OUR VISION FOR LUCRE
Is to make this the long-awaited, sought-after, safe, quick, cashless, decentralized, currency of choice and a single-source global KYC solution for most, if not all, casinos, sportsbooks and card rooms.
Lucre is positioned to be the first of its kind to take on the global gambling market. Successfully.
Per the Casinopedia trends for 2018 – identified after reviewing 450 million gambling transactions – there are 5 major points to note – Allowance for self exclusion, the Rise of Mobile, More stringent Responsible Gaming enforcements, Stricter Fraud Prevention, and customers being tired of multiple KYCs and delays in being able to access and log into multiple accounts. Using Blockchain, Lucre will take steps to address all these major concerns in a trustless, secure and effective manner.
Using LCR = Less risk. Less demand for cash. Less fraud. Fewer inconveniences.
Simultaneously, larger market. More players per region. More revenue for merchants. Better customer service. Better Advertising. And a cashless, trustless, pseudonymous economy and ecosystem that is, contrary to first impressions, stricter on AML/CTF guidelines, identity management, and unregulated gambling.
Enforcement of stricter KYCs, responsible Gaming, AML/CTF Guidelines, & Fraud Prevention
Because regulatory requirements and processes are scattered, online and ‘cheatable’, merchants spend large sums of money annually to re-administer KYC processes, while simultaneously inconveniencing customers with them being long, difficult and frequent. Being an identification process, disconnected from funds transfers, this also makes it virtually impossible to trust for identity management, fraud, and AML/CTF protocols. Per Casinopedia research published, it is also a major pain-point for customers that they would like to see changed in 2018.
Logistics & Security concerning merchants and players dealing primarily in cash
It’s often joked that the most likely place one can be mugged is while entering or exiting a casino. The simple reason is that the industry predominantly functions on cash. This is not only an obstacle against unregulated gambling but also a security concern for both merchants and customers alike. Events like the World Series of Poker draw 105,000+ entrants a year and pay out over a billion dollars in winnings over the course of a month – where entrance fees cost anywhere from a few thousand to over a million dollars in some tournaments. Currently, there’s no centralized payment solution in existence capable of funds transfers of those volumes instantly.
High processing & transfer fees, geo-issues involved in centralized wallets for online transactions
While players can use existing wallets (Neteller, Skrill, PayPal, etc.) for online transactions at merchant websites, they are expensive and come with geographical restrictions. Players currently have no single-wallet solution that can not only aid in streamlining the login and funds transfer processes but act as an effective, sustainable and cost-effective alternative for
bankroll management. A professional sports bettor who uses different books or online casinos would require multiple accounts, painstakingly created, and fund them through multiple wallets, effectively losing upwards of 10-15% overall in just processing fees and exchange.