Unikrn has just gotten its crypto betting regulation

Have you ever tried sports betting? It is quite common around the world right? Nothing too special or weird about it. Well, you may find it weird to find out that sports betting may receive a whole new understanding pretty soon as esports is becoming quite a large industry?

What is eSports?

What is eSports you ask? Well, they are video games that people play competitively. For some people, it is quite hard to wrap their head around this concept, but it is quite easy. Just like a professional athlete trains most of the day every day for his performance in a sport so does a professional video game player. Some of these games are designed to be competitive therefore creating the space of bets and gambling.

Obviously, there is no way that eSports can reach the volume of the conventional sports betting volume any time soon, but it has seen quite a lot of growth and popularity over the years. Some operators were quick on their feet and saw amazing opportunities with this an one of the biggest ones was Unikrn Limited.

Unikrn and the new license

According to Norsk Casino Online web-portal, Unikrn is now officially licensed by the Isle of Man Gambling Supervision Commission. This is by far the biggest project they have embarked upon and looks to be a billion dollar business in the works. Ever since 2014, the CEO Rahul Sood has been enjoying the title of manager of the world’s first blockchain live wagering backend.

The industries that Unikrn was able to incorporate in its business model are a perfect match. Both of them focusing on the younger generation, pretty much covering them all with eSports and cryptocurrencies. Besides, Unikrn had the means to do it given its size. It is now able to cover most of the time zones around the world. It used to feature an Australian license, but unfortunately, it expired last December leaving the company only with it’s Malta and the newest Isle of Man licenses.

Preparing for the future in the US

The preparations are well on their way to start launching the platform for US users. According to Unikrn, the company has been conducting tests on a UK platform for the recent UFC events. With these tests, they were able to feature their signature token UnikoinSilver. There are also plans to completely switch to a new token the company has developed, the UnikoinGold token.

Even though Unikrn managed to get a license to operate within the US, it will still have some restrictions in 9 states, leaving only 41 as its primary targets. However, this should not warrant any problems as the company now covers numerous markets in Europe, South America, and Southeast Asia. The US will probably be the first region Unikrn will use UnikoinGold in.

2 more days to buy TradingView with 60% off

The company’s policies have already been verified and found to be in accordance with the local regulatory system. The IOM regulators made sure to check everything including the KYC (know your customer), AML (anti-money laundering) and digital wallet systems.

Challenges and risks

The new world door was held wide open for Unikrn as it started its first activities with some events it organized at the MGM Resorts casinos and hotels. All of the projects have been offline and conducted in Las Vegas nevada, but the company is hoping to be dominantly digital and fully crypto friendly, even offering crypto conversion to its users.

According to Sood, IOM made an amazing decision for giving them the license to operate. There was a clear demand for the service in the United States as it could be argued that the eSports industry pretty much began there. Although there are more markets in Asia like South Korea and China, Unikrn will be focusing a bit more hard on its US development in order to defeat the biggest player in the industry, Pinnacle.

Sources:

https://norskcasino.online/casino-nyheter/unikrn-har-fatt-godkjenning-for-kryptobetting/

https://venturebeat.com/2018/10/23/unikrn-gets-gambling-license-for-crypto-based-betting-on-esports-and-games/


  Join Our Telegram Channel or  
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

We will be happy to hear your thoughts

Leave a reply