25:04 +0000 https://kenowizard.com/2023/10/09/paynearme-partners-with-accertify-to-enhance-gaming-and-sports-betting-payments/ The dynamic and rapidly evolving world of online gaming and sports betting necessitates continued investment in security and fraud prevention. Recognizing this, PayNearMe, a leading payments platform in the gaming industry, has joined forces with Accertify to integrate advanced fraud protection technology into its platform. This partnership aims to elevate security standards and give operators [...]

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The dynamic and rapidly evolving world of online gaming and sports betting necessitates continued investment in security and fraud prevention. Recognizing this, PayNearMe, a leading payments platform in the gaming industry, has joined forces with Accertify to integrate advanced fraud protection technology into its platform. This partnership aims to elevate security standards and give operators the tools to protect their platforms from fraud.

This Technology Improves the Complete Gaming Experience

Accertify is renowned for its cutting-edge fraud detection and prevention technology, which utilizes machine learning and artificial intelligence to identify and mitigate potential threats. This collaboration promises several significant benefits for PayNearMe’s sports betting and online casino operators, helping them proactively detect and prevent fraud. Such an approach ensures a safer gaming environment for users, building long-term trust.

Integrating Accertify’s technology should greatly enhance credit and debit card acceptance rates within the US gaming industry and minimize deposit decline rates, reducing friction points in the payment process. PayNearMe Chief Product Officer John Minor noted that the improved security measures would help protect from account takeovers and promotional abuse without unnecessary friction.

PayNearMe and Accertify can now empower our operators to proactively ensure their players are who they say they are via intelligent access to Accertify’s community database.

John Minor, PayNearMe Chief Product Officer 

This high-profile collaboration also includes efficient and accurate player verification tools, ensuring only legitimate users access gaming platforms. These measures complement Accertify’s streamlined player fund withdrawal process, guaranteeing users have a seamless experience from start to finish. Such crucial technology updates will benefit all stakeholders, strengthening the gambling industry’s interconnectivity.

Accertify’s platform protects many of the world’s largest brands. The company relies on constant innovation to remain one step ahead of the rapidly evolving gaming landscape, relying on new partnerships to strengthen its market position. Accertify’s recent collaboration with GeoComply demonstrates the merits of such an approach, bolstering the company’s offerings with industry-leading geolocation data.

Partnering with Accertify should significantly bolster PayNearMe’s offering, increasing its attractiveness to operators. June saw the supplier secure $45 million in funding to aid growth, helping it achieve substantial progress. The company more than doubled its electronic payments revenue in the last 18 months, proving the merits of its long-term plans and strategic investments.

Enhancing security, improving payment acceptance rates, and streamlining identity verification and withdrawal processes represents a significant milestone toward elevating the industry’s standards for fraud protection and user experience. The evolving gaming landscape means PayNearMe’s proactive approach should continue to pay dividends, helping the company stay one step ahead of the competition.

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The Mill Adventure Adds Paysafe’s eCash Solutions to Its Roster of Payments https://kenowizard.com/2023/08/05/the-mill-adventure-adds-paysafes-ecash-solutions-to-its-roster-of-payments/ https://kenowizard.com/2023/08/05/the-mill-adventure-adds-paysafes-ecash-solutions-to-its-roster-of-payments/#respond Sat, 05 Aug 2023 09:58:29 +0000 https://kenowizard.com/2023/08/05/the-mill-adventure-adds-paysafes-ecash-solutions-to-its-roster-of-payments/ iGaming platform and white-label solutions provider licensed in Germany, The Mill Adventure, has announced an extension of its partnership with the leading payment platform with over 25 years of experience in the industry, Paysafe.  The extended partnership will see The Mill Adventure’s German-based partner casinos along with their registered players get access to a richer [...]

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iGaming platform and white-label solutions provider licensed in Germany, The Mill Adventure, has announced an extension of its partnership with the leading payment platform with over 25 years of experience in the industry, Paysafe

The extended partnership will see The Mill Adventure’s German-based partner casinos along with their registered players get access to a richer selection of alternative payments solutions. 

The news comes after the full-service platform that supports over 5,000 games, 70 software providers, and more than 50 payment methods successfully integrated Paysafe’s digital wallets three years ago

Paysafe’s eCash Solution, Aimed at Players Who Like to Budget and Pay in Cash

Commenting on the new partnership expansion, Paysafe’s president of global gaming, Zak Cutler, acknowledged the importance of having a “smooth” payments process for player acquisition and retention. 

