- Legal States
Julie Moraine August 2, 2018 3 min read
Luckbox Obtains Isle of Man License
Esports bookies have not always had a great run at it. Not to mention that those in the blockchain industry have been struggling even further to make a credible name for themselves. However, based on the most contested technology in the world, endemic blockchain bookie Luckbox, has managed to obtain a license from one of the most respected authorized organizations in the world.
Luckbox Makes it Big in Blockchain
August began in a more than a promising way. And to say that Luckbox, a bookmaker dedicated to taking esports wagers and affording the opportunity of enthusiast to add an extra layer of excitement to their viewership experience, was in luck – wouldn’t be an understatement.
The platform has been licensed under the Online Gambling Regulation Act (OGRA), which is mandated by the Gaming Supervision Commissions – the bodies that determine whether you have been good or naughty. Why it matters is a gambling license. The good kids on the list get one. The bad ones are sent off to ride the high seas as stateless pirates.
Luckbox, however, has managed to sit up and be a good pupil. It’s de facto the first cryptocurrency esports bookmaker out there, which also holds a gambling license from the Isle of Man Government.
To dissipate confusion here, OGRA is a sort of a blanket act, but it’s enforced by authorized companies. A handful of more such institutions exists, which means that Luckbox has worked long and hard to get a foothold into the industry.
The Brains of the Organization
Luckbox is not your average bookie cobbled together by people who have no clue how the segment or industry is supposed to work. They tout an impressive portfolio of people who have had the opportunity to cut their teeth in places such as PokerStars.
However, Luckbox will focus on the propagation and utilization of their own tokens, namely LuckCash. Now that the bookmaker is actually gaining traction and having obtained a license, it’s likely that Luckbox has better chances of making its own token grossly more popular than that of any competition.
What remains now is to chart a course of expansion. The two most lucrative markets for the company would be the United Kingdom, where gambling operates at full blast, and of course the burgeoning market in the United States.
However, in the US, Luckbox may face some obstacles to establish itself. Put simply, the repeal of PASPA didn’t guarantee that esports can be treated as a sort of sports. In fact, the text mentioned nothing about video games, and this means that the legal hurdles that will stem thereof will take some time to tackle.
Still, Luckbox CEO Lars Lien has remained vastly positive in the face of adversity. According to him, the company will remain focused on expanding its business network and creating meaningful connections with potential partners while focusing on customer retention.
Obtaining a license is an important watershed moment in the brief history of Luckbox. Hopefully, things may only get better from here.