LeoVegas Archives - CasinoBeats https://casinobeats.com/tag/leovegas/ The pulse of the global gaming industry Mon, 02 Jun 2025 14:18:01 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://casinobeats.com/wp-content/uploads/2025/01/cropped-favicon-32x32.png LeoVegas Archives - CasinoBeats https://casinobeats.com/tag/leovegas/ 32 32 Part 2 | CasinoBeats contenders: Innovation in Casino Entertainment http://casinobeats.com/2019/11/27/casinobeats-contenders-innovation-in-casino-entertainment-2/ Wed, 27 Nov 2019 07:30:29 +0000 http://casinobeats.com/?p=24401 As the annual SBC Awards fast approach, CasinoBeats continues with a series of feature articles previewing a select few of the gongs up for grabs.  Now in its sixth year and recognising the achievements of operators, suppliers and affiliates from across all the major disciplines. This latest entrant in the CasinoBeats contenders series delves into operator categories as […]

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As the annual SBC Awards fast approach, CasinoBeats continues with a series of feature articles previewing a select few of the gongs up for grabs. 

Now in its sixth year and recognising the achievements of operators, suppliers and affiliates from across all the major disciplines. This latest entrant in the CasinoBeats contenders series delves into operator categories as we look at those vying for the ‘Innovation in Casino Entertainment’ gong.

LeoVegas

If last year’s success of casino streaming, extra chilli exclusivity and live casino expansion is anything to go by, then this year has been a feast far superior. Simple but smart innovations to the product, a swathe of new exclusives – including our very own LeoVegas Megaways slot – and new markets have certainly made this a year to remember.

Mansion

Putting our customer’s needs and expectations is at the forefront of what we do across all of our brands at Mansion. We focus on delivering exceptional products and service. This year, to maximise player’s enjoyment and casino experience, our flagship brand Casino.com launched the exciting innovative gaming experience, CasinoClub.

CasinoClub, by Captain Up is a brand-new gamification feature adding another dimension to regular casino play. It creates an exciting sense of achievement for players as they complete challenges, level-up and get rewarded for their casino play, as well as introducing them to a wider variety of games.

Videoslots

Videoslots.com is an industry-leading online casino with a comprehensive portfolio of content. It offers more than 3,800 slots and table games from the igaming industry’s leading suppliers, giving them more content than any other online operator. Our aim is to deliver the best possible user experience to players on our proprietary platform, complemented by diverse gamification and social tools. It’s for that reason we offer the personal touch, allowing players to tailor their content to suit their preferences.

Wildz

Wildz in a nutshell: Working with machine learning, giving real-time awards to the games that player actually likes with their average bets, having developed Spinback features which allows us to give extra excitement without competing with the actual games, we can say that our focus is in providing the best possible casino experience by the use of an automated, data driven casino and we use gamification to boost the casino experience by creating features that integrate with the games.

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Part 16 | On the spin: Slot launch round-up http://casinobeats.com/2019/11/29/on-the-spin-slot-launch-round-up-16/ Fri, 29 Nov 2019 12:22:24 +0000 http://casinobeats.com/?p=24563 As a number of new igaming titles grace the CasinoBeats inbox, sit back and get to grips with a select few new slot games in one handy bite-size chunk. Pragmatic Play – Sweet Bonanza Xmas Sweet Bonanza Xmas is a festive themed release by Pragmatic Play, with the 5×6 slot featuring frozen treats which stack up for big wins and multipliers […]

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As a number of new igaming titles grace the CasinoBeats inbox, sit back and get to grips with a select few new slot games in one handy bite-size chunk.

Pragmatic Play – Sweet Bonanza Xmas

Sweet Bonanza Xmas is a festive themed release by Pragmatic Play, with the 5×6 slot featuring frozen treats which stack up for big wins and multipliers of up to 100x in the free spins round.

This update of Pragmatic Play’s “popular title,” Sweet Bonanza, aims to get players in the Christmas spirit as they spin the reels in search of big cash prizes.

“Our Christmas games have always been incredibly popular, and Sweet Bonanza Xmas is an exciting take on one of our most sought-after games.

