The online gambling operator Cozy Games made an unorthodox decision in order to make up for the financial losses it is to face after the 1st of December, when the new 15% Point of Consumption bill will be implemented for online operators in the United Kingdom.
Cozy Games has recently announced it signed a contract with GoCoin, a company dealing with digital currency, in an attempt to increase the efficiency of its online payment transactions.
The Isle of Man-based Cozy Games will now offer new payment options for its customers. The partnership with GoCoin brings new technology, offering a number of digital currencies available for payment or purchase of products and services. GoCoin is known for offering crypto-currency options for its clients globally.
The use of crypto-currencies has become one of the most discussed issues, not only in the gambling industries around the world, but for any business that has operations through an online platform. There are many iGaming businesses which have expressed interest in using digital currencies, such as bitcoin or litecoin in order to pay less money for money transactions and government taxes.
If the deal with GoCoin becomes a reality, it will make Cozy Game the first ever licensed operator to offer payment options with crypto-currencies as part of its payment portfolio.
The CEO of Cozy Games explained that he trusted the innovation and expertise GoCoin would provide to his company, and that had been a major reason for choosing GoCoin to develop their crypto-currency systems. Sreeram Reddy further stated, that the innovation that GoCoin would bring to the gambling industry fully coincides with the gambling regulations, which would let CozyGames to devote their time fully on providing the highest quality services to its online customers.
Mr. Sreeram has a lot of experience from his former positions, and has developed a sixth sense for taking the right strategic decisions. He has worked more than ten years in the online gambling industry, having created the well-known brands of Party Gaming – Party Casino and Party Bingo.
Other responsibilities that GoCoin is to take care of are security measure, protection of personal and transaction details of customers; any market diversity issues as well as dealing with the technological complexity of establishing and maintaining the processes of crypto-currency transactions.
Cozy Games takes a big risk in trusting a currency which has no physical representation. The future of digital currencies is still unknown, as there are experts who defend each of the opposite sides – establishment as a legitimate international currency or a slow devaluation and perish.
The chief executive officer of GoCoin assured all iGaming businesses which have doubts, that his company had been offering its services for a long time, and provided the unique opportunity for its clients to reach markets which were otherwise hard to target and serve, such as the under-banked market.
He also stated that his software developers and engineers worked closely with experts on gaming regulations, in order to optimize and make sure the company’s services coincide with the gambling legislature as well as to ensure a secure and pleasant transaction process for the end user.
