Published
OnlineLegal & RegulatoryeSports

ESP.bet obtains first-ever license for virtual goods gambling

Spec

espbetlicense
ialist eSports fantasy league and betting site eSportsPools (ESP.bet) has secured the first-ever license to specifically cover gambling with virtual goods.

ESP.bet obtained the permission throughout the Isle of Man jurisdiction. The Gambling Supervision Commission granted the eSports-focus website the consent to run real-money and virtual-goods games from its main domain, whilst the Esportspools.com site will remain a free-to-play platform.

Additionally, this premiere license will enable ESP.bet to process cryptocurrencies transactions, meaning the company can handle deposits and pay-outs in digital currencies such Bitcoin.

Scott Burton, Chief executive of ESP.bet commented: “To date, eSports betting and the gambling of virtual goods has largely been a grey market, with a lot of unregulated operators failing to protect their customers. We’ve always taken a more transparent approach, undertaking ‘know your customer’ checks to verify age and running a really clear game system.

“With this licence, that work has been validated and I feel like we have taken the first step towards building a regulated marketplace that is safe for consumers, businesses, and investors.”

On his behalf, Licensing specialist and a Director of Boston Multi Family Office, the service provider that managed the application, Alex McNee pointed out at the bright future ahead of the iGaming industry.

“Global revenues in eSports are now tipping past the $1bn (€850.3m) a year mark and we know the industry still has a lot of growth ahead of it. As the betting markets for this industry mature, operators are going to have to be licensed to ensure long term growth, and that licence will need to cover areas such as digital currencies and virtual goods.

“The Isle of Man’s recent inclusion of these assets into their regulations is a huge step forward, which has now been made real by the granting of ESP.bet’s licence,” he added.
Premium+ Connections
Premium

RISK

 
Premium

Sport Generate

 
 
Premium

PIN-UP Partners

 
Premium

Galaxsys

 
Premium

1xBet Partners

 
Premium

Digitain

 
Premium

Lynon

 
Premium

Imagine Live

 
Premium

GammaStack

 
Premium

Revsharks

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...