Cozy Games Ready for New UK Gambling Tax
The landscape of the UK gambling market has been changed significantly with the introduction of the Gambling Act on 1 November 2014. From that point forward, all gambling operators accepting bets from UK residents must now be registered within the country. Specifically, sites must now be licensed with the UK Gambling Commission.
Another key date comes on 1 December, when iGaming operators will have to pay a 15% point of consumption (POC) tax on all revenues generated from UK players. In response to the impending POC tax, iGaming and bingo software developer Cozy Games has made the strategic decision to integrate cryptocurrencies as new payment forms.
To facilitate the acceptance of those payments, Cozy Games has struck a deal with cryptocurrency platform GoCoin. This will ensure that the various sites powered by Cozy Games software will be able to accept cryptocurrency payments made with Bitcoin, Dogecoin, and Litecoin.
Cozy Games managing director Sreeram Reddy explained that the appeal of partnering with GoCoin will enable his company to shift some of the expensive transaction costs associated with traditional payment forms. The developer will also be free from security and software concerns on all cryptocurrency payments.
Appeal of GoCoin
GoCoin CEO Steve Beauregard explained that his payment platform’s approach is to help gaming operators tap into “underbanked” markets, while adhering to legal regulations and maintaining financial security for players. More operators could now seek to partner with GoCoin to receive the same benefits. On its corporate website, GoCoin promises only to take a 1% fee on transactions.
After being established in July 2013, the company now has an international presence in proximity to key geographic centres. At present, GoCoin has offices in Boston, London, Santa Monica, Singapore, and the Isle of Man. The list of investors in the platform is a who’s who of modern business leaders.
Cozy Games a Viable Bingo Network
Sreeram Reddy and fellow professionals from the iGaming industry founded Cozy Games in 2005. This group of people pooled their years of experience and diverse skillsets to establish an iGaming developer and software provider that now has a decade of operational experience.
The viability never appeared to be in doubt, as managing director Reddy had prior experience of working with Party Gaming to depend on. Specifically, Eddy had been tasked with developing the Party Gaming’s bingo and casino brands, serving him in good stead for his own endeavour. He has made a smart strategic decision to help secure the future viability of his business.
Looking to the bingo operations of Cozy Games, there are more than 40 bingo sites powered by this developer. Among the better-known names are Love My Bingo, Scrummy Bingo, and Vampire Bingo. More than 1.3 million players have been registered with Cozy Bingo sites over the past six years.
Alongside online bingo, Cozy Games also develops software for mobile games, casino games, online slots, and scratch cards. From its HQ on the Isle of Man, the company has managed to secure partnerships with leading industry operators like Betfair, IGT, Paddy Power, and Sky.
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