Online betting platforms have taken to using blockchain technology as the popularity of esports continues to grow. One such platform is Gimli which is revolutionizing the betting market for esports by introducing a new model and experience. This platform is built based on the blockchain technology of Ethereum. And unlike other platforms it offers full transparency and an environment that is free from hacking for users.
Gimli’s co-founder, Da Biton, has explained that in terms of celebrity status, gamers have reached the level of sports players. Not long ago the betting market for esports was virtually non-existent. And where it existed it was plagued by scandals and scams. Currently the betting market in the NFL – National Football League is worth almost $100 billion. The number of esports fans from all over the world is higher than NFL fans and it is expected to grow exponentially.
Not a niche anymore
According to Biton, esports is no longer a niche but having a limited mindset has led to a situation where there has been an innovation failure among existing wagering sites and they thus offer little to no added value. Biton promises that Gimli will be different.
“As opposed to all other platforms, Gimli is a betting service provided to the streamers, casters and pro gamers. They benefit from a cut of the bets. They also animate the service, in a more entertaining way, increasing drastically engagement from viewers,” said Biton.
Initial coin offering
Gimli is however not the only platform that is adopting blockchain technology in its operations. A few days ago esports startup Unikrn revealed that it would be selling cryptocurrency worth approximately $100 million as an ICO – initial coin offering. Unikrn expects to start sell UnikoinGold beginning next month and this virtual currency will be deployed on the platform for use when betting on esports matches. Users of the virtual currency will then be able to exchange them with other more widely used cryptocurrencies including bitcoin and ethereum which can consequently be turned into traditional currencies such as the US dollars.
To conduct the initial coin offering Unikrn is collaborating with CoinCircle. Proceeds from the offering will be used to fund the business. The startup has in the recent past raised approximately $10 million from Indicator Ventures, Binary Capital, Ashton Kutcher and Mark Cuban. Despite having earlier said that bitcoin was a ‘bubble’ Cuban intends to take part in Unikrn’s initial coin offering.