“With its high volatility, and the chance of multipliers of up to 100x, we’re sure this slot is going to be a huge hit with operators and players alike.” – Melissa Summerfield, chief commercial officer at Pragmatic Play.

NetEnt – Santa vs Rudolf

Casino content developer NetEnt has also embraced the Christmas spirit, with fun and festive cheer released in the shape of Santa vs Rudolf.

Set deep in the snow dusted North Pole, the 5×3, 20 fixed-payline slot invites players to help Santa find his magic hat, hidden by the mischievous Rudolf, in time to deliver presents across the world.

Santa vs Rudolf features Santa’s gifts and Rudolf spins bonus features and is “packed with re-spins, free spins wild substitutions and walking wilds”.

With candy cane, sleigh bell and reindeer symbols decorating the reels, the title offers opportunities and prizes with a 96.35 per cent return-to-player.

“Santa vs Rudolf is following on from the huge success and laughs of Jingle Spin and a merry addition to our seasonal portfolio that perfectly captures the joy and cheer of this holiday season. Santa vs Rudolf continues the humorous trend with goofy antics from our two favourite holiday heroes battling it out for seasonal supremacy.  This narrative will be hard to resist even amongst the scrooges in our player base! Happy Holidays.” – Bryan Upton, NetEnt director of games.

Play’n Go – Chronos Joker

In the new 3-reel slot in players must use the powers of the Chronos Joker, the game’s main character, to manipulate time, in a variety of entertaining features.

Using the concept of travelling through time, all of the games features can increase or decrease the size of a player’s wins as they progress, making it a literal race against time to get the most out of wins.

“Chronos Joker is an exciting game, with several creative and unique features to enhance the player experience. Players are going to love the unique nature of this game and the excitement of finding their favourite feature, and that’s what it’s about for us, providing a high level of entertainment that players will love.” – Johan Törnqvist, CEO of Play’n Go.

Yggdrasil – Avatars: Gateway Guardians

Yggdrasil is to send players on an intergalactic journey via its extra-terrestrial title, Avatars: Gateway Guardians.

Designed exclusively for LeoVegas, the gateway has been barred off to earthlings with players challenged to set the Avatars free with out of this world cash rewards if they succeed.

Four guardians stand before the Avatar kingdom, bringing wins every time a player lands on a hotspot area, triggering the ancient multiplier wheel. The wheel will spin a random amount of times, each time adding up the multiplier to the previous one. The luckiest players can get x20 on x20 multipliers taking win potential to new levels.

“Here at LeoVegas we constantly strive to earn ourselves the coveted title of king of casino. Introducing bespoke games to our existing portfolio gives us the opportunity to offer and promote unique content to our esteemed players and it was with this in mind that Avatars: Gateway Guardians came to be.

“The fourth instalment of LeoVegas’ collaborative journey with Yggdrasil and the fifth for the Leo Vegas Originals series, this game positions itself as one of the most unique looking slot games on the market.

“We would like to thank Yggdrasil for allowing us to spread our creative wings on this project while continually providing us with invaluable expertise at each step of the way. Today we are proud to present Avatars: Gateway Guardians and we hope our players will enjoy the game play experience.” – James Ford, head of casino at LeoVegas

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LeoVegas confirms Spain move as LatAm interest builds http://casinobeats.com/2018/12/14/leovegas-confirms-spain-move-as-latam-interest-builds/ Fri, 14 Dec 2018 11:33:51 +0000 http://casinobeats.com/?p=11399 Online betting and gaming operator LeoVegas has signalled its intention to enter the market in Spain with confirmation the company has submitted a licence application for casino and sports betting in the country. “We are now taking the next step on our global expansion journey and apply for our first license in a Spanish-speaking country, Spain,” […]

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Online betting and gaming operator LeoVegas has signalled its intention to enter the market in Spain with confirmation the company has submitted a licence application for casino and sports betting in the country.

“We are now taking the next step on our global expansion journey and apply for our first license in a Spanish-speaking country, Spain,” said Gustaf Hagman, LeoVegas Group CEO.

