Unikrn Gets Gambling License For Esports
Unikirn, a platform that will allow you to wager on esports events, has received their gambling license from the Isle of Man. The newly obtained license will allow Unikrn to offer esports betting to consumers in over 20 regions – including the United States where legal.
Aside from the traditional wagering that bettors could be more familiar with – picking a specific team to win a match or a tournament – Unikrn users will also be able to partake in skill-based betting. This skill-based betting will allow players to bet on themselves in certain games such as Fortnite, PUBG and League of Legends.
“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.”
Aside from offering the ability to wager using traditional forms of currency, Unikrn will also handle bets using cryptocurrency. Specifically, Unikrn has their own exclusive cryptocurrency called UnikoinGold, which will allow users to unlock special benefits.
“This is long in the making,” says Unikrn COO Andrew Vouris. “You can bet in fiat, crypto, or both, to bet on live markets or pre-match for twenty titles and dozens of games a day on titles such as League of Legends, Dota and Fortnite.”
A fully-functional blockchain-based wagering backend has already been built for Unikrn. Unikrn Jet can process 9000 bets per second and provides the infrastructure for the company to immediately turn their attention to crypto and fiat betting when they deem fit.
Unikrn had previously held licenses to offer bets in both the United Kingdom and Australia but is expanding into Europe and Asia.
What Does This Mean?
Betting has always been the part of a larger sports landscape and it was only a matter of time before it became more culturally accepted in certain regions of the world. Specifically, the United States Supreme Court recently struck down the Professional and Amateur Sports Protection Act of 1992 (or PASPA), allowing individual states to determine whether sports betting be legal in their jurisdiction.
Unikrn offering the skill-based betting will allow them to move into the American market without breaking any laws. At the same time, the company will continue to grow their influence into Europe and Asia with their traditional betting offerings.
We are still in the early days of esports betting. We are just starting to see markets even out and books offer similar lines but there is still the question of knowledge. Unikrn and other similar platforms can properly set betting lines in the esports marketplace because they are operated by people who understand the sport. Many traditional books have struggled to move into the esports space because they simply don’t have the knowledge base to proper set lines, thus they leave themselves in major risk to losing money.
With the growth of specific esports oddsmakers, traditional books will now have lines to follow and offer. In theory, this allows fans of betting who would not traditionally watch esports to have a vested interest. In turn, this could increase the already rapidly growing demand for esports from consumers.