Les Ambassadeurs Casino Finds New Partners In LTO Network & Sphereon To Revolutionize Gambling
Dutch blockchain leaders LTO Network and Sphereon have partnered with the prestigious Les Ambassadeurs Casino. Today, they announced the beginning of live trials for a world-first — using blockchain technology to revolutionize how the gambling industry works.
The team at Sphereon has built a solution that leverages the LTO Network’s privacy and General Data Protection Regulation-friendly verifiable credentials and decentralized identifier technology to allow casino players to transfer their winnings.
Les Ambassadeurs Casino is using LTO Network’s blockchain to create an improved customer experience, enhanced safety and compliance at reduced costs and administration.
This innovative solution, to be trialed this year, will provide a secure mode with verified enhanced due diligence that will allow casino players to withdraw or transfer their funds to another casino in the system. This approach offers greater security for the player and the casino operator when the player cashes out, reducing the reliance on reward checks.
David Livermore, legal and compliance director of Les Ambassadeurs, said:
“It is essential that the casino business finds appropriate modern methods to transact with our customers in a way that is safe, enhances Anti-Money Laundering compliance and improves the customer experience. Checks are a 19th-century instrument; no one carries a checkbook anymore, and banks have admitted that processing checks — particularly those banked overseas — is an outdated and expensive process and one that they are reluctant to continue with.”
This novel approach will allow a player’s winnings to be stored in a stablecoin wallet. Other casino operators can then recognize the player and the associated stablecoin crypto wallet, and the player will be able to use those winnings to gamble.
Rick Schmitz, CEO of LTO Network, said:
“Gambling is one of the big drivers of technology. More than 20% of the world’s population gambles, and the global industry is worth more than $711 billion. As the real world and virtual world merge together, regulations are required, and our network is the premier solution to be the new crypto-friendly backbone for how this world now operates.”
A model for the future of gambling and casinos
This will become a multi-casino solution. Les Ambassadeurs is conducting the first pilot with the aim of being an industry leader in a future where blockchain empowers regulation-guided businesses.
Kevin McGowen, CEO of Les Ambassadeurs, said:
“The teams at Sphereon and LTO Network are a key component of the vision we have for a future where casinos are interoperable. Using this technology, we can focus on bringing players a world-class experience.”
Casinos are competitive businesses seeking to leverage the compliant regulatory framework offered by LTO Network’s platforms and Sphereon’s experience. This new and innovative approach will provide a more appropriate business and operating model for land-based casinos in the modern world.
“We are committed to using our expertise to deliver unique blockchain solutions that solve real-world problems,” Sebastian Boender, managing director of Sphereon, added.
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Source: igaming
