Isle of Man – RoBet granted blockchain sports betting licenseBy William - 28 October 2019
RoBet has become the first blockchain-based sports betting business licensed by the Isle of Man Gambling Supervision Commission (GSC).
RoBet, a tech start-up, is a platform able to manage all processes of the sports betting business through smart contracts using Ethereum framework.
Lyle Wraxall, CEO of Digital Isle of Man, said: “Digital Isle of Man is delighted to welcome RoBet to the Isle of Man as the first blockchain sports betting operator in our jurisdiction.
“The Isle of Man continues to grow its community of top-tier blockchain and crypto betting businesses and proactively seeks to meet the needs of innovative businesses. We look forward to supporting RoBet throughout their growth in the island.”
The platform allows users to bet on 17 different sports, including 47 different national football competitions. Customers can use the platform using three different digital assets: RoBet’s own token – RAC – Ethereum and Bitcoin.
Edoardo Narduzzi, RoBet’s founder, commented: “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.”
RoBet was supported and assisted through the licensing process by SolutionsHub, a consulting company based in the crypto field. SolutionsHub chief operating officer Nick Wright added: “We are delighted to have supported RoBet.
“The innovative nature of the technology and business model presents interesting challenges from a regulatory perspective, but as ever, we have worked closely with the GSC who have been very receptive and supportive, while ensuring the calibre of the licensee is suitable for the Isle of Man.
“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.”