Earle G. Hall: “The fallacy that a mobile app will not work in gaming is preposterous”
The CEO of AXES.ai shared his vision about integrating crypto and digital wallets into gambling regulatory frameworks.
Exclusive interview.- Earle G. Hall, the CEO of the fintech AXES.ai, gave Focus Gaming News an exclusive interview to talk about the future of the gaming industry and its integration with digital payment methods.
In addition, Hall shared his views on cryptocurrency and provided details about Axes as the Gala Dinner sponsor for Regulating the Game London 2023.
Key industry stakeholders in NSW, Australia have been advocating for digital wallets in the gaming environment for many years, and leading operators globally are implementing digital wallets to provide customers choice as well as harness the benefits from digital innovation. Can you talk about some of the digital payment transitions you have seen and where it is working well?
The greatest digital wallet innovation is wechat. They have 1.2 billion users that are KYC’ed, and very happy to be so to transact and interact every day.
The second greatest digital wallet innovation is the Starbucks App. With 10 million active mobile users, there are more than 5 million transactions weekly. They are all KYC enabled with their credit card and information in the app.
The fallacy that a mobile app will not work in gaming is preposterous. The fallacy that players will not want to do KYC… well that expired with Facebook, Netflix and every other app that requires basic information to identify the consumer.
The speed of adoption of digital wallets is dramatically increasing in all consumer segments, except gaming. The why is important. If the consumer is adopting digital spending in every other segment, where is the blockage in gaming? It is not the consumer.
“The speed of adoption of digital wallets is dramatically increasing in all consumer segments, except gaming.”
Earle G. Hall, AXES.ai CEO.
Cryptocurrency is an emerging payment method with increasing mainstream adoption, and can already be used to fund bets with unregulated gambling operators offshore. Do you have a view about integrating crypto into gambling regulatory frameworks and what are the potential benefits and risks?
There is no risk. Regulate eWallets. Approve eWallets the same way you approve games, technology and suppliers.
If the consumer wants to pay with a digital or a cryptocurrency, they are certifying that the funds are not coming from illicit or illegal sources.
We absolutely ignore that paper currency can flow from illicit sources whereas everything in the digital world is traceable and transparent. With regulated eWallets, there is no risk except for a player that wants to make an illegal declaration.
Imagine if we could do this for paper funds in a casino!
Anti-money laundering and social responsibility shortcomings remain a key focus of gambling regulators. What initiatives is Axes aware of globally that are helping to combat the risk of money laundering and support safer gambling outcomes?
Gaming regulators rely on regulations and suppliers to protect our industry.
Right now, the protections in the land-based industry are largely theoretical. From money laundering to responsible gaming, it is largely impossible to track, trace and police illicit activities.
The answer is simple. In a cashless gaming industry, KYC can transform the industry. It can eliminate the bad and do as it has in other consumer/entertainment segments: drastically increase revenue as player knowledge and understanding leads to increased player loyalty and engagement.
The only deterrent to money laundering is KYC. It draws the line between the theoretical and the real. Poland is leading the charge in real-time KYC traceability and can implement the most powerful AML policies on the planet because the government has real-time, quantitative data.
“In a cashless gaming industry, KYC can transform the industry.”
Earle G. Hall, AXES.ai CEO.
The Kindred Group has embarked on a bold mission towards zero gambling harm from its platforms. Kindred is measured and reporting on the percentage of revenue that accrues from harmful gambling and striving to bring this number to zero. This is a tremendous and no doubt complicated initiative that directly confronts a key criticism of the industry form some quarters i.e. its overreliance on harmful gambling. How can technology and innovation support positive play and safer gambling outcomes and secure a sustainable industry?
Technology is the only solution. Once all players are obliged to KYC… artificial intelligence can detect in real-time the probability of addiction and money laundering.
UNLV, Sightline and AXES are pioneering quantitative AI research in this realm.
Axes is the Gala Dinner sponsor for Regulating the Game London 2023, and is also sponsoring the Sydney, Australia program in March. What are the benefits of being a key partner with Regulating the Game?
RTG is a pioneer in the voice to embrace technology to solve our core issues in our Industry. AXES is humbled to be a part of such an iconic movement to evolve our Industry from gambling to entertainment.
RTG obliges dialogue, inspires innovation and most importantly, brings people together who really care. AXES is so grateful to be a part of this movement.
RTG London is attracting voices from all over the world to speak louder and louder about how to embetter our Industry and AXES is so proud to be a partner, sponsor and speaker. We all have the same goal: make the industry safer and more fun.