Cutler also emphasized that the same payment process should be able to guarantee that all types of consumer preferences in terms of security and trust are well taken care of, among others. 

Accordingly, Cutler expressed their delight to use their existing relationship with The Mill Adventure to provide “convenient” payment methods for their players. 

In order to start using the new option, players must sign up for a myPaysafe account and upload funds into it via Paysafe vouchers they can buy using cash, without having to concern themselves with being asked to provide any craft card or bank account details. 

A Paysafe’s Lost in Transaction research aimed at more than 14,000 consumers discovered that the demand for digital cash, which has been on an ascending trend in the last few years, has reached its highest peak in 2023. 

According to the results of the research, 31% of respondents who made use of eCash in the last year claimed they used this a lot more often than they did in 2022 when only 13% of participants used it.

Plus, 30% of eCash users in the last year called it their favorite payment method online. At the same time, 68% of respondents who admitted to wagering online also stated they would rather not reveal any financial information when making their payments online. 

Half of the interviewed participants believed that digital cash was the safest method of paying for online gambling while 52% called it the most convenient option.

The Mill Adventure’s head of fraud & payments, Bianca Costa, reiterated their commitment to offering “an exceptional iGaming experience for players” while calling the payment process a critical component. 

Costa added that by offering additional payment options including transactions based on cash like myPaysafe, The Mill Adventure should be able to further support its partners looking to provide “secure and convenient alternative” payment methods for more peace of mind, freedom of choice, and a better way of managing gaming budgets.

In mid-July, Betr announced its Ohio and Massachusetts customers would benefit from Paysafe’s technology via a freshly inked agreement. Earlier in the year, Paysafe announced it entered the Ontario market.

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Hungary: Regulator to Start Blocking Illegal Gambling Payments https://kenowizard.com/2023/06/30/hungary-regulator-to-start-blocking-illegal-gambling-payments/ https://kenowizard.com/2023/06/30/hungary-regulator-to-start-blocking-illegal-gambling-payments/#respond Fri, 30 Jun 2023 17:15:43 +0000 https://kenowizard.com/2023/06/30/hungary-regulator-to-start-blocking-illegal-gambling-payments/ Hungary’s Supervisory Authority for Regulated Activities (SZTFH) announced today that the blocking of bank accounts linked to illegal gambling operators would begin from July 1. Payments to Illegal Gambling Websites Will Be Refused The SZTFH notified all interested parties that it would work in close cooperation with the banks to implement restrictions on deposits to [...]

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Hungary’s Supervisory Authority for Regulated Activities (SZTFH) announced today that the blocking of bank accounts linked to illegal gambling operators would begin from July 1.

Payments to Illegal Gambling Websites Will Be Refused

The SZTFH notified all interested parties that it would work in close cooperation with the banks to implement restrictions on deposits to and withdrawals from bank accounts held by unlicensed gambling websites, and effective tomorrow, the banks will refuse bank card payments to such businesses.

The Authority used the occasion to remind the public of the dangers of gambling with unlicensed websites as the operators utilizing these intellectual properties (IPs) have no obligation to comply with the strict regulation of Hungarian law covering the protection of minors and other vulnerable groups, as well as player personal and banking data.

The SZTFH also noted that once payment service providers implement the restrictions on payments to and from illegal operators, players gambling with unlicensed websites risk not getting their winnings.

To avoid having their funds in limbo, the regulator recommended to players to check on the SZTFH website whether a firm is authorized to offer gambling products and services, highlighting that cross-checking with the official operator register there is the only way they can guarantee the safety of their funds and personal data.

Surveillance and Enforcement Powers

The “Act of the Reorganization of Gambling” Hungary passed in 2022 not only dismantled the state monopoly but also gave the state regulator powers to continuously monitor the gambling space, as well as a set of enforcement measures.

The SZTFH can issue orders to internet service providers (ISPs) to block access to illegal gambling websites, order payment providers to refuse transactions linked to such IPs, and fine payment providers which do not comply.

Seeking to deliver on its primary goal of ensuring consumer safety and protection, the SZTFH recently imposed a fine of HUF30 million ($87,000) on an unnamed resident for running an illegal lottery operation.

The Authority also reminded the public that running illegal gambling operations in Hungary is subject to criminal prosecution bearing a penalty of up to three years of jail time, besides financial sanctions of up to HUF100 million ($290,000).

Under the gambling reform, operators seeking to obtain a license should have at least five years of operation in a licensed gambling jurisdiction within the European Economic Area (EEA) and have discontinued their illegal offering to Hungarian customers within five years of the application date.

