The global gaming industry has been on a steep upward curve since the turn of the century and the boom is showing no signs of slowing down.
That point is perfectly evidenced by recent developments on both sides of the world, which will have a major impact within those jurisdictions.
SkyCity Agree Deal with Light & Wonder
SkyCity Entertainment Group has taken a massive leap forward in modernising its casinos in Oceania after entering into a game-changing seven-year deal with Light & Wonder (L&W).
The global gaming supplier will roll out their Engage platform in New Zealand and Australia. This will enhance responsible gaming measures and customer engagement.
L&W described the collaboration as a ‘Platform as a Service (PaaS)’ systems deal that includes software, hardware and custom development services.
The move could propel SkyCity’s platforms into the top 10 online casinos in the region, particularly given the increased calls for operators to embrace responsible gaming practices.
The technology offers advanced loyalty features and tools designed to support safe, enjoyable gaming while forging positive customer relationships.
One of the most eye-catching aspects of this partnership will see SkyCity use L&W’s advanced iVISTA tech platform to upgrade their land-based casino floors, which could be a masterstroke.
The platform can optimise the player interface and is flexible enough to improve in-game experiences, which aligns with L&W’s goal of improving customer services and supporting responsible gaming.
Leveraging L&W’s innovative solutions could help SkyCity set a new benchmark for the casino industry in Oceania and is a massive step forward in making sure players can enjoy gaming safely.
US Biotech Firm Ventures into iGaming
California-based biotechnology firm 180 Life Sciences has shifted its focus from medical research and drug development to venture into the fast-growing online gaming market.
The firm made the audacious decision after suffering a massive setback in its drug development efforts.
The US Food and Drug Administration (FDA), in a joint effort with the United Kingdom’s Medicines and Healthcare Products Regulatory Agency (MHRA) both raised concerns over the clinical trials of its lead drug candidate, adalimumab, in 2022.
Adalimumab was designed to mitigate the effects of Dupuytren’s disease – a condition that causes fingers to curl due to tissue knots. However, a red flag was raised when the medicine failed to ‘demonstrate significant efficacy in addressing the disease’s symptoms’.
The regulatory setback was a huge blow for the company. The firm’s stock price plummeted, falling below $1 per share.
In response, they initiated a reverse stock split to maintain compliance with Nasdaq listing requirements before ditching the biotech sector to embark on a new journey in the gaming industry.
The company made the jump by acquiring a proprietary blockchain-based tech stack from Elray Resources, a developer and operator of cryptocurrency-based iGaming solutions.
Elray agreed to the deal in exchange for preferred stock that can be converted into a 40 percent equity stake in the biotech-turned-gaming firm.
The move equipped 180 Life Sciences with the tools to set up a blockchain-powered online casino that attracts tech-savvy players by offering transparency, security and innovative features.
Nevada Cashless Payment Breaks Through
Gaming payment providers in Nevada celebrated a major victory in September after the Nevada Gaming Commission (NGC) approved amendments to Regulation 5.225.
Funds previously deposited into wagering accounts could only be used for that purpose. However, changes to the regulation now allow patrons to use those funds for other non-gaming purchases, although those transactions have to take place in Nevada and within licensed establishments.
Patrons will now be able to pay for meals, drinks or retail items using their wagering accounts, and industry insiders have hailed this massive shift as a major game-changer.
The change does not make much difference on paper, but it is a major victory for both payment providers and operators.
Cashless payments have struggled to gain traction in casinos due to regulatory and logistical challenges. That makes moving money around more complicated and expensive, so casinos have traditionally been cash-based businesses.
The approval came after lengthy debates. Commissioners admitted that the move is a no-brainer but raised concerns about how future uses for accounts could be approved.
Nevertheless, the amendment received unanimous support, with commissioners ultimately recognising its potential to modernise the industry.