“Spain is one of the fastest growing markets in Europe. Through our technology and experience, we can effectively adapt our business to regulated markets regardless of language and regulations.

“Therefore, we expect to launch in Spain already in the first quarter of 2019,” continued Hagman. “Spanish is spoken by more than 470 million people. Naturally, we see the establishment in the Spanish market as a first step to get into several Spanish-speaking countries. The Spanish casino market grew by more than 30 per cent in Q3 2018 compared to 2017.”

LeoVegas, which was recently named Casino Operator of the Year at the CasinoBeats Awards, hopes to add a Spanish licence to those it already holds in Denmark, Ireland, Italy, Malta, Sweden and the UK.

According to H2 Gambling Capital, the Spanish market for online gaming is forecast to be worth around €1bn in 2019. Today only about 11 per cent of all gaming in Spain is conducted online although the igaming market there is experiencing strong growth.

The most recent figures from the Spanish gambling authority show that the casino segment grew by 30 per cent in Q3 2018 compared with the same period last year.

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LeoVegas Group’s Proprietary Sportsbook to Utilize OddsMatrix http://casinobeats.com/2025/02/07/leovegas-group-proprietary-sportsbook-to-utilize-oddsmatrix/ Fri, 07 Feb 2025 16:02:07 +0000 https://casinobeats.com/?p=101283 LeoVegas Group’s new proprietary sportsbook platform will integrate EveryMatrix’s OddsMatrix product.  OddsMatrix will provide the Swedish-based operator with global coverage across multiple territories, sports, markets and events. OddsMatrix will tailor the odds feed to meet Leo Vegas’ specific needs.  The release outlines that the partnership will see the Group receive “enriched market odds, enabling optimized […]

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LeoVegas Group’s new proprietary sportsbook platform will integrate EveryMatrix’s OddsMatrix product. 

OddsMatrix will provide the Swedish-based operator with global coverage across multiple territories, sports, markets and events. OddsMatrix will tailor the odds feed to meet Leo Vegas’ specific needs. 

The release outlines that the partnership will see the Group receive “enriched market odds, enabling optimized pricing, increased uptime and its customers with an enhanced user experience.” 

EveryMatrix’s President, Erik Nyman, commented, “We’re delighted to be partnering with such a household name as LeoVegas Group, particularly at such an important moment for the brand as it expands its operations across the world and transitions to a new proprietary sportsbook.” 

He continued, “Our odds feed has consistently proven to be a valuable addition for tier one operators, and we’re committed to doing exactly that with LeoVegas.”

EveryMatrix Continues Growth in Scandinavia

It’s the second notable deal for EveryMatrix in a week, previously announcing a significant expansion of its deal with Norwegian state-owned operator Norsk Tipping.

EveryMatrix will provide Norsk Tipping with a range of third-party online casino content through its aggregation platform SlotMatrix. The deal has been noted as the largest in SlotMatrix’s history.

Additionally, the Nordic company will use EveryMatrix Games to push third-party content for its ‘Yezz’ business vertical. Yezz provides a ‘range of entertaining, mobile-first casual games that appeal to next-generation players.’ 

LeoVegas Group continues BetMGM European Rollout 

LeoVegas launched BetMGM in Sweden in October 2024. BetMGM is operated by LeoVegas Group, a subsidiary of MGM Resorts International. 

BetMGM also operates in the Netherlands and the United Kingdom. In each of these European jurisdictions, LeoVegas offers sports betting and live casino tables from Las Vegas, exclusive Las Vegas slots and an MGM Jackpot through the brand. 

In Sweden alone, LeoVegas operates four brands. LeoVegas, GoGoCasino and the sports betting brand nya expekt complete the group’s interests in its domestic market. 

“I’m absolutely thrilled to bring BetMGM to Sweden, where it all started,” commented Gustaf Hagman, CEO of LeoVegas Group.

