CashBet’s Mike Reaves: Setting our sights on Europe’s de facto crypto capital

CashBet’s Mike Reaves: Setting our sights on Europe’s de facto crypto capital

Wednesday, August 15, 2018 Posted by Luke Massey
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CashBet has applied for a licence from Sweden’s Lotteriinspektionen
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Mike Reaves, CEO and Co-Founder of CashBet, spoke to about a landmark day for the operator, as well as why Sweden is abuzz with activity on the blockchain, and how one of the world’s most tech-savvy entrepreneurial nations could be a catalyst for its mainstream adoption.

Totally Gaming: You’ve recently applied for a licence from Sweden’s Lotteriinspektionen authority, how big is this for CashBet?

Mike Reaves: Living in the world of crypto means we’re not unaccustomed to historic firsts, but 01 August, 2018 will certainly go down as a landmark day for us. With Sweden set to begin regulated online gambling as of January 2019, we hope to be the world’s first crypto-enabled iGaming platform to be licensed in the country.

I predict the long-term effects of Sweden opening its doors to the iGaming world and in particular, crypto-enabled iGaming to be huge.  

TG: Why is Sweden opening its doors to regulated online gaming particularly significant for the crypto community?

MR: Global adoption of cryptocurrency into the mainstream over the last few years has come at an exponential pace. In this brave new world of crypto and blockchain, Sweden is leading the charge for mainstream adoption of cryptocurrency. With our goal to marry blockchain technology to our mobile-first iGaming platform, no place is better to bring this dream into reality than one of the world’s leading most crypto-enabled nations.

For the past couple of years, Sweden has enthusiastically embraced cryptocurrency. So much so that Stockholm has been widely touted as Europe’s soon-to-be de facto crypto capital. HSBC’s economists certainly agree, even going as far to speculate that the Riksbank (Sweden’s central bank) may be planning to launch a government sanctioned ‘e-Krona’ within the coming years.

We strongly believe that there is an overlap between users of cryptocurrency and iGaming account holders, whether in real money, social, or skill-based games and apps. As the only complete, crypto-enabled iGaming platform, we believe Sweden to be one of the greatest global catalysts for crypto-enabled iGaming to become part of the mainstream.

TG: In your view, why is Sweden so enamoured towards crypto and blockchain?

MR: From my experiences with Sweden, I can say that the nation is quite literally abuzz with blockchain activity – far more than anywhere else I know. This mass adoption has not gone amiss in iGaming. We are already seeing huge demand from players and operators gearing up for 2019, as the majority of internationally regulated operators apply for Swedish licences.

Online gambling revenue grew 11.4% year over year in in 2017 rose reaching 1.1B USD as per Lotteriinspektionen latest figures. We anticipate that a significant portion of this revenue will be denominated in cryptocurrencies once the option becomes available.

TG: How soon do you see crypto-enabled iGaming reaching the mainstream?

MR: While there are hundreds of rollouts of iGaming platforms, crypto enabled ones are still in their infancy, with some of the most recent figures estimating that there are still only 25 million cryptocurrency users in the world. To bring a platform such as ours into worldwide mass adoption, it’s essential to focus on the places where cryptocurrency has been adopted more than most, with Sweden being far ahead of the curve.

We’re excited about the future to say the least. The adoption of crypto-enabled iGaming by one of the world’s most tech-savvy entrepreneurial nations is likely to be one of the greatest catalysts for mainstream adoption.

TG: What still needs to be overcome ahead of mainstream adoption of crypto-enabled iGaming?

MR: In my view, one of the remaining hurdles to be overcome ahead of crypto-enabled platforms hitting the mainstream is the ‘Wild-West’ stigma cultivated by some elements of the media.

With regulatory approval from some of the world’s most respected bodies, along with what we hope to be our approval from Lotteriinspektionen, we believe that our launch in our platform in one of the world’s most crypto-friendly nations is a momentous step towards mainstream endorsement and our mission to become the world’s de facto iGaming leader in this space.

If our systems have enough integrity to pass a third-party compliance test by the world’s leading regulatory bodies, then it’s both an endorsement for our platform and team as well as the crypto-enabled iGaming world as whole.

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