Mauricio Carrillo-Palacio, Head of Americas and Chief Strategy Officer of GlobiancePay, an ambitious financial technology company, used the recently held ASEAN Gaming Summit in Manila to discuss the impact of crypto-currencies on the iGaming industry, as well as the potential for integration of block chain technology and the industry.

Integrating Options for Crypto and iGaming

Carrillo-Palacio addressed the relations between the transformative technology and the iGaming companies to indicate that the latter could take advantage of the block chain ledger to improve transaction efficiency and user experience. He said that such efficiency could be achieved by enabling these companies to tailor wallets for their clients by integrating crypto payment facilities in their operations.

Carrillo-Palacio told Sigma that the simultaneous use of traditional and crypto currencies is seamlessly feasible. He added that GlobiancePay is committed to expanding crypto and aligning it with traditional banking. According to the executive, this is one of the underlying reasons why the fin-tech company, founded in Europe in 2018, is looking to expand in Asia.

Philippine Expansion Due to High Digital Adoption Rating

The executive also indicates that the Philippine market has an extensive digital assets adoption in its operations to present a lucrative potential for GlobiancePay’s expansion. According to the 2023 Global Crypto Adoption Index of Chainalysis, other Asian countries within the world’s top 20 digital asset adoption ratings are India, Vietnam, Indonesia, Thailand, China, Bangladesh, and Japan.

According to Carrillo-Palacio, the company sees the Philippines as the key market for crypto and block chain integrations into the iGaming industry. Also, GlobiancePay is looking to benefit from the busy Asian market by tailoring diverse payment options.

Cost-Effective Crypto Remittance

One of these options refers to the introduction of a crypto remittance payment facility in the Philippine market. As the country has a large population of overseas workers, Carrillo-Palacio said that GlobiancePay’s revolutionary payment method would offer a cost-effective solution to reduce remittance fees.

Recent data from the Philippine central bank show that private individuals working abroad remitted a record of $37.2 billion (€34.3 billion) back home in 2023. The figure represents a 3% increase over a total of $36.1 billion (€33.3 billion) remitted in 2022. The record amount hit in 2023 representing around 8.5% of the Philippine GDB and 7.7% of gross national income testify about the vast potential for payment providers.

Dynamic Block Chain and Crypto Market Nature

That’s exactly where GlobiancePay sees the potential for expansion and implementation of its solutions. In this respect, Carrillo-Palacio stressed the importance of suitable education of the stakeholders to foster the industry-wide growth of crypto-currency and block chain market. Carrillo-Palacio explained the dynamic nature of these markets driven by block chain technological developments to point out the significance of ensuring knowledge, skills, and regulatory compliance to achieve safety and stability across the industry.

Looking to Become the World’s First Crypto Bank

As a testimony of the value of these operations, the executive said that the pioneering Bitcoin has currently got the potential to be worth more than $100,000 by the end of 2024. Therefore GlobiancePay is committed to becoming the first global crypto bank. According to Carrillo-Palacio, the company aims to install a fully regulated and democratized access to financial services.

While seeking financial inclusion of the worldwide population, GlobiancePay remain powered by block chain technology in writing – at least – its own history.

Source: “Blockchain, crypto can bring transformative impact to iGaming, says GlobiancePay exec”. SiGMA. April 13, 2024.

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A proposed ballot referendum petition aimed at repealing public funding for a new Major League Baseball (MLB) stadium in Las Vegas has been rejected by a Carson City judge. 

Nevada Judge Deems A’s Stadium Ballot Initiative ‘Legally Deficient’

The ballot initiative, challenged by the teacher union-led political action committee (PAC) known as “Schools Over Stadiums,” sought to ask voters whether to approve or reject $380 million in public financing for a $1.5 billion, 33,000-seat stadium on the Las Vegas Strip, intended to be the new home for the relocated Oakland A’s.

During the hearing, Judge Russell emphasized that the issue at hand was the adherence to state law governing the referendum process, reported The Nevada Independent. He pointed out that the petition’s description of the measure’s effect was unclear. Russell further stated that the referendum petition was legally deficient because it did not provide the full text of the measure when gathering necessary signatures, as mandated by the Nevada Constitution.

The ruling means that the “Schools Over Stadiums” PAC can either submit a new referendum petition or appeal the decision to the Nevada Supreme Court. However, any signatures gathered under the rejected petition would be invalidated.

Representatives from the PAC expressed their intention to appeal the decision, indicating their resolve to continue the legal battle. Chris Daly of the Nevada State Education Association, the teachers’ union sponsoring the petition, stated that it seemed they would have to appeal to the Supreme Court or refile their petition.

MLB Owners Await A’s Relocation Decision Amidst Stadium Funding Concerns

The rejected petition, if successful, would not have prevented the A’s from relocating to Las Vegas. Instead, it would have increased team owner John Fisher’s share of the stadium costs, currently standing at $1.1 billion.

In October it emerged that Gaming and Leisure Properties (GLPI), a real estate investment trust, is reportedly considering increasing its investment in the Las Vegas baseball stadium to be built on the site of Tropicana Las Vegas. The $1.5 billion project, supported by the Nevada government, has received $175 million from GLPI.

Meanwhile, MLB owners are expected to approve the A’s planned move during their upcoming winter meetings in Arlington, Texas. MLB Commissioner Rob Manfred had previously emphasized the significance of the referendum’s outcome, indicating that any adverse development related to the referendum would be of great importance.

The new MLB stadium will be constructed on the site of the Tropicana Las Vegas casino, which shall have to be demolished as soon as late 2024. The stadium, primarily funded by the Oakland A’s with a cost of around $400 million, aims to be ready for the 2028 season.

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The conflict between Caliplay and Playtech continues, as the former party undertook legal action in an effort to cancel its relationship with the supplier.

A joint venture of Playtech and Caliente, a Mexican gambling company, Caliplay is actively trying to cut its ties to Playtech, which continues to affect its business.

The development follows earlier legal orders that forced Playtech to continue providing software and services to Caliplay while canceling some of the supplier’s rights. As a result, Playtech had to continue its work with Caliplay while being unable to receive payments for its services.

In any case, Caliplay hopes to resolve the matter quickly. It promised to keep on working with Playtech on resolving the dispute.

Playtech Was Unaware of the Proceedings

Playtech eventually commented on the development, saying that it had previously been unaware of the legal proceedings in Mexico.

Whilst Caliplay has stated that the Mexican courts accepted jurisdiction on 28 August 2023, Playtech only became aware of the issuance of proceedings today.
Playtech statement

The company described its past relationship with Caliplay as “extremely productive for both parties” and called Caliplay a “highly valued customer.” Playtech added that it still lacks access to the court filings and has not been served with any proceedings yet.

Playtech concluded that it will review the matter once it secures access to the court filings and will provide an update to its shareholders if needed.

For reference, the original point of disagreement between the two companies refers to whether Caliplay still has the option to redeem the extra service fee as part of the strategic deal that the two companies had signed in 2014.

Other Playtech News

In other news, Playtech just unveiled a partnership agreement with Adjarabet, agreeing to supply the operator’s business in Georgia and Armenia with content. The launch in these markets highlighted the provider’s interest in supporting emerging markets and engaging an international audience of fans with content.

A few days ago, Playtech also strengthened its relationship with Buzz Bingo, extending it until 2031. The deal underscored the two companies’ commitment to offering players innovative and seamless gaming experiences.

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