Written By

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LeoVegas becomes European Gaming and Betting Association member https://casinobeats.com/2024/12/18/leovegas-becomes-egba-member/ Wed, 18 Dec 2024 13:00:00 +0000 https://casinobeats.com/?p=99332 LeoVegas Group has become the newest member of the European Gaming and Betting Association (EGBA). As part of its EGBA membership, LeoVegas will contribute to the association’s working groups and initiatives covering responsible advertising, safer gambling, and the implementation of EU anti-money laundering rules, helping to advance industry cooperation and standards. “As a company committed […]

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LeoVegas Group has become the newest member of the European Gaming and Betting Association (EGBA).

As part of its EGBA membership, LeoVegas will contribute to the association’s working groups and initiatives covering responsible advertising, safer gambling, and the implementation of EU anti-money laundering rules, helping to advance industry cooperation and standards.

“As a company committed to safer gambling and technological innovation, we look forward to contributing our expertise to EGBA’s important work,” commented Carl Brincat, Director of Policy & Regulatory Affairs at LeoVegas Group.

“This partnership aligns perfectly with our vision of leading the way towards a sustainable and well-regulated gambling industry in Europe.”

With its headquarters in Stockholm, Sweden, LeoVegas offers online casino, live casino, and sports betting across nine brands in 10 jurisdictions. It has also been a subsidiary of MGM Resorts International since 2022.

Maarten Haijer, Secretary General of EGBA, added: “We’re delighted to welcome LeoVegas Group to EGBA’s membership and pleased to close the year with another new member. 

“As a leader in our industry and with strong Nordic market presence, LeoVegas Group brings valuable expertise to our association and will enhance our collective efforts to promote a well-regulated and sustainable gambling sector in Europe. 

“We look forward to working closely with our new colleagues on our shared commitment to high industry standards.”

Earlier this month, the EGBA reported record participation for 2024’s European Safer Gambling Week.

The fourth annual campaign took place between 18 and 24 November across social media and with special events, highlighting safer gambling messaging and resources and encouraging industry collaboration.

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LeoVegas brings BetMGM brand to home market of Sweden https://casinobeats.com/2024/10/23/leovegas-launches-betmgm-in-sweden/ Wed, 23 Oct 2024 11:30:00 +0000 https://casinobeats.com/?p=98002 LeoVegas Group has brought the BetMGM brand to its home market, launching the casino and sports betting operator in Sweden. The Swedish debut of BetMGM is a continuation of the Vegas-themed brand’s expansion across Europe, with the brand first going live outside of North America in 2023 in the UK, followed by the Netherlands earlier […]

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LeoVegas Group has brought the BetMGM brand to its home market, launching the casino and sports betting operator in Sweden.

The Swedish debut of BetMGM is a continuation of the Vegas-themed brand’s expansion across Europe, with the brand first going live outside of North America in 2023 in the UK, followed by the Netherlands earlier this year in April

In each of these European markets, BetMGM is operated by LeoVegas Group, a subsidiary of the global entertainment company MGM Resorts International.

Going live in Sweden, LeoVegas will provide a sports betting offering, live casino tables from Las Vegas, exclusive Las Vegas slots and its MGM Jackpot through the BetMGM brand to players in the country, with the group promising to bring “a unique and far-from-‘lagom’ Vegas touch”.

As part of the launch, an omnichannel marketing campaign is set to begin in November, which will include radio, TV commercials, out-of-home, and digital out-of-home advertising.

BetMGM is also LeoVegas’ fourth brand in its home market, sitting in its portfolio alongside LeoVegas, GoGoCasino and the sports betting brand nya expekt

“I’m absolutely thrilled to bring BetMGM to Sweden, where it all started,” commented Gustaf Hagman, CEO of LeoVegas Group.

“LeoVegas Group has been a leading operator in Sweden since its inception, and I’m confident that Swedish players will love the unique Vegas experience and golden offers that they will find on BetMGM. Sweden has never been closer to Las Vegas.”

Alongside its offerings, BetMGM will also launch a new odds boost concept for Swedish players called ‘Super Swedes’, allowing them to follow and bet on currently topical Swedish teams, athletes and clubs competing on the international stage.

