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- RoBET Secures Isle of Man License for Sports Betting Project
Mike Johnson October 29, 2019 3 min read
RoBET Secures Isle of Man License for Sports Betting Project
- RoBET successfully obtains Isle of Man license
- Edoardo Narduzzi’s platform is the first sports betting blockchain project to do so
- MGA is also pushing with a universal regulatory framework to license blockchain gambling
Blockchain sports betting business RoBET has become the first license holder to be granted an official permit by Isle of Man Gambling Supervision Commission (GSC) to carry out sports betting with several cryptocurrencies.
RoBET Becomes First Isle of Man-Licensed Blockchain Betting Project
Tech start-up RoBET has become the first blockchain-powered sports betting company to secure a license from Isle of Man, indicating a shift towards credibility and reputation in the crypto gambling sector.
Founded by Edoardo Narduzzi, RoBET has successfully negotiated a licensing deal with the Isle of Man Gambling Supervision Commission (GSC). The company was supported by SolutionsHub, another Isle of Man-based entity that champions blockchain gambling.
RoBET presently offers several cryptocurrency tokens including Ethereum, Bitcoin and the platform’s proprietor currency RAC. Commenting on the occasion, Mr. Narduzzi had this to say:
Being granted the first blockchain sports betting licence is an enormous achievement. RoBET is a smart-contract decentralised, blockchain-based ecosystem for sports betting, utilising artificial intelligence to help customers handle risk management, odd evaluation and odd comparison.
SolutionsHub chief executive Nick Wright also joined in and explained why the company had supported RoBET, arguing that it brought an innovative technology and business model, offering solutions to regulatory challenges.
Moreover, SolutionsHub worked with GSC to ensure that the licensing agreement between RoBET and Isle of Man attests to the credibility and reliability of the platform. Mr. Wright further added:
The Isle of Man is proving to be the go-to jurisdiction for legitimate blockchain betting businesses due to its international reputation, speed to license within the publicised time-frames, cost effectiveness, and ability to engage with the regulator in meaningful, open and transparent dialogue.
MGA to License Blockchain Gambling
The Malta Gaming Authority (MGA) recently announced that its Sandbox Framework, a crypto gambling licensing network, has made it to Phase 2. As a result, more companies have been invited to join the testing phase and apply for controlled-environment trials.
MGA will look to introduce Know Your Customer (KYC) practices that do not conflict with the inherent security of cryptocurrencies and yet allow blockchain sportsbook and casinos to comply with all regulatory norms.
Specific regulatory rules will need to be established as to the transparency of individual crypto tokens. For instance, Tether, a crypto coin that has been increasingly popular at gambling websites, is considered controversial.
To obtain a proper license, many companies may need to steer clear from tokens that make it difficult for regulators to check for AML and KYC compliance. In the meantime, crypto gambling remains a largely unregulated industry where operators, such as Play Royal and Bitcasino.io rely on the reputation they have established throughout the years.
Last year in October, Unikrn, an esports-focused crypto-gambling project, obtained its own license from Isle of Man, becoming the first esports bookmaker to do so.
Mike made his mark on the industry at a young age as a consultant to companies that would grow to become regulators. Now he dedicates his weekdays to his new project a the lead editor of GamblingNews.com, aiming to educate the masses on the latest developments in the gambling circuit.
Blockchain October 29, 2019
Blockchain October 29, 2019