Cryptocurrencies in Polish Betting – LV BET Leads the Way

The iGaming market in Poland is experiencing dynamic growth, and at iGamingNuts.com, we strive to stay updated with all the innovations and trends shaping this industry. In one of our articles, Affiliate Marketing in iGaming, we predicted that cryptocurrencies would become an essential part of iGaming by 2025, offering lower transaction costs and reaching new, tech-savvy players.

With this in mind, we conducted an extremely interesting interview with Marcin Doszczeczko, CEO of LV BET, one of the leading players in the Polish betting market. We discussed the introduction of cryptocurrencies as a payment method on the LV BET platform – an undoubtedly innovative move that aligns with the trends we have been observing. This development has the potential to revolutionize the way players place bets.

In our interview, Marcin Doszczeczko shares the motivations behind the decision to introduce cryptocurrencies, the technical and regulatory challenges encountered, and the benefits this solution brings to both the company and the players. We will also explore how LV BET envisions the future of cryptocurrencies and blockchain technology in the context of the mutual betting market in Poland. Enjoy the read!

iGamingNuts: What inspired the decision to allow LV BET users to deposit funds in digital currencies?

Marcin Doszczeczko: Bitcoin, the most important cryptocurrency, recently surpassed the psychological barrier of $100,000 per BTC. With this milestone, we observed significantly increased media interest in both Bitcoin and cryptocurrencies in general. The adoption of cryptocurrencies and blockchain technology is advancing at such a rapid pace that it can be compared to the expansion of the internet in the 1990s.

One of the practical applications of cryptocurrencies is their use in payments, which in itself is nothing new. At LV BET, our goal has always been to be an innovative operator that introduces functionalities to the market as the first in the country. We have successfully achieved this many times in the past, and we have done so again with crypto.

As an interesting note, many popular brands worldwide accept cryptocurrency payments. With this step, we have joined the ranks of companies like Tesla, Microsoft, Dell, and Starbucks.

iGamingNuts: LV BET now accepts deposits in 13 different blockchain-based assets. What criteria determined the selection of these particular cryptocurrencies?

MD: The accepted currencies include all the most popular cryptocurrencies, as well as the largest by market capitalization – such as Bitcoin, Ethereum, Solana, and Dogecoin. This should come as no surprise – Bitcoin and Ethereum alone make up around 70% of the entire cryptocurrency market. Our primary criterion was to ensure maximum coverage of customer needs for those who own cryptocurrencies.

iGamingNuts: How has the introduction of this option impacted your business?

MD: The introduction of this deposit option at LV BET was a significant step toward crypto enthusiasts, a group that continues to grow. We also wanted to send a clear signal that the LV BET brand is a pioneer in implementing technological innovations in the market. Through this, we aim to target new customer groups—people who find this option convenient and appreciate it.

We cannot yet say that this solution has revolutionized our industry – it is still relatively early – but we can certainly confirm that it has been well received in the public space.

iGamingNuts: How does LV BET treat cryptocurrency deposits compared to traditional deposit methods in terms of bonus policies and promotions?

MD: Regarding bonus policies and promotions, cryptocurrency deposits are treated exactly the same as deposits made through other methods. It makes no difference, and the full range of promotions and bonuses is available to all customers.

iGamingNuts: What technical or regulatory challenges did you face when implementing the cryptocurrency payment system?

MD: I want to emphasize one key aspect here, and I want it to be very clear. In our daily communications, we use certain simplifications primarily to describe functionalities in a straightforward and understandable way. However, in this case – especially regarding regulatory challenges – I must stress that LV BET does not directly accept cryptocurrency deposits, nor can bets be placed using cryptocurrencies.

Deposits are indeed made using a customer’s cryptocurrency holdings, but before they reach the player’s account on the LV BET platform, they are converted into fiat currency – specifically, Polish zloty. In practice, LV BET collaborates with licensed payment service providers and cryptocurrency exchange entities (such as Zondacrypto). These entities facilitate the exchange process, ensuring that the funds arriving in an LV BET player’s account are in Polish zloty.

This entire process happens “in the background” and is essentially imperceptible to the customer. However, it is important to emphasize that, in practice, the customer’s cryptocurrency is sold on a crypto exchange, and the proceeds from the sale are transferred to LV BET. The LV BET platform itself does not process cryptocurrency transactions.

This was our biggest regulatory challenge – structuring the solution in a way that fully complies with the Gambling Act while ensuring that payments are accepted only from institutions licensed as payment service providers.

iGamingNuts: What security measures have you implemented to protect customers’ cryptocurrency transactions?

MD: Maximum security. As I mentioned earlier, this method has been introduced in collaboration with licensed entities with years of operational experience, ensuring that customer funds are protected at the highest level.

iGamingNuts: Why did you choose to partner with the Zondacrypto Pay platform?

MD: Several factors influenced our decision, but the most important ones were Zondacrypto’s many years of experience in the market, its high level of credibility, and its willingness to adapt to our needs to ensure the best possible integration. I won’t hide that Zondacrypto’s Polish roots also played a role—the teams quickly found common ground, making the collaboration seamless.

iGamingNuts: Do you plan to introduce other blockchain-based solutions in the future, such as transparent sports betting or NFT integration?

MD: This question looks far into the future and, in reality, should be addressed to Polish regulators rather than us. Of course, we would love to consider such projects, but currently, we operate under heavy regulatory constraints.

The main problem is Poland’s outdated Gambling Act. While blockchain, cryptocurrencies, and artificial intelligence are being discussed globally, the Polish gambling industry is still governed by a legal framework dating back to 1992 – when the internet was in its infancy, and we were still seven years away from the launch of the iconic Nokia 3210.

iGamingNuts: Could Bitcoin become a tool not only for deposits but also for withdrawals?

MD: Given the current legal framework, this is virtually impossible. However, we would love to introduce such innovations, as I believe blockchain technology and solutions based on it will only become more popular.

iGamingNuts: How do you think blockchain and cryptocurrencies could change the landscape of the mutual betting market in Poland?

MD: It all depends on regulations and the direction taken not only by Poland but by the entire European Union. Globally, blockchain-supporting hubs are emerging, while the EU seems not to recognize the need for such advancements. As a result, investment capital in blockchain technology is flowing toward more business-friendly jurisdictions.

To bring things back to our reality – Bitcoin, the world’s most important cryptocurrency, is currently in a bull market (though it won’t last forever). With new all-time highs, interest in Bitcoin and blockchain technology continues to grow. We hope that, riding this wave of interest, cryptocurrency deposits will become even more widespread, helping us attract new customers who appreciate LV BET’s innovation.