Malta awards crypto-currency gambling license

eSports platform Unikrn has been awarded a gambling license in Malta, allowing their users to  conduct real-money bets via eSports’ UnikoinGold crypto-token. 

Malta, already a pioneer in internet gambling, wants to be at the forefront of the blockchain technology, both for the public sector and in order to attract blockchain companies to its shores. They now plan to allow for crypto-currencies such as Bitcoin at online casinos.

The Malta license will providing Unikrn customers a safe, legal and regulated platform based on the UnikoinGold token. The Malta licence and rollout of the UnikoinGold token are essential to migrate bets to real money, as well as broadening the number of non-betting related uses that a token owner can derive from holding them. This way, Unikrn will transition away from the strictly free-play token. 

Unikrn already offered real-money betting in Australia and the United Kingdom, where the company already holds gambling licenses. Unikrn also offered free betting on several video games.

This was done until now through its free Unikoin tokens, which will be replaced by UnikoinGold (based on Ethereum standard). UnikoinSilver, another token, will be launched to keep players in non-licensed areas engaged, though these tokens can’t be traded on secondary markets.

Tokens can be earned by playing in a tournament or by watching a match, which means gamers or spectators don’t have to wager in order to earn tokens.

The chief executive of Unikrn, Rahul Sood, stated: “The European expansion means there’s going to be a large and soon-growing marketplace of users, including the real-money transition of already established users, who want to buy, exchange and use our token to bet on our platform.”

eSports has generated a lot of interest in the global gambling industry. eSports are the fastest growing sport in the world, with 2017 annual revenues close to $700 million, which could grow to over $1.5 billion by 2020.

 

 

 

 

October 10th, 2017 by