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BetMGM launches second UK market ad campaign with Chris Rock https://casinobeats.com/2024/10/21/betmgm-second-uk-ad-campaign-chris-rock/ Mon, 21 Oct 2024 11:30:00 +0000 https://casinobeats.com/?p=97926 BetMGM has launched its second advertising campaign for the UK market, featuring brand ambassador and comedian Chris Rock. Starting in October, the campaign sees athletes across various sports being hyped up by Rock and answering his call to “entertain”. Sports featured in the advert include football, darts, horse racing and cricket amongst others. Working with […]

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BetMGM has launched its second advertising campaign for the UK market, featuring brand ambassador and comedian Chris Rock.

Starting in October, the campaign sees athletes across various sports being hyped up by Rock and answering his call to “entertain”. Sports featured in the advert include football, darts, horse racing and cricket amongst others.

Working with London-based creative agency Recipe, the campaign will be shown across TV, digital, radio, and social platforms in the coming weeks. There is also an independent advert to promote responsible gambling, as well as a casino offering edition.

“This new creative territory of the ‘Chris Rockin’ Locker Room Speech’ builds on the launch campaign from last year, and it’s great to be working with comedian Chris Rock again for the latest iteration,” commented Dan Towse, Director of Brand at LeoVegas Group, which operates BetMGM in the UK. 

“A huge amount of work has gone into this and everyone from the internal teams to the support of Recipe and production house, have delivered an outstanding creative platform.”

Back in March, Sam Behar, Director of UK, Ireland, and Sponsorship at LeoVegas, spoke to CasinoBeats about BetMGM’s launch in the UK and its partnership with Rock for their advertising campaigns.

BetMGM debuted in the UK in September last year, with Rock taking part in an ad campaign which launched the operator’s offerings in the market.

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EU’s digital ID a ‘game changer’ for operators https://casinobeats.com/2024/10/11/sbc-summit-id-game-changer/ Fri, 11 Oct 2024 13:30:00 +0000 https://casinobeats.com/?p=97672 Sending identity documents can often be tedious, time-consuming and potentially risky.  James Elliott, Director of Legal at LeoVegas Group, shared his personal experience with the audience at the Payment Expert Summit in Lisbon, describing the steps he had to take to verify his identity in order to attend the recent event in Portugal. Elliott wasn’t simply venting about […]

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Sending identity documents can often be tedious, time-consuming and potentially risky. 

James Elliott, Director of Legal at LeoVegas Group, shared his personal experience with the audience at the Payment Expert Summit in Lisbon, describing the steps he had to take to verify his identity in order to attend the recent event in Portugal.

Elliott wasn’t simply venting about the process – he was one of three speakers discussing the upcoming digital ID framework in the European Union (EU). This framework is designed to address exactly the kinds of issues Elliott experienced, introducing a digital wallet that aims to give all EU citizens access to a secure, unified digital ID by 2030.

Digital ID: The game-changer for operators panel at the Payment Expert Summit.

This digital wallet will allow individuals to seamlessly verify their identity and obtain important documents, such as driver’s licences or medical prescriptions via a singular platform. The EU’s vision is to create a system where users have control over their ID and personal data, allowing different levels of access depending on the service or interaction.

However, the question posed to Elliott, Charlotta Shelbourg, Director of Product at Kindred and Peter Murray, Director of Strategy for Betting and Gaming at Mitek Systems, was questioned whether this framework presents a significant opportunity for operators in the gaming industry.

Since the framework is identity-based, it is expected to help operators streamline the onboarding process, which has long been time-consuming. Murray noted that this process hasn’t evolved significantly, even with the advancements in technology, but maintains that this framework could be a “fundamental game changer”. 

The panel stated that the benefits of this framework extend beyond operators, as most importantly, it will benefit consumers. This is crucial, as widespread adoption hinges on consumer acceptance, a topic the speakers addressed later in the discussion.

For consumers, the digital ID framework promises significant benefits by granting them enhanced control over their personal data. Individuals will have the power to determine what information is shared, with whom and when, ensuring that their privacy is safeguarded. 

This approach not only looks to bolster security by minimising the risks associated with sharing sensitive documents through traditional means, but it also accelerates transactions, making them quicker and more efficient. 

