HENDERSON, NV / ACCESSWIRE / October 21, 2015 / MarilynJean Interactive (MJMI.QB) today announced it has entered into discussions with a provider of online gambling licenses and data hosting services.
The online gambling market is expected to exceed USD 40 billion in 2015. One of the biggest challenges faced by online gambling companies is facilitating funds transfer from users to the online operators. Credit card companies have been historically reluctant to integrate their systems with online gambling operators because of the chargeback potential. Bank transfers to online gambling sites are complicated by the fact that most operators are licensed in small countries outside the primary jurisdictions where most players reside. The result is that it can take several days for new users to open accounts. Countless potential new users are lost, having been put off by the hurdles of setting up new accounts and transferring funds.
Bitcoin offers a simple solution to these problems. Bitcoin transfers are both virtually instantaneous and verified multiple times through the Bitcoin blockchain and the myriad of Bitcoin miners connected to the network. Bitcoin transfers therefore solve both the speed and authentication issues faced by online gambling companies.
Many internet gambling operators also face the challenge of operating in a jurisdiction with a sophisticated enough telecommunications network to manage high bandwidth secure transactions. Many of the countries that offer internet gambling licenses are small and have less robust telecom networks.
MJMI has entered into discussions with a firm that offers internet gambling licenses in the country of Antigua. This firm simultaneously offers connected data services located on a native reserve in Canada. This combination allows its clients to both be licensed to offer real money wagering and operate their data centers on a first world telecommunications network. Canada is home to one of the world's largest publicly traded online gambling operators, Amaya Inc. (NASDAQ: AYA), parent company of mega-sites Pokerstars and Full Tilt Poker.
Owing to its ultra-low transfer cost, Bitcoin also offers the advantage of easily facilitating small dollar value transfers. This means that a site allowing much smaller wagers can still be profitable. Online gambling operators of poker rooms, for example, take a small percentage of the total value wagered by players in each hand, known as a rake. With traditional currency, known as FIAT, the transfer costs necessitate higher dollar amounts be sent by players so that the funds they transfer exceed the transfer fees. With Bitcoin, the potential exists for operators to offer users the option to transfer and wager much smaller amounts, therefore dramatically increasing the potential customer base.
Peter Janosi, MJMI's president said: "We are very excited to be in discussions with a potential partner in the online gambling space. Since we will not be targeting US customers, having a partner that can both facilitate a license in a credible jurisdiction like Antigua and offer data services in a first world country makes sense. They share our excitement about the potential Bitcoin brings to this multi-billion dollar industry. We look forward to further updating our shareholders as we make progress in this exciting space."
About MJMI
MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.
Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
MJMI is currently exploring partnerships in several verticals within the crypto-currency space, including the multi-billion dollar remittance market. Management believes that several industries, including both international remittances and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions.
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is OCTQB:MJMI.
Website: www.marilynjean.com
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SOURCE: MarilynJean Media Interactive