iGaming Cloud chooses MuchBetter as new payment option to reduce fraud and increase revenues

Msida, Malta, 23rd November 2017 MuchBetter, the iGaming payments company, today announced a new partnership with iGaming Cloud (iGC), part of the Gaming Innovation Group and Payments Specialist Devcode. By choosing to offer MuchBetter as a preferred payment option across selected online sports betting, casino and skills game platforms, iGC expects to enhance fraud protection and increase commercial revenues – as well as being an early adopter of a new disruptive force in iGaming payments.

Available on Android and iOS now, MuchBetter allows users to make online, offline and contactless payments via their smartphone, pre-paid card or even wearable device. Funds can be transferred and received in real-time and the service was developed to meet the specific needs of modern gaming operators. MuchBetter’s unique commercial model eliminates individual transfer fees. Instead, fees are aligned to the individual net deposit value of the player. This was a vital factor in iGC’s decision to offer MuchBetter as a preferred payment option, as was its approach to fraud reduction. MuchBetter naturally eliminates many known fraud patterns, through a combination of the application’s design, device authentication (including biometric authentication) and dynamic session tokens. MuchBetter also authenticates account holders, beyond financial/payment information, and makes such additional data available to operators. This means that gaming operators have end-to-end control of their payment flow, and better understand the quality and history of the accounts they transact with. This increases trust and reduces fraud rates.

The MuchBetter payment service is technically delivered through Devcode’s PaymentIQ platform and will be rolled out by iGC brands in selected countries immediately.  Devcode’s decision to make Muchbetter part of their PaymentIQ suite of payments has been instrumental in the fast delivery of the new payments service to iGC.  In the future, MuchBetter may be adopted by other brands operated by the Gaming Innovation Group.

“Altruistic is not a word you hear often in the gaming industry, but we hope to offer a service that changes iGaming payments for the better and forever,” said MuchBetter co-founder, Jens Bader. “Valued partnerships with leading gaming organisations like iGaming Cloud and Devcode will be vital in making this happen, and we’re confident that our solution directly addresses many of the biggest pain points in the market. Fraud is a perennial issue in gaming and iGaming operators will always seek new ways of increasing commercial revenues. We help with both, by flipping the traditional model of transfer fees on its head and by knowing our account holders better. Unlike cards which are linked back to accounts, electronic payment intermediaries have always been something of a blackhole of user information, thus ripe for abuse from fraudsters and cybercriminals. Not MuchBetter. We paint a more complete picture of every account holder, so that gaming operators know exactly who they’re paying out to – so that they only pay out to the accounts they trust.”

“First and foremost, we chose to partner with MuchBetter because we believe in the people behind the business,” said Ian Bradbury Head of payments at iGaming Cloud. “We trust in their extensive experience in the market and in their ability to deliver on their promises. Working with the team has been an engaging and collaborative process from start to finish, and it’s exciting to be at the forefront of a new wave in iGaming payments technology. I’m confident that all the brands under iGaming Cloud will see significant financial and operational benefits from accepting MuchBetter payments, especially if it does take off in the way we know it can.”

About Devcode Payment – part of Bambora Group

Devcode Payment – part of Bambora Group, is a rapidly growing provider of payment and reconciliation solutions. We benefit from the latest technology together with domain knowledge that spans over 15 years. A good combination to build a modern, safe and efficient payment platform for the iGaming industry.

PaymentIQ is a payment platform specifically designed for the iGaming industry. We have developed, streamlined and implemented payment solutions for markets all around the world.

AccountIQ automates the reconciliation process and provides you with a transparent and detailed view of every transaction, at every phase of the money handling process.

About iGaming Cloud – part of Gaming Innovation Group:

Gaming Innovation Group Inc. is an emerging gambling solutions and interactive entertainment provider. The Company offers cutting-edge cloud-based services and B2B performance marketing, and owns B2C gambling operators offering games from the best-of-breed suppliers across the online sports betting and casino industry. Gaming Innovation Group operates out of Malta and is listed on the Oslo Stock Exchange under the ticker symbol “GIG”.

For more information about our companies and our services:

About MuchBetter

MuchBetter, operated by MIR Limited UK Ltd, an FCA-licensed and regulated e-money issuer, is the new payments application for iGaming. Available on Android and iOS, MuchBetter make effortless online, offline and contactless payments throughout EMEA. Funds can be transferred and received in real-time and MuchBetter’s unique commercial model increases operator revenues while its anti-fraud features and use of best in class technology reduces risk.

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