With a unified digital wallet, users can verify their identity across various services and jurisdictions in an instant, eliminating the lengthy processes of the past. Ultimately, this system aims to empower consumers to take charge of their information and take the power from third-party companies.

Trust, security and adoption

However, while this framework sounds promising on paper, there are still concerns and challenges that need to be addressed. One of the most significant worries, especially in light of recent discussions about fraud in the UK, is the risk associated with having all personal data stored in a single wallet.

Elliott said: “I think (digital IDs) are also potentially very vulnerable because if you’re putting all of that info in one place we’ve got to make sure the person providing that has got security because that will be the biggest target for hackers and identity crime.”

The speakers mentioned that, in addition to implementing top-notch security measures, it is crucial to reassure customers about the safety of their data. This reassurance stems from a foundational level of trust – something that is essential between the customer and operator.

Operators have observed that players are often reluctant to share their personal data when placing bets, particularly with the rise of Open Banking. Shelbourg highlighted that this hesitance is partly due to the perception that it feels “intrusive” to provide such extensive information for a small wager.

Shelbourg and Murray discussed that a solution to this problem alongside education will be branding, making sure that your company’s brand is trustworthy and reliable. 

Digital ID: The game-changer for operators panel at the Payment Expert Summit.

Demographics were also a significant topic of discussion regarding the challenges to adoption. Similar to many emerging technologies, older generations tend to be more cautious about using them, and in some cases, their apprehension is justified. This observation aligns with statistics reported by various industries concerning Open Banking adoption rates.

These rates will vary based on demographics and the influence of other organisations adopting these systems. Shelbourg pointed out that if large state-owned banks and institutions embrace the digital ID framework, the rollout will happen “quite easily.” However, if only gambling companies are involved, it will likely take significantly longer to achieve widespread acceptance.

In addition to improving the onboarding process for operators, the panel discussed several other areas where the digital ID framework could have a positive impact, such as enhancing fraud prevention – particularly regarding bonus abuse – and addressing the contentious issue of cross-border jurisdiction.

Since this framework will be managed by the EU, it presents a unique opportunity for standardisation. This is particularly significant for the gambling industry, which typically faces a landscape of varying rules and regulations across different markets.

However, this technology may open the door to standardisation discussions, which Elliott believes won’t have much influence on the gambling sphere. 

He said: “You rarely get a Spanish player in a Spanish location wanting to go and play on an Italian gaming site”, adding that this also isn’t allowed by many operators.

One significant shift this framework could bring to the gambling industry is the impact on identity companies and third-party providers, such as Murray’s Mitek Systems. These companies may need to consider offering similar solutions, but they’ll be competing against a free option provided by the EU.

“If you’re a current identity provider, you’ve really got to have your eye on this. It might be five years, it might be 10 years, but if you’re doing nothing your business model is fundamentally under threat,” Murray concluded.

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LeoVegas launches in-house gaming studio for exclusive tailored games https://casinobeats.com/2024/09/23/leovegas-in-house-gaming-studio-launch/ Mon, 23 Sep 2024 15:00:00 +0000 https://casinobeats.com/?p=97185 LeoVegas Group has unveiled a new in-house gaming studio, LeoVegas Studios, which will leverage player data to create tailor-made slot games to player trends and preferences. Group-exclusive titles will be developed by LeoVegas Studios, giving the operator “complete creative and technological” control over its igaming offering, with the studio’s debut title – Where Pigeons Dare […]

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LeoVegas Group has unveiled a new in-house gaming studio, LeoVegas Studios, which will leverage player data to create tailor-made slot games to player trends and preferences.

Group-exclusive titles will be developed by LeoVegas Studios, giving the operator “complete creative and technological” control over its igaming offering, with the studio’s debut title – Where Pigeons Dare – set to be released on 25 September.

Led by Mats Andersson, Game Producer and former Creative Director at Light & Wonder, the development of games will be tailored to meet the operator’s player preferences using player data.

In turn, LeoVegas has stated that this will help the studio “create games that adapt to evolving player tastes while supporting broader customer acquisition strategies”, offering a personalised experience across various markets. 

