The Gambling Supervision Commission (GSC) of the Isle of Man, a British sovereign state in the Irish Sea, has awarded its first blockchain-based sports betting license.
The landmark license was awarded to RoBET, a gambling tech start-up founded by Italian entrepreneur Edoardo Narduzzi who also founded AI trading service SelfieWealth and the Ethereum-based sports betting platform Bookiedom. RoBET is also built upon the Ethereum blockchain and uses smart contracts to manage and process sports betting and gambling activities.
The application process was supported by a local gambling license specialist called SolutionsHub, which worked closely with the GSC to overcome regulatory challenges. SolutionsHub COO Nick Wright said the GSC was “very receptive and supportive while ensuring the caliber of the licensee is suitable for the Isle of Man.” He lauded the Isle of Man for its receptiveness to new technology and licensing, saying it was easy to engage with the GSC in a “meaningful, open and transparent” way.
“The Isle of Man is proving to be the go-to jurisdiction for legitimate blockchain betting businesses,” he concluded.
Mr. Narduzzi, who describes RoBET as a “decentralized, blockchain-based ecosystem” that uses artificial intelligence to “help customers handle risk”, says being awarded the license is an enormous achievement for the company.
Digital Isle of Man Blockchain Sandbox
In March this year, the ‘Digital Isle of Man’ launched a blockchain sandbox to help blockchain-based businesses manage the confusing regulatory landscape that is still be clarified and developed. The ‘Digital Isle of Man’ is a local organization created to drive innovation in the island’s thriving e-Gaming and digital media industry. Through its ‘Blockchain Office’, it works closely with the government and local businesses to ensure that companies can grow successfully without being restricted unnecessarily be legal and regulatory complications.
A popular gambling destination
The Isle of Man, which is well known for its annual TT motorcycle race, has become a popular destination for gambling and sports betting. Along with insurance, gambling now makes up 17 percent of its gross national product (GNP). The blockchain gambling and eGaming company Quanta recently launched the first blockchain-based lottery, which is also licensed in the Isle of Man. It utilizes its in-game token, the Quanta Game Token (QGT) to facilitate transactions within its eGaming platforms and hopes to roll out hundreds of new games in the coming months.
Mark is a freelance writer specializing in fintech, cryptocurrencies and gambling news. He writes for various publications on a wide range of finance and technology related topics and spends his free time traveling the world.