Malta Issues License to Allow Cryptocurrency Gambling

Unikrn recently obtained its license to enable cryptocurrency gambling, which will soon become available in most of Europe.

A regulated cryptocurrency gambling platform will soon be available in large part of Europe.

Earlier this week, the popular eSports platform, Unikrn, announced that they’d been allocated a license in Malta which will enable its platform to real-money wagering using its UnikoinGold crypto token.

This crypto token is based on the ERC-20 ethereum principle and is currently available via a token sale or initial coin offering (ICO). The UnikoinGold crypto token will be utilized as a substitute of real-money wagering in the licensed area. Since Malta has extended the license, this will be available in 80% of Europe.

Rahul Sood, chief executive of Unikrn, recently stated that expanding into Europe will a large and growing market of users. Users that include both previously established users and those who are attracted by the real-time money transition.

Unikrn EU was established through a collaborative venture with RBP, France’s leading gambling platform. Currently, RBP boasts over 300 000 registered users, and an average of 1 million unique monthly visitors.

In addition to this, eSports are experienced a growing popularity, especially amongst younger users. eSports comprises of video games played competitively both online and in front of audiences, many consider this to be the world’s fastest growing sport. According to market research conducted by Newzoo, eSports will generate $696 million in revenue for 2017. This will mark a 41% growth from 2016. Experts have predicted that eSports could rake in approximately $1.5 billion by 2020.

So far Unikrn has attracted high-profile investors such as Mark Cuban, Ashton Kutcher, and Elisabeth Murdoch.

Until recently, Unikrn only enabled its real-money betting feature in Australia and the United Kingdom where it held gambling licenses. In other countries, Unikrn allowed free betting mostly on the popular first-person shooter and multiplayer arena video games such as Counterstrike, Global Offensive, League of Legends, and Dota 2.

Free betting was facilitated by previous free Unikoin tokens. However, these tokens will become out of use as Unikrn introduces their new UnikoinGold token.

The introduction of the UnikoinGold token, as well as the Malta licensure, were both critical factors which played a part in Unikrn’s moving from a free betting platform to implementing real money. This expansion will also allow for creating a broader amount of uses that the token owner can access from non-betting related areas.

Unikrn will release another token, UnikoinSilver, which will be released in unlicensed areas so as to keep users engaged. However, the tokens will not be allowed to trade on any other platform.

According to Sood, the decision to transition from free-play to implementing real-money was an easy one. Sood stated that the popularity of Unikoin was unexpected as they turned over a quarter of a billion in less than two years.

A large part of the new token’s appeal is that users don’t always have to place a wager to earn tokens. Many users can earn tokens purely by participating in a tournament or by viewing a match online or in person.

According to Sood, earning and using UnikoinGold won’t be restricted by regions. Sood stated that they will work to ensure that token owners can get more uses out of tokens so as to make them more valuable.

This principle sparked a discussion in the gambling community all over the world, as most gambling platforms are searching for ways to be more appealing to younger audiences. This is particularly true in the Las Vegas gambling industry. Last week, panel sessions regarding this issue was held during the Global Gaming Expo in Las Vegas.

While Sood recognized this, he cautioned the gambling industry that the only way to appeal to younger audiences is to do so by following the rules. He emphasized that the Malta license confirmed his company’s dedication to providing its users a safe, legal, and regulated platform.