Candidates should also maintain capital reserves of no less than HUF1 billion ($2.9 million), pay a 15% tax on gross gambling revenue (GGR), as well as a supervision fee of 2.5% of GGR capped at HUF10 million ($29,000).

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Nuvei Strengthens Payments for Resorts Digital Gaming https://kenowizard.com/2023/06/10/nuvei-strengthens-payments-for-resorts-digital-gaming/ https://kenowizard.com/2023/06/10/nuvei-strengthens-payments-for-resorts-digital-gaming/#respond Sat, 10 Jun 2023 06:16:06 +0000 https://kenowizard.com/2023/06/10/nuvei-strengthens-payments-for-resorts-digital-gaming/ The new collaboration sees Nuvei team up with Resorts Digital Gaming (RDG) and provide the popular gaming operator with its bank-transfer technology to simplify the payment processes at RDG-owned websites and brands. Resorts Digital Gets Payment Options Enhancement RDG is the online gambling arm of Resorts Casino, and it operates both ResortsCasino.com and MoheganSunCasino.com. Thanks [...]

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The new collaboration sees Nuvei team up with Resorts Digital Gaming (RDG) and provide the popular gaming operator with its bank-transfer technology to simplify the payment processes at RDG-owned websites and brands.

Resorts Digital Gets Payment Options Enhancement

RDG is the online gambling arm of Resorts Casino, and it operates both ResortsCasino.com and MoheganSunCasino.com. Thanks to this new collaboration, the operator will significantly strengthen its payment capacity and offer frictionless deposits and withdrawals so that consumers may benefit from one of the best possible experiences.

Moving forward, RDG’s brands will offer the Nuvei Instant Bank Transfer, significantly strengthening the online payment capacity for the company.

RDG CEO Ed Andrewes welcomed the opportunity to add this particular solution and hailed it as a convenient deposit and payout payment method that is in line with what US customers expect from leading brands such as Resorts Digital. He added:

Integrating Nuvei into our cashier supports our mission to provide all the relevant payment methods our players demand.

RDG CEO Ed Andrewes

Players can now leverage the solution to deposit from their bank accounts into the Nuvei solution and online casino brands to guarantee a seamless payment journey and fast cashouts.

Players Get to Enjoy a Fast Payout Solution to Empower Their Gameplay

Nuvei CEO and chair Philip Fayer was similarly pleased with the opportunity to see this partnership take shape, calling the Nuvei solution a relevant and important payment option that is now being recognized by iGaming brands in the United States. Fayer added:

Nuvei Instant Bank Transfer was the first payment method to bring truly instant payouts to the US iGaming market. This enhanced user experience has eliminated the need for players to wait hours or even days when they request to withdraw funds from their gaming accounts.

Nuvei CEO and chair Philip Fayer

Fayer added that together, RDG and Nuvei will ensure that players in the Garden State have access to some of the most worthwhile payment options as they enjoy their gaming and betting experience. Nuvei’s payment gateway will also help strengthen and drive results for the company itself in terms of player retention and revenues.

Nuvei has been growing its global footprint, most recently expanding in the regulated market in the Netherlands and powering Holland Casino, a prominent local operator, with payment solutions.

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OKTO Gains Access to Instant Bank Payments via Truelayer Deal https://kenowizard.com/2023/06/08/okto-gains-access-to-instant-bank-payments-via-truelayer-deal/ https://kenowizard.com/2023/06/08/okto-gains-access-to-instant-bank-payments-via-truelayer-deal/#respond Thu, 08 Jun 2023 12:52:29 +0000 https://kenowizard.com/2023/06/08/okto-gains-access-to-instant-bank-payments-via-truelayer-deal/ OKTO, the digital payments solutions provider delivering services for the gaming and entertainment industry, announced a new collaboration with Europe’s leading open banking payments network, Truelayer. Details regarding the new collaboration emerged Thursday and see OKTO benefit from Truelayer’s leading instant bank payment capabilities. Thanks to the new collaboration, OKTO will supercharge its leading Cashless [...]

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OKTO, the digital payments solutions provider delivering services for the gaming and entertainment industry, announced a new collaboration with Europe’s leading open banking payments network, Truelayer. Details regarding the new collaboration emerged Thursday and see OKTO benefit from Truelayer’s leading instant bank payment capabilities.

Thanks to the new collaboration, OKTO will supercharge its leading Cashless Solutions by bringing instant bank payment capabilities from Truelayer. Lauded as a strategic partnership, the collaboration will significantly improve the company’s products and enable it to continue to grow its presence by digitalizing the land-based gambling vertical.

