The Isle of Man Gambling Supervision Commission (GSC) awarded the license to RoBET, the first blockchain-based sports betting business to obtain it. The SolutionsHub, an Isle of Man-based authority that specializes in crypto and blockchain gambling licensing, supported them with its application.
On the new platform, users can bet on 17 different sports using Ethereum, Bitcoin and their own RAC tokens. It manages all sports betting business processes through smart contracts, using the Ethereum framework.
According to Narduzzi: “Being granted the first blockchain sports betting license is an enormous achievement,”. “RoBET is a smart-contract decentralized, blockchain-based ecosystem for sports betting, utilizing artificial intelligence to help customers handle risk management, odd evaluation, and odd comparison.”
As for the officials at SolutionsHub, chief Operating Officer Nick Wright noted that “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 publicized time-frames, cost-effectiveness, and ability to engage with the regulator in meaningful, open and transparent dialogue.”
