Sphereon has partnered with London Mayfair’s prestigious Les Ambassadeurs Casino to use blockchain technologies to revolutionise how the gambling industry works. Les Ambassadeurs Casino is using Sphereon’s solution to enable an improved customer experience, enhanced safety and compliance, and reduced costs and administration.
Digital Casino Winner Cheque
We built a solution that allows casino players to transfer their winnings in a verifiable but privacy-preserving manner.
This approach will ensure greater security for the player and the casino operator when the player ‘cashes out’, and reduce the reliance on traditional ‘win’ cheques.
This innovative solution, to be trialed this year, will provide a secure mode with verified EDD that will enable casino players to withdraw their funds or transfer their funds to another casino within the eco system.
‘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.
Cheques are an 19th century instrument. No one carries a cheque book anymore and banks have admitted that processing cheques, particularly those banked overseas, is an outdated and expensive process, and one that they are reluctant to continue with.’
David Livermore (Legal and Compliance Director, Les Ambassadeurs)
Using W3C Verifiable Credentials
We built a solution based on W3C Verifiable Credentials and Decentralised Identifier and our Sphereon VDX platform and on top of LTO Network’s blockchain.
The novel approach will allow a player to receive a digital version of a winner cheque. The player’s winnings are stored in a stable-coin wallet. Other casino operators are then able to recognise – and trust – the player and the associated stable-coin crypto wallet. The player will then be able to exchange and use those winnings to gamble in the same or another casino.
‘We are committed to using our standards-based Identity and Data Exchange platform - and technical expertise - to deliver unique digital solutions that solve real world problems.’
- Sebastian Boender (Managing Director, Sphereon)
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 regulatory guided businesses.
‘The team 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.’
– Kevin McGowen (CEO Les Ambassadeurs).
LTO Network’s blockchain
Casinos are competitive businesses seeking to leverage the compliant regulatory framework offered by Sphereon’s platforms and LTO Network’s blockchain. This new and innovative approach will provide a more appropriate business and operating model for land-based casinos in the modern world.
‘Gambling is one of the big drivers of technology. 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 premiere solution to be the new crypto-friendly backbone for how this world now operates.’
– Rick Schmitz (LTO Network CEO)