Unikrn’s, one of the many esports betting sites, CEO Rahul Sood discussed blockchain technology and its implications for the gambling industry in the Vegas G2.
Talking to Becky Liggero’s Calvin Ayre Fontana Sood, it is “very easy to do something like block theft,” she says. “Things like AML and KYC will easily be done properly. That is where we will get the best use of cryptocurrency for a gambling company of the future.
Unikrn has a betting licence from Isle of Man for live esports and streamer betting with both cryptocurrency and fiat currency, and it’s a good way of using blockchain for the gaming industry of the future.
“It took us a year because they wanted to learn a little bit about how we audit, they wanted to audit our blockchain and just see how we handle things like AML (anti-money laundering) and KYC (know your customer), forensic wallet tracking, source of funds and things like that. It’s important to us because we know that this space, the crypto space, is very relevant to our audience.”
He also spoke this week to New Jersey (America), regulator, who said that they are “very supportive of esports betting,” but are still cautious of cryptocurrencies. Sood said that it is an “ultimate loyalty rewards programme.” New Jersey allowed the League of Legends Worlds to bet on sports on a big move in the US last year.
Sood claims that “trading and betting” is the main use of crypto-monetary products right now, but “That has to improve. In 2017, Soode said to Venturebeat: “KYC controls and AML monitoring is much better if you build an appropriate blockchain than they are with fiat currency, and I think this platform is one of these kinds of wave-2 platforms where there will be real consumption because people use this today and they wager on it with UKG every day.”
He believes that Unikrn is far ahead of ‘cutting edge of esports and crypto’ and obviously believes in the collective potential of the casino, entertainment and crypto-currency markets and in the good of all for younger generations. Sood says creators of games who once didn’t want to talk about gambling are now conscious that this is a new way, especially as their age range grows. In fact, the designer feels that traditional sports are declining.
The decentralised distributed ledger system of Blockchain allows encrypting transactions and data so they can not be manipulated. In comparison to KYC and AML account owners ‘ confidentiality practises and transfers, blockchain appropriately used will lead to preventing fraud, as Sood points out. By stopping money laundering and linking to illegal activities, the advantages for the gambling industry that earns billions of dollars are obvious.
Unikrn not only profits from blockchain’s encryption ability, but it acknowledges that tokenized rewards will play a major role in the future of gaming. And that the huge potential of the sports industry offers a whole new consumer audience to the gaming sector.