Unikrn eSports Betting Platform Licensed To Operate In 20 Countries
After the Esports Entertainment Group Inc launched pooled betting on video game contests a few days ago, the E-sports betting platform Unikrn punched back. Unikrn has now a license that allows legal, live-betting on competitive video games in over 20 countries across Europe and Asia. “There is finally a legitimate, regulated operator in the space that has a pretty comprehensive offering,” Unikrn CEO Rahul Sood told The Associated Press. “It’s huge.”
Before, Unikrn was able to offer real-money gambling in the United Kingdom and Australia. Now they have operations in most part of Europe, South Korea and some part of Latin-America. The license was approved by the Isle of Man. Now users can gamble on competitive video games. “We had to go through a major audit with the Isle of Man, to see how we handle ‘know your customer‘ (KYC) and ‘anti-money laundering‘ (AML) and how we handle wallets,” Sood said in an interview with GamesBeat in Las Vegas. “This has been four years in the making. We spent a lot of time working with regulators doing something that five people with a white paper wouldn’t be able to do. That’s what makes us different.”
The League of Legends World Championship on November 3 will be a huge date for Unikrn. Their users in countries with legalized sports betting will be able to gamble while the tournament is on.
The US e-sports Betting remains a challenge Unikrn still has an uphill battle to establish e-sports betting in the United States. Online sports gaming is getting a lot of muscle around different states, but it isn’t well developed, yet. The company does have a venue at the MGM Grand Hotel & Casino in Las Vegas where there is a form of live betting going on.
Gamers basically can bet on themselves skill-based contest. Unikrn offers different odds, but only for the players to bet on their abilities. The e-sports spectator betting is not yet available in the U.S.
What’s Unikrn? Unikrn was founded in 2014 by Rahul Sood and backed by high-profile investors such as Mark Cuban, Elisabeth Murdoch, and Ashton Kutcher. They are the first betting platform built on the blockchain.
“We solve two big problems on blockchain. One is the speed, and the other accessibility,” Sood said. “And this is not just announcing a license. This is also launching a product.” Unikrn has an in-house cryptocurrency, which will give benefits to players and bettors around the world. The idea to make it the primary crypto token for e-sports fans around the 20 countries where sports gambling is legal.
“With further development and support, blockchain technology can deliver revolutionary solutions to people and businesses around the world,” said Bittrex CEO Bill Shihara, a US-based cryptocurrency exchange headquartered in Seattle. “We believe in blockchain’s potential, and this use case presents another opportunity to further expand adoption of this innovative technology by combining with the rapidly growing gaming market.” Rahul Sood thinks the e-sports betting industry could be a $9 billion enterprise by 2020. It all depends on how the U.S market is developed.