James Ford, Director of Gaming at LeoVegas Group, commented: “LeoVegas Studios is a fantastic addition to the Group. With enhanced creative freedom and technical control, we are now positioned to forge our own path and develop exclusive, innovative games that align with our vision and meet our players’ evolving needs.

“Where Pigeons Dare is just the beginning — our future lineup will continue to captivate and push the boundaries of entertainment.”

Described as “a medium volatility cluster pay slot game featuring wild modifiers, progressive multipliers and buy bonuses”, Where Pigeons Dare will be the first of four planned releases by the studio in 2024, followed by six more titles next year.

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LeoVegas – Fredric Hellsten: volatility is a key barrier to widespread crypto adoption  https://casinobeats.com/2024/08/21/leovegas-frederc-hellsten-volatility-is-a-key-barrier-to-widespread-crypto-adoption/ Wed, 21 Aug 2024 13:00:00 +0000 https://casinobeats.com/?p=96352 As the relationship between digital currencies and igaming continues to evolve, LeoVegas’ Manager of Strategic Payments Projects, Fredric Hellsten, underlined that whilst “cryptocurrency as a payment method has made significant steps forward, it faces challenges and hasn’t reached its full potential as a mainstream payment option”.  During an interview with Payment Expert, Hellsten pinpointed volatility […]

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As the relationship between digital currencies and igaming continues to evolve, LeoVegas’ Manager of Strategic Payments Projects, Fredric Hellsten, underlined that whilst “cryptocurrency as a payment method has made significant steps forward, it faces challenges and hasn’t reached its full potential as a mainstream payment option”. 

During an interview with Payment Expert, Hellsten pinpointed volatility as one of the key barriers halting operators from fully engaging with cryptocurrency as an alternative payment journey. 

He warned: “Frequent price fluctuations can lead to financial losses, causing hesitation in spending or accepting cryptocurrencies. This instability hinders cryptocurrencies from becoming a reliable payment method. However, there are suppliers that have developed various tools to mitigate volatility in different ways.

“Adoption is closely tied to regulatory uncertainty and technological barriers. Regulatory environments vary significantly by country, creating uncertainty and potential legal challenges for both users and businesses. The underlying technology of cryptocurrencies can be complex for the average user which adds additional barriers to understanding and effectively utilising these digital assets. 

“Despite growing acceptance, cryptocurrencies are not yet widely adopted by mainstream businesses which limit their usability as a payment method and making adoption one of the primary challenges.”

He also underlined that the complex regulatory frameworks around cryptocurrencies can present challenges, as the lack of clarity in many markets leads to increased challenges. 

This can also elevate the exposure for players that are tentative when it comes to embracing cryptocurrency. Hellsted described the regulation of crypto as “crucial” if it can widely be deemed as a reliable payment method. 

He said: “Proper regulation ensures consumer protection by safeguarding against fraud and other malicious activities and by building trust and encouraging more people to use cryptocurrencies as payment. It also provides the tools to resolve disputes which is vital for consumers to feel safe using cryptocurrencies.

“Regulation contributes to market stability by curbing speculative trading and reducing extreme price volatility, making crypto more suitable for everyday transactions. It also helps prevent market manipulation, ensuring fair trading practices and a more stable market. 

“AML and KYC regulations are essential to prevent crypto from being used for illegal activities, such as money laundering and terrorism financing, exactly like when we use fiat currency. Proper regulatory oversight ensures transparency and traceability in transactions and maintains the integrity of the financial system.

“Businesses are more likely to adopt cryptocurrencies as a payment method if they are confident in their compliance with legal requirements because it reduces the risk of legal repercussions and financial penalties.

“Without proper regulation, the risks and uncertainties associated with cryptocurrencies can undermine their potential as a mainstream payment option. That is why developing clear and effective regulatory frameworks is essential for the broader adoption and acceptance of cryptocurrency payments.”

The Payment Expert Summit, part of the upcoming SBC Summit, will be held at the Feira Internacional de Lisboa from September 25-26. Secure your spot with the Early Bird ticket offer, which provides access to all three core days of the event, including the exhibition floor, conference sessions and evening networking parties, all for the discounted price of just €400.

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