Under the terms of the new collaboration, OKTO’s solutions, including OKTO.WALLET, the company’s omnichannel wallet solution and OKTO.DIRECT, the first retail payments gateway, will be powered by Truelayer’s instant payment capabilities. By integrating into the company’s payments network, OKTO’s solutions now can offer customers instant bank payments for withdrawals, as well as depositing.

Joining forces with Truelayer and enhancing its products, OKTO delivers seamless experiences for its growing customer base. At the same time, Truelayer’s capabilities are supported by its anti-fraud systems, which further boosts the security and reliability of the processes.

We are excited to team up with OKTO and empower their users to leverage instant bank payments, both online and in retail stores.

Roberto Villani, VP of iGaming at Truelayer

Roberto Villani, Truelayer’s VP of iGaming, shared his excitement by saying that the company is delighted to join forces with OKTO and deliver its leading instant bank payments capabilities. He acknowledged that the solution will power retail, as well as online operations, delivering efficiencies for OKTO merchants and their players in Europe. Villani also spoke about Truelayer’s fast and secure payments. Finally, he pointed out: “We look forward to working with OKTO to continue to drive innovation.”

The Company Is Excited to Team Up with Truelayer

Earlier this year, OKTO expanded further its footprint in Europe by securing approval for its wallet solution in Germany. At the time, the company’s head of Germany, Mikhail Ovsepyan, revealed that the approval marks a milestone achievement for OKTO.

Maria Magoula, OKTO’s payments director, spoke about the deal with Truelayer and explained that the company is delighted to join forces with the leading open banking payments network. She explained that the instant bank payment capabilities from Truelayer complement OKTO’s goal to deliver seamless, fast and secure payment options.

We are thrilled to partner with Truelayer and integrate their exceptional instant bank payments into our Cashless Solutions.

Maria Magoula, payments director of OKTO

Additionally, Magoula pointed out that Truelayer’s solutions will enable OKTO to meet the continuously growing demand from its partners by offering a scalable solution. In turn, she predicted that this will help accelerate OKTO’s expansion on the Old Continent. Finally, Magoula said that the collaboration will boost the company’s efforts to digitalize the entertainment and retail gaming verticals.

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Koin Payments Ushers In Cashless Gaming in Northern Nevada with Baldini’s Casino https://kenowizard.com/2023/06/05/koin-payments-ushers-in-cashless-gaming-in-northern-nevada-with-baldinis-casino/ https://kenowizard.com/2023/06/05/koin-payments-ushers-in-cashless-gaming-in-northern-nevada-with-baldinis-casino/#respond Mon, 05 Jun 2023 07:20:22 +0000 https://kenowizard.com/2023/06/05/koin-payments-ushers-in-cashless-gaming-in-northern-nevada-with-baldinis-casino/ The partnership makes the casino the first property to implement Koin Payments’ cashless solution in the region and offer an improved wagering experience that is based on the latest trends in the industry. Northern Nevada Rolls Out First Cashless Casino Technology Adopting cashless has long been seen as a controversial decision for various reasons – [...]

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The partnership makes the casino the first property to implement Koin Payments’ cashless solution in the region and offer an improved wagering experience that is based on the latest trends in the industry.

Northern Nevada Rolls Out First Cashless Casino Technology

Adopting cashless has long been seen as a controversial decision for various reasons – fears about privacy, security, and even ending cash payments as such. The debate has shifted significantly over the past years, and cashless is now seen as a complementary payment solution and not a method seeking to supplant existing methods.

Koin Payments President Gary Larkin has welcomed the opportunity to team up with Baldini’s Casino, hailing the casino’s track record as a property that embraces innovation and champions it through various solutions:

With its loyal local customer base, Baldini’s was a natural place to introduce this technology in the Reno-Sparks area. In working together to promote the values of cashless gaming, we believe we generate increased player loyalty while enhancing the customer’s casino experience.

Koin Payments President Gary Larkin

Nevada has been particularly receptive to this type of innovation, too. Baldini’s Casino has an established track record of adopting cutting-edge technology and championing solutions such as digital tech that are designed to streamline the on-site guest experience. With the adoption of Koin’s solution, Baldini’s continues to establish itself as a trendsetter in leading in the way of new and consumer-centric experiences.

Recognizing What Players Want and Delivering It

Thanks to Koin’s mobile wallet, casino customers will have the opportunity to fund their accounts using a number of payment options, including bank transfers, bank cards, Venmo, ACH, and even cash at retail locations, making the process of depositing and playing at properties that have adopted the cashless technology, including Baldini’s Casino, streamlined and excellent for the end customer.

