RoBET, a tech start-up founded by entrepreneur Edoardo Narduzzi, has become the first blockchain-based sports betting business to secure a licence in the Isle of Man.
The Isle of Man Gambling Supervision Commission (GSC) awarded the new licence to RoBET, while SolutionsHub, an Isle of Man-based authority that specialises in crypto and blockchain gambling licensing, supported RoBET with its application.
The RoBET platform allows uses to bet on 17 different sports using Ethereum, Bitcoin and RoBET’s own RAC tokens. It manages all sports betting business processes through smart contracts, using Ethereum. framework.
“Being granted the first blockchain sports betting licence is an enormous achievement,” Narduzzi (pictured) said. “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 operating officer Nick Wright added: “The innovative nature of the RoBET 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.”