Members-only gambling club Les Ambassadeurs has partnered with Dutch blockchain projects LTO Network and Sphereon “to revolutionize gambling,” the parties have announced. The London casino and the tech businesses have now begun live trials for what they call a world-first integration of blockchain and gaming.
The Sphereon team has built a solution that leverages the LTO Network’s privacy and GDPR-friendly Verifiable Credentials and Decentralized Identifier technology “to allow casino players to transfer their winnings using verified identity credentials,” a press release explains. The solution is set to be trailed this year.
By leveraging LTO Network’s blockchain, Les Ambassadeurs Casino intends to enable an improved customer experience through enhanced safety and compliance. Additionally, the integration is set to reduce costs and administration of the business.
LTO Network + LesA Casino 😎🤝
✅ Gambling = big driver of technology
✅ 20% of world population gambles
✅ Global industry $711 billion+“Our network is the premiere solution for how this world now operates.” – Rick Schmitz (CEO)
🔖More: https://t.co/LT2wY5gRtV@sphereon $LTO
— LTO Network (@TheLTONetwork) April 19, 2022
LTO Network says the innovative solution will provide a secure mode with verified EDD, which will enable club guests to withdraw their funds or transfer their funds to another casino within the system. The approach ensures greater security for the player and the operator when the player cashes out, reducing the reliance on “win” cheques.
“It is essential that the casino business finds appropriate modern methods to transact with our customers in a way that is safe, enhances AML (anti-money laundering) compliance and improves the customer experience,” said David Livermore, Legal and Compliance Director at Les Ambassadeurs.
The executive further described cheques as “a 19th-century instrument,” and argued that “no one carries a chequebook anymore,” which banks have admitted that processing cheques, particularly those banked overseas, “is an outdated and expensive process” that they are reluctant to continue with.
Using #SSI with #Decentralized #Identifiers #DID and #Verifiable #Credentials #VC for #KYC and #USDC #StableCoin for settlements https://t.co/V1onw7brC7
— Sphereon (@Sphereon) April 14, 2022
“Gambling is one of the big drivers of technology,” added Rick Schmitz, LTO Network CEO. “Over 20% of the world population gambles and the global industry is worth over $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.”
The novel approach will allow a player’s winnings to be stored in a stable-coin wallet. Other casino operators will then be able to recognize the player and the associated crypto wallet, and the player will be able to use those winnings to gamble.
The parties describe the innovation as a “multi-casino solution,” and a model for the future of gambling and land-based venues. By conducting the first pilot, Les Ambassadeurs aims to become an industry leader in a future where blockchain is expected to empower regulatory-guided businesses.
Commonly referred to as “Les A,” the Les Ambassadeurs Club is a club and casino located at 5 Hamilton Place in Mayfair. The members-only club is housed in a Georgian property, and welcomes players from around the world with luxury facilities available 24 hours a day, including private rooms and world-class fine dining.
“The team at Sphereon and LTO Network are a key component of the vision we have for a future where casinos are interoperable,” stated Kevin McGowen, CEO at Les Ambassadeurs. “Using this technology, we can focus on bringing players a world-class experience.”
“We are committed to using our expertise to deliver unique blockchain solutions that solve real-world problems,” added Sebastian Boender, Managing Director at Sphereon. The tech companies believe this new approach will provide “a more appropriate business and operating model” for land-based casinos “in the modern world.”
