Four years of extreme hard work and unmatched commitment has finally paid off for leading esports betting operator Unikrn. The company recently announced that it has received a crypto-gambling license from the Isle of Man. Unikrn will launch eSports live betting this month and casino games in the near future.
Unikrn was founded in 2014, primarily offering token-based and real money wagering on esports. The company is based in Las Vegas, Nevada with headquarters in Seattle USA, Berlin, Germany and Sydney, Australia.
Spectator and Skill-based Betting
This means that Unikrn can now enable “spectator” betting on eSports in over 20 countries in Europe, South America and Southeast Asia. Skill-based betting will also be enabled in 41 states across the US, with gamers now being allowed to bet on games of skill such as the widely popular Fortnite, as well as League of Legends and Dota 2.
The approval means that Unikrn users can now place their bets on top esports tournaments and teams, and can also bet on their own gaming performance. Aside from using traditional money, gamers and enthusiasts now have the added option of using cryptocurrency such as Unikrn’s own UnikoinGold token in betting. UnikoinGold, which was launched last year, will serve as the primary crypto token for spectator betting in 20 regions.
Road to Crypto Betting Wasn’t Easy
Isle of Man regulators have conducted a major audit of Unikrn’s know-your-customer (KYC) and anti-money laundering procedures before the regulator decided to grant a license. The firm’s digital wallet practices were also looked at and passed all audit checks. The Isle of Man follows stringent protocols in approving licenses and also implements strict gambling regulations.
Isle of Man’s crypto betting license is an addition to Unikrn’s other acquired licenses including a real money online gambling license from Malta, and another permit in Australia which is now inactive after Tabcorp’s Luxbet brand closed for good.
Blockchain Issues Solved
Celebrating the company’s success of being the first ever live wagering firm in the world to acquire a crypto betting license from the Isle of Man, founder Rahul Sood said they are not only announcing the issuance of a new license but also launching a new product offering.
Sood said their crypto-gambling platform resolves problems in relation to accessibility and speed – the main issues faced by customers when using cryptocurrencies in betting. The platform’s technology aspect is aided by US digital asset trading platform Bittrex, building a system that allows ease of access and faster transactions, while hiding the tech complexities in the background.
Unikrn’s own blockchain-based wagering backend engine called Unikrn Jet is already in operation for the company’s play token economy. Sood said the backend system can power over 9,000 bets per second, which results in faster processing of crypto transactions when compared to cryptocurrencies like Bitcoin.
Initial Coin Offering (ICO) has seen a massive boom in the last 18 months with over 2,000 ICOs launched including a number of gaming-related crypto tokens. Much like the dotcom boom in the 90s, Sood expects many of these ICO startups to fail due to market fluctuations and coin volatility. However, Sood believes there is a future for crypto related gaming websites as regulators are looking at bringing in new regulations to govern the crypto market and things will stabilize going forward.
Unikrn is also planning to bring crypto and blockchain technology to casinos and is looking to team up with authorized casinos in the US. The company has previously entered the Nevada casino market through holding a series of esports competitions at MGM Resorts venues.
The Future of Blockchain in Gaming
In a statement, Bittrex CEO Bill Shihara said “With further development and support, blockchain technology can deliver revolutionary solutions to people and businesses around the world. 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.”
In 2015, Unikrn raised $10 million from a number of high-profile investors, including among others, American businessman Mark Cuban, actor and investor Ashton Kutcher, Israeli-American talent manager Guy O’Seary, UK-based media executive Elisabeth Murdoch, as well as entertainment executive Shari Redstone. Venture capital companies Binary, Tabcorp, Indicator Ventures and Hyperspeed also contributed to the $10 million.
Unikrn started building its blockchain-based wagering platform in 2014 and since then the company has constantly made efforts to prove that there is a future in blockchain and that good platforms will eventually emerge and grow moving forward.

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