Earlier today, Luckbox proudly announced that it had been awarded a full licence under the Online Gambling Regulation Act (OGRA), issued by the Gaming Supervision Commissions.
The news marks a monumental moment as Luckbox inherently becomes the first cryptocurrency-supported esports betting platform to be assigned a top-tier gambling licence by the Isle of Man government.
The Luckbox team, which boasts an impressive amount of gambling expertise (including former PokerStars members) has been aligning themselves to stand at the forefront of legal esports betting since its inception – the newly issued licence brings them one lofty step closer to that. Utilising their primary cryptocurrency token – LuckCash – the company is now able to do business in any jurisdiction that permits online gambling, where a local licence is not required; that’s not to say targeting those local regions are off the table either, Luckbox CEO Lars Lien already revealed proactively seeking to expand into these areas: “We have identified the regions we will target first from a marketing perspective but also which local licences we will aim for as a priority.”
While we don’t know exactly which areas Luckbox will look to invade next, Lien did mention the UK, specifically; reports of this grade also raise notions of the United States as a potential new market for esports betting operators – although this might still be a ways down the road, Luckbox could find themselves positioned on the frontline when the gears start to turn in favor of online sports betting in the US.
The freshly equipped licence is being pinned as the most important milestone for the company thus far, as stated by the CEO himself; underpinning the project as a whole, the top-tier licence is central to setting Luckbox apart from other similar projects. Lars Lien concluded in a report by sharing his excitement for the subsequent steps following the OGRA licence announcement: “Having received the OGRA licence, built our development team and now being confident with our infrastructure partners, I am confident we will deliver an amazing product early next year that will be very hard to copy.”
Esports Insider says: Acquisition of the OGRA licence opens up a collection of opportunities for Luckbox and its team with strong possibilities of expanding its product across a number of previously unreachable regions. With the initiative we’re observing from the esports betting platform it’s very believable that we’ll see an outstanding product be released in early 2019, when the company plans to fully launch.
Luckbox are a sponsor of our ESI London conference in September, and you’ll be able to catch CEO Lars Lien speaking on the session ‘Building a betting product for esports fans’ on day two; September 20th. Find out more here.