Baldini’s owner J. Grant Lincoln was similarly pleased with the opportunity to see this partnership form. He said:

Digital payment solutions are the next step in the evolution of gaming and we’re excited to work with Koin to integrate those solutions for our customers. We recognize what our customers want and then deliver it.

Baldini’s owner J. Grant Lincoln

Koin’s payment wallet also focuses on providing players with an intuitive spend-tracking function that focuses on responsible gambling by empowering consumers to know how much exactly they have put down on playing at a property.

The solution also comes with a feature that allows agreeing parties to send each other funds, so that friends can help top up each other’s accounts if they want to. All of this is controlled through a mobile device, which makes the solution easy to use, and offers customers a well-rounded digital payment experience altogether.

Baldini and other partner operators also benefit from an account management system and a reduction of their retail transaction fees. All in all, this partnership is hailed as an important milestone in the evolution of cashless payments in the region and beyond.

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Eight Michigan Tribal Casinos See Decrease in Gaming Payments https://kenowizard.com/2023/04/19/eight-michigan-tribal-casinos-see-decrease-in-gaming-payments/ https://kenowizard.com/2023/04/19/eight-michigan-tribal-casinos-see-decrease-in-gaming-payments/#respond Wed, 19 Apr 2023 05:01:30 +0000 https://kenowizard.com/2023/04/19/eight-michigan-tribal-casinos-see-decrease-in-gaming-payments/ The 2022 Tribal Gaming Report has shown a 2.2% collective decrease in the reported payments to local entities by Michigan’s 23 tribal casinos from 2021. Michigan Tribes Report $30.8M Payments to Local Governments in 2022 The total payments made by Michigan tribes to local government units was $30.8 million in 2022, down slightly from $31.5 [...]

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The 2022 Tribal Gaming Report has shown a 2.2% collective decrease in the reported payments to local entities by Michigan’s 23 tribal casinos from 2021.

Michigan Tribes Report $30.8M Payments to Local Governments in 2022

The total payments made by Michigan tribes to local government units was $30.8 million in 2022, down slightly from $31.5 million in 2021. The report also indicated that the factors that impact payments and net win totals differ amongst each tribe. Several tribes include free-play wagers in their reported net win for the year, while some have Class II machines at their casinos, and that revenue is not included in the annual tribal report.

The four Michigan tribal gaming operators that saw an increase in their payments are the Sault Ste. Marie Tribe of Chippewa Indians, who own Kewadin Casinos and recorded a 12.4% increase from 2021, Hannahville Indian Community, the tribe that operates Island Resort & Casino saw 6.3% growth, Little River Band of Ottawa Indians, operators of Little River Casino Resort, reported a 2.4% payment increase, and the Gun Lake Tribe had a 0.7% increase in payments.

The eight tribal gaming operators who saw a decline in their payments are the Pokagon Band of Potawatomi Indians, who operate Four Winds Casinos, recording a collective 8.9% decline, Lac Vieux Desert Band of Lake Superior Chippewa Indians, operators of Northern Waters Casino Resort in Watersmeet, had a 6.1% decrease, Keweenaw Bay Indian Community had a 3.8% decrease, and the Little Traverse Bay Band of Ottawa Indians saw a collective decline of 3.3%. The Grand Traverse Band, Bay Mills, Nottawaseppi Huron Band, and Saginaw Chippewa also experienced a decline in their payments.

Michigan’s Gambling Industry Thrives in 2022

Each year, the MGCB provides information on the payments tribes make to local units of state government based on slot revenue from their Class III machines. The 2% payment calculation estimates annual tribal casino slot revenue, but factors such as how tribes include free play wagers in their net win and the use of Class II machines affect the reported totals. The Tribal Gaming Report is the lone public insight into annual tribal casino revenue in Michigan. Detroit’s retail casinos, as well as Michigan online casinos, including tribal partners, are required to provide monthly revenue reports, but this does not extend to tribal casinos.

Overall, the gambling industry in Michigan did quite well in 2022. According to a report by MGCB, online gambling operators in Michigan saw a strong year, with gross receipts from commercial and tribal iGaming and internet sports betting hitting almost $2 billion in 2022, a 41% increase from the previous year.

Internet sports betting contributed $399.6 million in gross receipts, while Internet casino gambling generated $1.58 billion. Adjusted gross receipts for internet gaming and sports betting were $1.65 billion, with $219.6 million from sports betting and $1.43 billion from internet gaming. Taxes and payments to Michigan from operators totaled $303 million in 2022.

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