RoBET, a tech startup founded by businessman Edoardo Narduzzi, has become the first distributed sports betting business based on blockchain approved by the Isle of Man Gambling Supervision Commission (GSC).
RoBET is a groundbreaking platform that uses the Ethereum blockchain to handle all sport betting business processes through smart contracts. The firm has just launched its operations offering the chance to bet on 17 different sports around the world and cover 47 different national soccer championships. Use three different digital currencies, consumers can use the platform: RoBET own token RAC, Eth or Bitcoin.
RoBET will launch two new services during the first quarter of 2020: “Become a Bookie,” based entirely on smart contracts to connect potential partners in the management of a virtual bookmaker agency; and Artificial Intelligence algorithm to provide the best odds and to recommend the optimum risk-return betting strategy for each customer based on their specific needs or objectives. RoBET was funded and sponsored by SolutionsHub, a consulting firm in the area of cryptography.
Edoardo Narduzzi, Founder of RoBET, commented: “Being granted the first blockchain sports betting license is an enormous achievement. RoBET is a smart-contract decentralized, blockchain-based ecosystem for sports betting, utilising artificial intelligence to help customers handle risk management, odd evaluation and odd comparison.”
Nick Wright, COO at SolutionsHub, 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.”
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.”