NEW YORK, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Elray Resources, Inc (OTCBB:ELRA), through its online gaming and turnkey solution subsidiary Elray Gaming, announced its has begun beta testing of its new bitcoin casino in preparation for launch.
Bitcoin Exceeding All Expectations
Bitcoin is a distributed peer-to-peer digital currency that functions without the intermediation of any central authority. The meteoric rise in Bitcoin has meant that within the space of four years the Bitcoin has risen in value from less than a half a cent to $203.00.
Brian Goodman, Elray's CEO said that "If you had invested $50 into Bitcoins in 2009 your Bitcoin value would now be over 2 Million USD." Mr Goodman also said that "Bitcoin is a unique opportunity and is gaining more and more momentum and traction, even within the physical world; it is now possible to actually spend Bitcoins without exchanging them for traditional currency. I expect more and more demand and internet usage of the Bitcoin and as such we are developing unique products that will allow online operators of gaming products to accept Bitcoin as a form of payment. There are currently only approximately 12 Million Bitcoins in Circulation and the demand is increasing every day therefore driving the price higher. Demand is fuelled primarily by the ease of use and the growing acceptance on the Net."
Bitcoin Casino Payment Integration
Elray Gaming has begun beta testing a Bitcoin processing System integrated to its already developed Online Gaming Casino ready for play. Utilizing the growing virtual currency bitcoin, this new gaming platform and casino will incorporate such popular games as Poker, Dice, Sports, and Virtual Horse Racing. The finished casino is just in process of testing the backend Bitcoin processing system so as to provide future users with a trusted and proven gaming product in this field.
Hot Wallet Payments
The platform will utilize a unique secure hot wallet payment feature that will keep a very limited number of Bitcoins in a 'Hot Wallet' to enable immediate withdrawals of small/typical amounts. By maintaining a limited number of Bitcoins in the exchange we reduce risks, but provide for liquidity for gamers to deposit and withdraw in a more liquid market through our gaming platform.
In addition, Elray Gaming is also exploring the integration of this Bitcoin payment feature for the development of its Virtual Horse Racing gaming platform, which it recently signed a licensing agreement with BetTek to develop.
Binary Option Trading on Bitcoin
The Company is also exploring leveraging its experience in Binary Option trading to allow users in the future to trade binary options on the daily spot price of Bitcoins. This platform would allow users the ability to trade both long and short binary options on the daily fluctuations of bitcoin prices around the world, and could also help leverage our existing Binary option portfolio.
Compliance to Gaming Regulations
Since inception, Elray Gaming has always aimed to adhere to all standing and legal compliance when it comes to local gaming laws. Based on the current uncertainty on how bitcoin trading may be labeled in regards to online gambling, Elray Gaming will initially launch any Bitcoin casinos, or gaming products, as if they were cash only gaming, thus restricting players where gaming may be illegal locally, or under the Unlawful Internet Gambling Enforcement Act of 2006.
As of October 20, 2013, the Company had approximately 27 million common shares issued and outstanding, with roughly 8 million shares available in the public float.
About Elray Gaming, Inc.
Elray Gaming provides a complete turnkey solution for numerous successful online gaming companies as well as performs strategic marketing and consulting services for Online Gaming operators from all parts of the world. While our US office is in New York, we are a global company with offices in London, Sydney and Curacao, homes of the largest online operators on the net, which helps us actively manage and serve our clients. Our sophisticated patented software automatically declines any gaming requests from within the United States, in strict compliance with current US law. Our Sydney office allows us to tap into skilled resources and some of the world's largest client base, for regular, personal interaction. As our active operations are in a jurisdiction that is friendly to online gaming, our clients can rest assured that we are here to stay. www.elraygaming.com
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
CONTACT: Melissa Diaz, South Street Media, Inc Phone: (917) 937-8968 Email: email@example.comSource:Elray Resources, Inc.